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Acerinox SA (ANIOY)
OTHER OTC:ANIOY
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Acerinox SA
(OTC:ANIOY)
Rating:65Neutral
Price Target:
$6.50
▲(3.34% Upside)
Acerinox SA (ANIOY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.96B
Dividend Yield3.26%
Average Volume (3M)459.00
Price to Earnings (P/E)30.6
Beta (1Y)1.07
Revenue Growth-2.44%
EPS Growth43.14%
CountryUS
Employees9,344
SectorBasic Materials
Sector Strength66
IndustrySteel
Share Statistics
EPS (TTM)-0.07
Shares Outstanding498,670,750
10 Day Avg. Volume0
30 Day Avg. Volume459
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 Upside3.34% Upside
Rating ConsensusHold
Number of Analyst Covering0
Acerinox SA Business Overview & Revenue Model
Company DescriptionAcerinox, S.A., through its subsidiaries, manufactures, transforms, and markets stainless steel products in Spain, the Americas, Africa, Asia, Oceania, and Europe. The company offers flat products, including coil cold rollings, hot rolled and black coils, teardrop steel or coils, and hot and cold rolled sheets, as well as roughing materials, discs, billets, and plates. It also provides long products, which include steel and color coated wires, corrugated wires, hexagonal wire rods, bars, hot and cold rebars, decorticated bars, black bars, steel profiles, and corrugated hot rolls. The company was incorporated in 1970 and is headquartered in Madrid, Spain.
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: |
Next Earnings Date:Oct 31, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted the company's resilience and strategic positioning, especially in the U.S. market and sustainability initiatives. However, significant challenges remain in the European market due to low demand and geopolitical uncertainties. Despite these challenges, the company has shown strength through diversification and strategic investments.Q2-2025 Updates
Positive Updates
Improved EBITDA and Operating Cash Flow
Achieved an EBITDA of EUR 214 million for the first half of the year, with a 10% improvement in Q2 compared to Q1. The operating cash flow reached EUR 148 million, demonstrating resilience despite market uncertainties.
U.S. Market Performance
The U.S. market remains stable with protection from Section 232 tariffs. The company has plans to increase production capacity in North America by 20%, aligning with market conditions.
Sustainability and Eco Initiatives
Achieved an 8% improvement in safety and a 25% reduction in emissions intensity from the base year of 2021. Launched EcoAcerinox with products made using 100% renewable energy and more than 90% recycled material.
Successful Diversification Strategy
Diversification into High-Performance Alloys (HPA) with investments in Haynes and VDM, allowing for compensation of negative impacts in oil and gas with growth in aerospace.
Negative Updates
European Market Challenges
Facing low demand and increased imports by 75%, leading to pressure on prices and profitability in Europe. The company made an inventory adjustment of EUR 28 million due to the poor market situation.
Impact of Tariff War and Geopolitical Uncertainties
The tariff war and geopolitical uncertainties have impacted global markets, leading to postponed investments and a 'wait-and-see' approach from customers.
Non-cash Tax Impairment in Spain
The company made a non-cash tax impairment on tax credits in Spain due to prolonged crises, impacting results. This is reversible but reflects the cautious approach amid uncertain market conditions.
Weak Demand in High-Performance Alloys
The HPA segment faced a slowdown in oil and gas and chemical industries, resulting in a flat operating EBITDA compared to previous quarters.
Company Guidance
In the recent call, Acerinox provided guidance for the third quarter of 2025, emphasizing a stable outlook amidst ongoing geopolitical uncertainties and tariff issues. The company anticipates Q3 EBITDA to be in line with Q2, which stood at EUR 214 million for the first half of the year, despite the usual seasonal slowdown. Acerinox highlighted a 10% improvement in sales compared to the first half of the previous year and an operating cash flow of EUR 148 million. The company is investing significantly in its U.S. operations, with EUR 125 million allocated for CapEx in the first half, focusing on expanding its NAS plant in Kentucky and its VDM and Haynes operations. Despite challenges, Acerinox has maintained a strong EBITDA margin and is optimistic about its strategic diversification, particularly its expansion in the aerospace sector, to offset volatility in other markets.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
6.29
Price Trends
6.16
Positive
5.98
Positive
5.60
Positive
Market Momentum
0.03
Positive
56.13
Neutral
36.29
Neutral
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 6.29 is above the 20-day moving average (MA) of 6.23, above the 50-day MA of 6.16, and above the 200-day MA of 5.60, indicating a bullish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 56.13 is Neutral, neither overbought nor oversold. The STOCH value of 36.29 is Neutral, 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 (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $6.51B | 183.02 | 0.88% | 1.24% | -5.64% | -93.26% | |
71 Outperform | $6.02B | 10.98 | 5.77% | 3.34% | -6.55% | -37.93% | |
70 Neutral | $6.63B | 11.33 | 4.89% | 7.81% | -16.83% | ― | |
65 Neutral | $2.96B | 30.56 | 3.83% | 3.26% | -2.44% | 43.14% | |
64 Neutral | ― | ― | -14.79% | -88.78% | |||
62 Neutral | $10.28B | 6.21 | 0.76% | 2.84% | 3.10% | -36.03% | |
50 Neutral | $1.86B | ― | -15.57% | 15.72% | -10.77% | -191.87% |
* Basic Materials Sector Average
Performance Comparison
ANIOY
Acerinox SA
6.29
1.53
32.14%
CMC
Commercial Metals Company
59.21
10.60
21.81%
GGB
Gerdau SA
3.20
0.00
0.00%
SID
Companhia Siderúrgica Nacional
1.46
-0.53
-26.63%
TX
Ternium SA
34.58
5.59
19.28%
X
United States Steel
54.84
22.14
67.71%
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.