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 ...
Le renforcement du cadre protectionniste en Europe, bien que très significatif, ne modifie pas notre hiérarchie sectorielle. Nous pensons que l’Europe devrait pâtir d’une demande encore faible en 2026 et de stocks importants nourris par des importations probablement encore élevées jusqu’au S1. Nous abaissons nos estimations 2026 et 2027 mais les relevons au-delà et nos OC sont donc augmentés de 20% en moyenne. Avec son focus sur les USA et une possible dimension spéculative, nous jugeons le posi...
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).
Rdos. 3T'25 vs 3T'24: Ventas: 1.415 M euros (+8,3% vs +15,9% BS(e) y +10,3% consenso); EBITDA: 108 M euros (-5,3% vs -10,5% BS(e) y +0,9% consenso); EBIT: 60 M euros (-22,1% vs -32,5% BS(e) y -13,0% consenso); BDI: 25 M euros (-47,9% vs -18,8% BS(e) y -25,0% consenso).
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.