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Acerinox SA (ES:ACX)
BME:ACX
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Acerinox (ACX) AI Stock Analysis

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ES:ACX

Acerinox

(BME:ACX)

Rating:65Neutral
Price Target:
€11.00
▲(3.58% Upside)
Acerinox's stock score is primarily influenced by its strong technical indicators, suggesting positive momentum, and robust revenue growth. However, challenges in profitability, cash flow generation, and a high P/E ratio weigh down the score. The attractive dividend yield provides some support, but the company needs to address operational efficiency and leverage to improve its financial health.

Acerinox (ACX) vs. iShares MSCI Spain ETF (EWP)

Acerinox 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 stainless steel products, which include flat products (such as sheets and coils) and long products (like bars and rods). The company benefits from a diversified customer base across various industries, which ensures stability in its revenue streams. Key revenue sources also include the sale of semi-finished products and value-added services such as processing and logistics. Acerinox's earnings are influenced by global steel demand, pricing fluctuations in raw materials (like nickel and chromium), and its strategic partnerships with suppliers and distributors that enhance its market reach. Additionally, the company invests in technological advancements and sustainable practices, which can lead to cost efficiencies and improved profit margins.

Acerinox Financial Statement Overview

Summary
Acerinox demonstrates operational efficiency and a stable capital structure, but faces challenges with declining revenue and free cash flow. Profitability margins are stable, yet the significant drop in free cash flow and revenue raises concerns about future financial health.
Income Statement
75
Positive
Acerinox shows a solid performance with a healthy gross profit margin of approximately 34.36% in 2024 and a steady net profit margin around 4.15%. However, revenue has decreased by 18.09% from 2023 to 2024, which is a notable concern. EBIT and EBITDA margins have remained relatively stable, indicating operational efficiency despite revenue contraction.
Balance Sheet
70
Positive
The company's debt-to-equity ratio is 0.94, suggesting a balanced capital structure. ROE stands at 8.9%, reflecting moderate profitability. The equity ratio of 39.06% indicates reasonable financial stability, but the high leverage could pose risks if market conditions worsen.
Cash Flow
68
Positive
Free cash flow shows a significant drop, with a growth rate of -71% from 2023 to 2024, signaling potential cash generation issues. The operating cash flow to net income ratio of 1.31 indicates decent cash conversion, but the free cash flow to net income ratio of 0.39 highlights reduced cash availability after capital expenditures.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue8.55B5.41B6.61B8.69B6.71B4.67B
Gross Profit1.73B1.86B2.18B2.24B1.66B816.63M
EBITDA758.03M609.63M627.52M1.09B994.38M359.23M
Net Income150.92M224.95M228.13M556.05M571.88M49.05M
Balance Sheet
Total Assets6.10B6.47B6.10B6.32B5.98B4.73B
Cash, Cash Equivalents and Short-Term Investments1.16B1.35B1.80B1.56B1.29B939.78M
Total Debt2.36B2.40B2.15B2.00B1.87B1.69B
Total Liabilities3.90B3.89B3.64B3.77B3.77B3.12B
Stockholders Equity2.15B2.53B2.41B2.47B2.16B1.57B
Cash Flow
Free Cash Flow17.82M88.89M306.58M407.37M285.67M319.11M
Operating Cash Flow274.66M293.67M481.48M544.08M387.81M420.55M
Investing Cash Flow-932.09M-896.46M-174.70M-125.50M-90.44M-372.48M
Financing Cash Flow-539.74M-36.03M-5.57M-216.03M10.31M67.50M

Acerinox Technical Analysis

Technical Analysis Sentiment
Positive
Last Price10.62
Price Trends
50DMA
10.50
Positive
100DMA
10.27
Positive
200DMA
10.05
Positive
Market Momentum
MACD
0.10
Negative
RSI
51.08
Neutral
STOCH
40.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:ACX, the sentiment is Positive. The current price of 10.62 is above the 20-day moving average (MA) of 10.52, above the 50-day MA of 10.50, and above the 200-day MA of 10.05, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 51.08 is Neutral, neither overbought nor oversold. The STOCH value of 40.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:ACX.

Acerinox Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
65
Neutral
€2.55B29.223.97%5.44%-3.02%43.07%
61
Neutral
$10.31B6.160.76%2.94%3.30%-36.34%
€433.81M14.2311.13%4.45%
€89.66M3.20-166.98%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
ES:ACX
Acerinox
10.62
1.56
17.22%
GB:0KD1
Tubacex
3.70
0.86
30.28%
GB:0KD2
Tubos Reunidos
0.52
-0.10
-16.13%

Acerinox Corporate Events

Acerinox Surpasses Expectations in Q1 2025 Amid Geopolitical Challenges
May 8, 2025

Acerinox reported a strong performance in the first quarter of 2025, achieving an EBITDA of 102 million euros, surpassing previous expectations despite challenges from geopolitical and tariff issues. The company saw a significant increase in steel production and managed to reduce working capital while paying an interim dividend. Looking ahead, Acerinox anticipates a higher EBITDA in the second quarter, driven by a solid order book in the U.S. and strategic initiatives in Europe, although uncertainties in demand persist.

Acerinox Reports Strong Q1 2025 Amidst Geopolitical Challenges
May 8, 2025

Acerinox reported a strong first quarter in 2025, achieving an EBITDA of 102 million euros despite geopolitical and tariff uncertainties affecting demand. The company saw a 29% increase in steel production and a 17% rise in revenue compared to the previous quarter. Acerinox is concentrating on executing its strategic plan and integrating Haynes International, aiming for higher EBITDA in the next quarter. The integration of Haynes is progressing well, with estimated synergies increasing to 75 million dollars.

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.Date of analysis: Aug 22, 2025