Acerinox : Soft Q4 results and Q1 guidance amid a tough stainless market, good cashflow
>Q4 results dragged down by inventory loss and Bahru impairment, good cashflow - Acerinox released in the night soft Q4 results with EBITDA down 41% q-o-q to € 86m, 40% below ODDO BHF expectations and 36% below the consensus. The miss was however mostly driven by a higher-than-expected € 65m inventory valuation loss to reflect subdued prices in Europe (we understand the adjustment was essentially carried out in the Stainless-Steel division). By division, Stainless Ste...Acerinox is the parent company of a group engaged in the manufacture and sale of flat and long stainless steel products, and stainless steel wires. Co.'s major products include slabs, billets, black coils, plates, hot-rolled coils, hot-rolled sheets, flat bars, hot-rolled re-bars, hot-rolled black bars, engraved sheets, cold-rolled coils, cold-rolled sheets and circles. Co. also provides long stainless steel products, such as wire rods, angles, hot rolled flat bars, hot rolled re-bars, reinforced bars in coils, cold rolled re-bars, hot rolled black bars, cold drawn bars, and smooth turned bars. In addition, Co. offers wires, welding wire bars, and bars for electrodes.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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