Acerinox : The group’s defensive characteristics dominate: Neutral vs Reduce
>Q1 2019 results topped expectations - Acerinox reported EBITDA of € 90m (vs € 58m in Q4 2018 and € 118m in Q1 2018), well above our expectations (€ 78m). We attribute this good performance to a strong recovery in volumes (production up 22% sequentially to 627kt). The NAS division (North American Stainless; #1 in the US) seems to have made a significant contribution to this rebound. Europe continues to suffer from very low prices although in sequential improvement in ...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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