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Acerinox SA (ANIOY)
OTHER OTC:ANIOY
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Acerinox SA
(OTC:ANIOY)
Rating:65Neutral
Price Target:
$6.50
▲(4.50% Upside)
Acerinox SA (ANIOY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.97B
Dividend Yield3.3%
Average Volume (3M)778.00
Price to Earnings (P/E)30.9
Beta (1Y)1.08
Revenue Growth-2.44%
EPS Growth43.14%
CountryUS
Employees9,344
SectorBasic Materials
Sector Strength60
IndustrySteel
Share Statistics
EPS (TTM)-0.07
Shares Outstanding498,670,750
10 Day Avg. Volume0
30 Day Avg. Volume778
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap1.57
Enterprise Value/Revenue0.66
Enterprise Value/Gross Profit1.14
Enterprise Value/Ebitda8.64
Forecast
1Y Price Target
$6.50Price Target Upside4.50% Upside
Rating ConsensusHold
Number of Analyst Covering1
Acerinox SA Business Overview & Revenue Model
Company DescriptionAcerinox SA (ANIOY) is a leading global manufacturer of stainless steel products, headquartered in Spain. The company operates in the stainless steel sector, specializing in the production of flat and long stainless steel products, which are utilized in various industries including construction, automotive, and consumer goods. Acerinox's core offerings include hot and cold rolled stainless steel sheets, plates, coils, and bars, catering to both domestic and international markets.
How the Company Makes MoneyAcerinox generates revenue primarily through the sale of its stainless steel products to a diversified customer base across various industries. The company's revenue model is built on both direct sales to end-users and distribution through a network of distributors and wholesalers. Key revenue streams include the production and sale of flat products, which typically account for a significant portion of its sales, as well as long products used in construction and manufacturing. Additionally, Acerinox benefits from economies of scale and strategic partnerships with suppliers and clients that enhance its market reach and operational efficiency. The company's financial performance is also influenced by fluctuations in raw material prices, particularly nickel and chromium, which are essential components in stainless steel production. Acerinox's ability to manage these costs effectively while maintaining competitive pricing is crucial for sustaining its profit margins.
Acerinox SA Earnings Call Summary
Earnings Call Date:Jul 24, 2025
(Q2-2025)
| % Change Since: -1.58%|
Next Earnings Date:Oct 31, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a company demonstrating resilience through strategic investments, increased sales, and operating cash flow despite challenging market conditions and geopolitical uncertainties. While there are significant achievements in sustainability and strategic growth, the impact of geopolitical factors, market challenges in Europe, and increased financial debt pose notable challenges.Q2-2025 Updates
Positive Updates
Increased Sales and EBITDA
Sales increased by 10% compared to the previous first year semester. Q2 EBITDA improved by 10% compared to Q1, achieving a first half semester EBITDA of EUR 214 million.
Strong Operating Cash Flow
Generated EUR 148 million of operating cash flow in the first half of the year, demonstrating resilience amid uncertainty.
CapEx and Strategic Investments
Devoted EUR 125 million to CapEx in the first half, focusing on organic growth and strategic investments in Kentucky, VDM, and Haynes.
EcoAcerinox and Sustainability Achievements
Launched EcoAcerinox with more than six types of stainless steel produced using 100% renewable energy and over 90% recycled material, achieving a 50% reduction in CO2 intensity.
Beyond Excellence Plan Progress
Achieved EUR 23 million in savings in the first half of the year, reaching 50% of the EUR 45 million target for 2025.
Safety and Environmental Targets
Improved safety by 8% and reduced carbon emissions by 25% intensity from the base year 2021.
Negative Updates
Geopolitical Uncertainty Impact
Significant geopolitical uncertainties, regional conflicts, and tariff wars have impacted markets, causing a wait-and-see approach among customers.
European Market Challenges
Weak demand and low prices in Europe, with import growth close to 75% leading to inventory adjustments and price pressure.
Non-Cash Tax Impairment
An impairment on tax credits in Spain affected results, though it is non-cash related and reversible.
Currency Exchange Impact
A EUR 10 million effect due to the depreciation of the dollar against the euro, impacting financial results.
Inventory Adjustment
A EUR 28 million inventory adjustment due to poor market conditions in Europe.
High Financial Debt
Net financial debt increased to EUR 1,222 million, affected by strategic investments and currency depreciation.
Company Guidance
During the second quarter of 2025, Acerinox navigated a challenging landscape marked by geopolitical uncertainties and tariff wars, which impacted global markets. Despite these adversities, the company achieved a 10% increase in sales compared to the first semester of the previous year and a 10% improvement in EBITDA from the first quarter, reaching EUR 214 million for the first half of the year. Operating cash flow was robust at EUR 148 million, even amid a EUR 76 million negative effect due to U.S. dollar depreciation. The strategic focus on high-performance alloys (HPA) and geographical diversification, notably in the U.S. market, positioned Acerinox favorably. The company is advancing its CapEx program, allocating EUR 125 million in the first half, with plans to increase capacity in its Kentucky plant and in VDM. Despite the uncertainties, the company maintains a strategy of resilience and sustainability, with an 8% improvement in health and safety metrics and a 25% reduction in carbon emission intensity from its base year. Looking ahead, Acerinox projects Q3 EBITDA to align with Q2 results, considering the seasonal slowdown and ongoing market conditions.Acerinox SA Financial Statement Overview
Summary
Acerinox SA demonstrated mixed financial results, with a strong improvement in gross profit margin but challenges in sustaining revenue and profit growth. The balance sheet reflects stable financial health with moderate leverage, but the cash flow statement indicates potential difficulties in generating free cash flow.Income Statement
Acerinox SA's income statement shows fluctuating revenues, with a recent decline from 2023 to 2024. The gross profit margin improved from 20.79% in 2023 to 34.37% in 2024, indicating enhanced efficiency in production or cost management. The net profit margin decreased slightly to 4.16% in 2024 from 3.45% in 2023, showing a need to improve profitability. EBIT and EBITDA margins in 2024 are 6.43% and 11.26%, respectively, indicating moderate operational efficiency.72
Positive
Balance Sheet
The balance sheet reflects a stable financial position with a relatively high debt-to-equity ratio of 0.94 in 2024, suggesting moderate leverage. Return on equity was modest, with a slight decline from 9.47% in 2023 to 8.90% in 2024, indicating less effective use of equity to generate profit. The equity ratio remained consistent around 39.06% in 2024, showing a balanced capital structure.65
Positive
Cash Flow
Cash flow analysis reveals fluctuating free cash flow, with a significant drop in free cash flow growth rate from 2023 to 2024. The operating cash flow to net income ratio of 1.31 in 2024 suggests adequate cash generation relative to net income. However, the free cash flow to net income ratio decreased to 0.40, indicating less free cash flow available for reinvestment or dividends.68
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.00B | 5.41B | 6.61B | 8.69B | 6.71B | 4.67B |
| Gross Profit | 4.08B | 1.86B | 2.18B | 3.08B | 2.43B | 1.50B |
| EBITDA | 537.83M | 609.63M | 627.52M | 1.09B | 994.38M | 359.23M |
| Net Income | 140.92M | 224.95M | 228.13M | 556.05M | 571.88M | 49.05M |
Balance Sheet | ||||||
| Total Assets | 6.10B | 6.47B | 6.10B | 6.32B | 5.98B | 4.73B |
| Cash, Cash Equivalents and Short-Term Investments | 1.16B | 1.35B | 1.80B | 1.56B | 1.29B | 939.78M |
| Total Debt | 2.36B | 2.38B | 2.15B | 1.99B | 1.85B | 1.69B |
| Total Liabilities | 3.90B | 3.89B | 3.64B | 3.77B | 3.77B | 3.12B |
| Stockholders Equity | 2.15B | 2.53B | 2.41B | 2.47B | 2.16B | 1.57B |
Cash Flow | ||||||
| Free Cash Flow | -82.88M | 88.89M | 306.58M | 407.37M | 285.67M | 319.11M |
| Operating Cash Flow | 175.31M | 293.67M | 481.48M | 544.08M | 387.81M | 420.55M |
| Investing Cash Flow | -874.75M | -896.46M | -174.70M | -125.50M | -90.44M | -372.48M |
| Financing Cash Flow | -63.91M | -36.03M | -5.57M | -216.03M | 10.31M | 67.50M |
Acerinox SA Technical Analysis
Positive
6.22
Price Trends
6.09
Positive
5.87
Positive
5.48
Positive
Market Momentum
0.03
Negative
60.33
Neutral
100.27
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANIOY, the sentiment is Positive. The current price of 6.22 is above the 20-day moving average (MA) of 6.04, above the 50-day MA of 6.09, and above the 200-day MA of 5.48, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 60.33 is Neutral, neither overbought nor oversold. The STOCH value of 100.27 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ANIOY.
Acerinox SA Peers Comparison
Overall Rating
UnderperformOutperform
Sector (44)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $6.39B | 184.11 | 0.88% | 1.26% | -5.64% | -93.26% | |
70 Neutral | $6.33B | 10.82 | 4.89% | 8.37% | -16.83% | ― | |
66 Neutral | $5.81B | 10.55 | 5.77% | 3.61% | -6.55% | -37.93% | |
65 Neutral | $2.97B | 30.89 | 3.83% | 3.30% | -2.44% | 43.14% | |
47 Neutral | $1.70B | ― | -15.57% | 17.38% | -10.77% | -191.87% | |
44 Neutral | C$925.40M | -8.84 | -0.23% | 2.68% | 24.67% | -41.39% |
* Basic Materials Sector Average
Performance Comparison
ANIOY
Acerinox SA
6.28
1.46
30.29%
CMC
Commercial Metals Company
56.31
2.70
5.04%
GGB
Gerdau SA
2.97
-0.08
-2.62%
SID
Companhia Siderúrgica Nacional
1.32
-0.67
-33.67%
TX
Ternium SA
32.45
0.96
3.05%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.