Acerinox SA (ANIOY)
OTHER OTC:ANIOY
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Acerinox SA
(OTC:ANIOY)
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Rating:59Neutral
Price Target:
$9.00
▲(16.43% Upside)
Action:Reiterated
Date:05/11/26
The score is held back primarily by weak recent financial performance (2025 loss and revenue decline) and only moderate balance-sheet flexibility for a cyclical steel business. Support comes from constructive technical momentum and an earnings-call outlook pointing to sequential EBITDA improvement, plus a solid ~4.1% dividend yield—tempered by ongoing Europe profitability risks and higher net debt.
Positive Factors
Operational recovery and volume growth
Sustained quarter-on-quarter volume and production gains indicate improving utilization and better fixed-cost absorption. Higher melting and sales trends support more stable operating margins and cash generation over the next several quarters as the business exits the trough of the steel cycle.
Negative Factors
Incomplete nickel surcharge pass-through in Europe
Failure to fully pass volatile nickel costs through European pricing structurally compresses margins in that region. Given nickel price swings and longer contract/negotiation cycles in Europe, this creates persistent margin vulnerability and weaker earnings resilience when raw material costs rise.
Read all positive and negative factors
Positive Factors
Negative Factors
Operational recovery and volume growth
Sustained quarter-on-quarter volume and production gains indicate improving utilization and better fixed-cost absorption. Higher melting and sales trends support more stable operating margins and cash generation over the next several quarters as the business exits the trough of the steel cycle.
Read all positive factors
Acerinox SA (ANIOY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.22B
Dividend Yield2.89%
Average Volume (3M)397.00
Price to Earnings (P/E)147.5
Beta (1Y)1.07
Revenue Growth11.27%
EPS Growth-118.66%
CountryUS
Employees9,344
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)-0.08
Shares Outstanding498,670,750
10 Day Avg. Volume1,005
30 Day Avg. Volume397
Financial Highlights & Ratios
PEG Ratio0.64
Price to Book (P/B)1.40
Price to Sales (P/S)0.52
P/FCF Ratio19.94
Enterprise Value/Market Cap1.21
Enterprise Value/Revenue0.88
Enterprise Value/Gross Profit1.46
Enterprise Value/Ebitda14.91
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.57
Revenue Forecast (FY)$7.66B
Acerinox SA Business Overview & Revenue Model
Company Description
Acerinox, 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 blac...
How the Company Makes Money
Acerinox primarily makes money by manufacturing and selling stainless steel and specialty alloy products to industrial customers and distributors. Its core revenue stream is the sale of stainless steel flat products (e.g., coils, sheet, plate) and...
Acerinox SA Earnings Call Summary
Earnings Call Date:May 08, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 24, 2026
Earnings Call Sentiment Positive
The call conveyed cautious optimism: the company reported clear operational improvements (sales +6%, melting +22%), solid adjusted EBITDA (EUR 119m) and positive operating cash flow despite geopolitical uncertainty, supply-chain inflation and higher raw-material prices. Strategic investments in North America and aerospace, stronger order books (Haynes) and continued working-capital discipline underpin an improving outlook. However, Europe remains the main drag — with inventory adjustments (EUR 25m), incomplete pass-through of nickel costs, weak HPA demand in oil & gas and a modest rise in net debt after dividends and heavy CapEx. Management expects further improvement into Q2 and beyond but acknowledges lingering risks.Positive Updates
Revenue and Volume Recovery
Sales improved by around 6% quarter-on-quarter and melting production grew 22% quarter-on-quarter, demonstrating a clear recovery in activity despite macro uncertainty.
Negative Updates
Persisting Macro Uncertainty and Geopolitical Risks
Ongoing geopolitical tensions (Iran conflict, Ukraine, energy crisis) continue to delay demand recovery and create volatility in energy and freight costs, quantified at roughly EUR 2 million impact in Q1 and expected mid-to-high single-digit impact for the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Volume Recovery
Sales improved by around 6% quarter-on-quarter and melting production grew 22% quarter-on-quarter, demonstrating a clear recovery in activity despite macro uncertainty.
Read all positive updates
Company Guidance
Guidance: management expects Q2 to improve on Q1’s adjusted EBITDA of €119m (9% margin) and said adjusted EBITDA for the coming quarter should be higher than Q1; they do not expect material inventory adjustments in Q2 and see European breakeven likely later in 2026 (more plausibly Q3 than Q2). Key operating and balance-sheet metrics to watch: Q1 melting production +22% q/q, operating cash flow €34m, working‑capital build €47m (after a two‑year reduction program that released ~€400m in 2025), Q1 CapEx €73m (FY CapEx expected slightly below €300m), dividends paid €77m in January, net financial debt up ≈€100–106m to ~€1.3bn, Q1 inventory writedowns/adjustments ≈€25m (half HPA/half stainless), nickel at ~$19,000/t. Market and capacity context cited as supportive: U.S. stainless demand -11% y/y with imports down 33% and now ≈21% market share, Europe demand -7% y/y with imports ≈14% (EU target ~13%) and new measures from July 1 (duties to 50%/quotas); capacity utilization Q1: Spain ~70% (improving), U.S. ~80% (ex new line), South Africa 60–65%; NAS expansion €249m to add ~20% cold‑rolled capacity.Acerinox SA Financial Statement Overview
Summary
Income Statement
40
Negative
Balance Sheet
56
Neutral
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.55B | 5.41B | 6.61B | 8.69B | 6.71B |
| Gross Profit | 1.00B | 1.86B | 2.18B | 3.08B | 2.43B |
| EBITDA | 329.80M | 609.63M | 627.52M | 1.09B | 994.38M |
| Net Income | -38.49M | 224.95M | 228.13M | 556.05M | 571.88M |
Balance Sheet | |||||
| Total Assets | 5.69B | 6.47B | 6.10B | 6.32B | 5.98B |
| Cash, Cash Equivalents and Short-Term Investments | 973.62M | 1.35B | 1.80B | 1.56B | 1.29B |
| Total Debt | 2.20B | 2.38B | 2.15B | 1.99B | 1.85B |
| Total Liabilities | 3.56B | 3.89B | 3.64B | 3.77B | 3.77B |
| Stockholders Equity | 2.06B | 2.53B | 2.41B | 2.47B | 2.16B |
Cash Flow | |||||
| Free Cash Flow | 144.92M | 88.89M | 306.58M | 407.37M | 285.67M |
| Operating Cash Flow | 437.84M | 293.67M | 481.48M | 544.08M | 387.81M |
| Investing Cash Flow | -233.04M | -896.46M | -174.70M | -125.50M | -90.44M |
| Financing Cash Flow | -372.87M | -36.03M | -5.57M | -216.03M | 10.31M |
Acerinox SA Technical Analysis
Positive
7.73
Price Trends
7.78
Positive
7.69
Positive
7.12
Positive
Market Momentum
0.24
Positive
64.12
Neutral
93.76
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 7.73 is below the 20-day moving average (MA) of 8.40, below the 50-day MA of 7.78, and above the 200-day MA of 7.12, indicating a bullish trend. The MACD of 0.24 indicates Positive momentum. The RSI at 64.12 is Neutral, neither overbought nor oversold. The STOCH value of 93.76 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $9.22B | 9.25 | 4.74% | 7.02% | -11.93% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | $5.14B | 12.42 | 4.48% | ― | -5.87% | -81.34% | |
59 Neutral | $4.22B | 147.50 | -0.47% | 2.89% | 11.27% | -118.66% | |
56 Neutral | $8.81B | 9.20 | 2.53% | 2.92% | 4.46% | -47.34% | |
48 Neutral | $6.41B | -5.03 | -20.91% | ― | 1.58% | 3.88% | |
41 Neutral | $1.76B | -3.52 | -12.83% | ― | 2.16% | 20.46% |
* Basic Materials Sector Average
ANIOY
Acerinox SA
8.84
3.15
55.24%
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11.23
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73.30%
GGB
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4.75
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80.75%
SIM
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30.51
2.48
8.87%
SID
Companhia Siderúrgica Nacional
1.35
-0.24
-15.09%
TX
Ternium SA
46.99
20.79
79.32%
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.