Stock ACX ACERINOX S.A.
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Financials Acerinox S.A.

Equities

ACX

ES0132105018

Iron & Steel

Market Closed - BME
Other stock markets
 11:35:26 2024-04-26 am EDT 		5-day change 1st Jan Change
10.13 EUR -0.10% Intraday chart for Acerinox S.A. +1.76% -4.93%
Apr. 26 The BHP-Anglo takeover saga takes an interesting turn Alphavalue
Apr. 26 EU should do more to curb steel imports from Asia, says Acerinox CEO RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,714 2,443 3,079 2,403 2,654 2,525 - -
Enterprise Value (EV) 1 3,209 3,215 3,657 2,843 2,995 2,797 2,678 2,769
P/E ratio -45.7 x 50.2 x 5.4 x 4.28 x 11.7 x 7.8 x 6.59 x 6.32 x
Yield 4.98% 5.53% 4.39% 5.41% 5.63% 6.08% 6.08% 6.21%
Capitalization / Revenue 0.57 x 0.52 x 0.46 x 0.28 x 0.4 x 0.38 x 0.34 x 0.33 x
EV / Revenue 0.67 x 0.69 x 0.55 x 0.33 x 0.45 x 0.42 x 0.36 x 0.36 x
EV / EBITDA 7.98 x 8.08 x 3.7 x 2.23 x 4.26 x 4.37 x 3.57 x 3.64 x
EV / FCF 15 x 10 x 12.7 x 6.93 x - 9.6 x 9.11 x 6.42 x
FCF Yield 6.67% 9.98% 7.89% 14.4% - 10.4% 11% 15.6%
Price to Book 1.45 x 1.55 x 1.42 x 0.93 x - 1.02 x 0.9 x 0.84 x
Nbr of stocks (in thousands) 270,178 270,453 270,453 260,060 249,118 249,229 - -
Reference price 2 10.04 9.034 11.38 9.242 10.66 10.13 10.13 10.13
Announcement Date 2/28/20 2/26/21 2/27/22 2/28/23 3/1/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 4,754 4,668 6,706 8,688 6,608 6,672 7,452 7,641
EBITDA 1 402 398 989 1,276 703 640.6 749.4 761.4
EBIT 1 226 163.1 810 1,080 530 449.2 556.5 552.3
Operating Margin 4.75% 3.49% 12.08% 12.43% 8.02% 6.73% 7.47% 7.23%
Earnings before Tax (EBT) 1 23 131.6 766 831.3 355 441 542.6 530.7
Net income 1 -60 49.05 572 556.1 228 318 387.3 397.8
Net margin -1.26% 1.05% 8.53% 6.4% 3.45% 4.77% 5.2% 5.21%
EPS 2 -0.2200 0.1800 2.110 2.160 0.9100 1.298 1.538 1.603
Free Cash Flow 1 214 320.8 288.4 410 - 291.3 293.9 431
FCF margin 4.5% 6.87% 4.3% 4.72% - 4.37% 3.94% 5.64%
FCF Conversion (EBITDA) 53.24% 80.61% 29.16% 32.13% - 45.48% 39.21% 56.6%
FCF Conversion (Net income) - 654.12% 50.41% 73.74% - 91.6% 75.88% 108.35%
Dividend per Share 2 0.5000 0.5000 0.5000 0.5000 0.6000 0.6158 0.6159 0.6288
Announcement Date 2/28/20 2/26/21 2/27/22 2/28/23 3/1/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 2,331 3,066 1,703 1,937 2,287 2,535 4,821 2,175 1,691 1,782 1,740 - 1,557 1,529 1,515 1,577 - -
EBITDA 1 179 378 293 318 422 523 945 241 90 226 236 462 146 96 113.3 139.5 - -
EBIT 1 90 290 247 273 375 473 847 192 41 182 196 378 101 52 63.33 - - -
Operating Margin 3.86% 9.46% 14.5% 14.09% 16.4% 18.66% 17.57% 8.83% 2.42% 10.21% 11.26% - 6.49% 3.4% 4.18% - - -
Earnings before Tax (EBT) 22.43 268.6 235 262 367 456 - 186 -177.7 179 191 - 96 - - - - -
Net income 1 2.167 202.6 171 198 266 343 - 133 -185.9 136 142 - 70 -119 45.5 72 101 89
Net margin 0.09% 6.61% 10.04% 10.22% 11.63% 13.53% - 6.11% -10.99% 7.63% 8.16% - 4.5% -7.78% 3% 4.57% - -
EPS 2 - 0.7500 0.6300 0.7300 0.9800 1.340 - 0.5100 -0.6900 0.5200 0.5500 1.070 0.2800 -0.4800 0.2100 0.3000 - -
Dividend per Share - - - - - - - - - - - - - - - - - -
Announcement Date 7/29/20 7/29/21 11/3/21 2/27/22 5/11/22 7/28/22 7/28/22 10/27/22 2/28/23 4/27/23 7/26/23 7/26/23 11/3/23 3/1/24 - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 495 772 578 440 341 273 153 244
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.231 x 1.94 x 0.5844 x 0.3448 x 0.4851 x 0.4254 x 0.2046 x 0.3208 x
Free Cash Flow 1 214 321 288 410 - 291 294 431
ROE (net income / shareholders' equity) 8.94% 2.85% 30.7% 24% - 12% 14.1% 13.8%
ROA (Net income/ Total Assets) 3.91% 1.07% 10.7% 9.04% - 4.66% 5.81% 6.07%
Assets 1 -1,535 4,565 5,360 6,151 - 6,818 6,661 6,558
Book Value Per Share 2 6.920 5.810 7.990 9.920 - 9.960 11.20 12.10
Cash Flow per Share 2 1.310 1.550 1.430 2.090 1.930 1.920 2.140 2.310
Capex 1 145 99.7 99.5 134 - 228 246 251
Capex / Sales 3.04% 2.14% 1.48% 1.54% - 3.42% 3.3% 3.29%
Announcement Date 2/28/20 2/26/21 2/27/22 2/28/23 3/1/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Acerinox S.A.

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
15
Last Close Price
10.13 EUR
Average target price
13.72 EUR
Spread / Average Target
+35.43%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

1st Jan change Capi.
ACERINOX S.A. Stock Acerinox S.A.
-4.93% 2.7B
JSW STEEL LIMITED Stock JSW Steel Limited
+0.70% 25.86B
BAOSHAN IRON & STEEL CO., LTD. Stock Baoshan Iron & Steel Co., Ltd.
+19.56% 21.28B
CHINA STEEL CORPORATION Stock China Steel Corporation
-9.07% 11.73B
JINDAL STEEL & POWER LIMITED Stock Jindal Steel & Power Limited
+24.56% 11.2B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD Stock Citic Pacific Special Steel Group Co., Ltd
+11.54% 10.91B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD. Stock Inner Mongolia Baotou Steel Union Co., Ltd.
+10.96% 10.15B
TERNIUM S.A. Stock Ternium S.A.
+2.61% 8.56B
BHARAT FORGE LIMITED Stock Bharat Forge Limited
+5.78% 7.32B
JINDAL STAINLESS LIMITED Stock Jindal Stainless Limited
+22.56% 6.92B
Iron, Steel Mills & Foundries
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