ACERINOX: TODO FLUYE (ANÁLISIS BANCO SABADELL)
Un escenario operativo mejor de lo esperado nos hace revisar al alza. COMPRAR.Con una situación operativa mejor de lo previsto en 4T’20 (fuerte demanda, inventarios bajos, precios al alza) y mejores perspectivas para 2021 revisamos al alza estimaciones (+8% 2021/23e) y P.O. hasta 11 euros/acc. (+21% potencial y +21% vs antes). El newsflow operativo a corto seguirá siendo positivo, y su principal riesgo es la posible revisión del proteccionismo en EE.UU, aunque esperamos se mantenga el control sobre los productores asiáticos. Además podríamos tener noticias sobre una alternativa estratégica en Bahru, un catalizador adicional. Generará un FCF yield operativo ~8,4% medio en 2021/23e, que con la sólida situación financiera (2,4x DN/EBITDA’20e) deja un dividendo yield ~5%. Cotiza a EV/EBITDA’21e de ~8x vs ~10x histórico.
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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