Sabadell - Acerinox SA (ACX) ACERINOX: SUBIDA DE PRECIOS EN EE.UU. (ANÁLISIS BANCO SABADELL)

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Sabadell

Oscar Rodriguez

EUR 50.00 For Business Accounts Only

ACERINOX: SUBIDA DE PRECIOS EN EE.UU. (ANÁLISIS BANCO SABADELL)

Acaba de anunciar una subida de precio en EE.UU. (70% EBITDA’21e) de 70/80 dólares/Tm (+2% sobre el precio base) que se aplicará desde el 1 de octubre, que se sumaría a la subidas vigentes desde principios de Septiembre (40 dólares/Tm) y Julio de (70/80 dólares/Tm) y supondría seguir en máximos en EE.UU. desde 2009.

28/09/2021 3 ES

Underlying

Acerinox SA

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.

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ES0132105018 Madrid Stock Exchange Spain

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Sabadell

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Analysts

Oscar Rodriguez

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The strengthening of the protectionist setup in Europe, while very significant, does not alter our sector hierarchy. We expect Europe to suffer from still soft demand in 2026 and high inventories fuelled by imports set to remain elevated out to H1. We are lowering our estimates for 2026 and 2027 but raising them further out, with our target prices increased by 20% on average as a result. With its focus on the US and a possible speculative dimension, Acerinox's positioning remains attractive. We also remain positive on Aperam, which offers the strongest diversification outside of stainless stee...

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ODDO : Renforcement du cadre protectionniste de l’UE : reality check

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ACERINOX: 3Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

3Q'25 vs. 3Q'24: Sales: € 1.415 Bn (+8.3% vs. +15.9% BS(e) and +10.3% consensus); EBITDA: € 108 M (-5.3% vs. -10.5% BS(e) and +0.9% consensus); EBIT: € 60 M (-22.1% vs. -32.5% BS(e) and -13.0% consensus); Net Profit: € 25 M (-47.9% vs. -18.8% BS(e) and -25.0% consensus).

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TELEFÓNICA: RDOS. 3T’25 Y CMD’25 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'25 vs 3T'24: Ventas: 8.958 M euros (-10,6% vs -10,7% BS(e) y -10,7% consenso); EBITDA: 3.071 M euros (+4,2% vs +3,5% BS(e) y +3,2% consenso); EBIT: 952,0 M euros (+28,6% vs +55,3% BS(e) y +51,6% consenso); BDI: 276,0 M euros (+2660,0% vs +3510,0% BS(e) y +4080,0% consenso). Rdos. 9meses'25 vs 9meses'24: Ventas: 26.971 M euros (-11,3% vs -11,4% BS(e) y -11,4% consenso); EBITDA: 8.966 M euros (-4,3% vs -4,5% BS(e) y -4,6% consenso); EBIT: 3.061 M euros (+9,2% vs +16,2% BS(e) y +15,3% consenso); BDI: -1.079,0 M euros (989,0 M euros en 9meses'24 vs -994,0 M euros BS(e) y -937,0 M euros co...

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Alvaro del Pozo

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TELEFÓNICA: 3Q’25 RESULTS & CMD’25 (ANÁLISIS BANCO SABADELL)

3Q'25 vs. 3Q'24 Results Sales: € 8.958 Bn (-10.6% vs. -10.7% BS(e) and -10.7% consensus); EBITDA: € 3.071 Bn (+4.2% vs. +3.5% BS(e) and +3.2% consensus); EBIT: € 952.0 M (+28.6% vs. +55.3% BS(e) and +51.6% consensus); Net Profit: € 276.0 M (+2660.0% vs. +3510.0% BS(e) and +4080.0% consensus); 9M'25 vs. 9M'24 Results Sales: € 26.971 Bn (-11.3% vs. -11.4% BS(e) and -11.4% consensus); EBITDA: € 8.966 Bn (-4.3% vs. -4.5% BS(e) and -4.6% consensus); EBIT: € 3.061 Bn (+9.2% vs. +16.2% BS(e) and +15.3% consensus); Net Profit: € -1.079.0 M (€ 989.0 M in 9M'24 vs. € -994.0 M BS(e) and € -937.0 M consen...

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Oscar Rodriguez

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PHILIPS: RDOS. 3T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'25 vs 3T'24: Ventas: 4.302 M euros (-1,7% vs -1,4% BS(e) y -1,6% consenso); EBITA Ajustado: 484 M euros (+2,9% vs -2,5% BS(e) y -6,2% consenso); BDI: 187 M euros (+3,3% vs -26,0% BS(e) y -29,8% consenso).

EUR 100.00

16h / 26m 16h / 26m 1 ES

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ACERINOX: SUBIDA DE PRECIOS EN EE.UU. (ANÁLISIS BANCO SABADELL)

ODDO : Strengthening the EU's protectionist framework: reality check

ODDO : Renforcement du cadre protectionniste de l’UE : reality check

ACERINOX: 3Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

TELEFÓNICA: RDOS. 3T’25 Y CMD’25 (ANÁLISIS BANCO SABADELL)

TELEFÓNICA: 3Q’25 RESULTS & CMD’25 (ANÁLISIS BANCO SABADELL)

PHILIPS: RDOS. 3T’25 (ANÁLISIS BANCO SABADELL)

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