Acerinox is back in the Top 10 fundamentals eco-retailerthe tool that brings together Top 10 Companies That Deserve a Better Recommendation for Investment Banks through an audited portfolio which weights the profitability offered by these companies since their incorporation.
The industrialist has once again positioned himself in the tool thanks to the repeated support he has received in recent days from the experts who follow him. Signatures like Santander Group and Bestinver Securities This week they reiterated their buy rating on the shares of a firm that has the potential to rise by more than 40% over the next 12 months.
This is reflected in the market consensus of Bloombergwho is confident that its shares have more than enough capacity to recover from the losses accumulated so far this year. And since January, its shares have fallen by more than 10%, putting it among the seven most bearish companies in the world. Ibex 35 in this period.
The “magnifying glass” placed on your accounts
“We believe Acerinox continues to be well positioned to capture the strength of the US market,” Deutsche Bank’s analyst department said after the steelmaker’s second-quarter results were released. Now, just over a month after the release of its penultimate quarter figures, all eyes are on its income statement.
An average investment company expects to obtain a net profit of more than 62 million euros. Figures that would mean reducing by almost 10% those obtained in the same period of 2023, but that would allow it (if it manages to meet analysts’ estimates) to fight to increase its profits in the general calculation of the year above the 240 million euros and overcome challenges facing the steel company, such as weak demand, particularly in Europe, and nickel prices.
Bankinter was responsible for highlighting some of the strategic moves that the company has undertaken in recent months, such as the “cessation of activity in Malaysia due to the difficult market environment in Asia” or “the increase in investments in NAS (USA), with the expansion of capacities in stainless steel) and VDM (high performance alloys) and the acquisition of Haynes, which will increase its exposure to the High Performance Alloys business and the American market.
For his part, from Renta 4, “They very positively appreciate the debt reduction undertaken by the company because it demonstrates Acerinox’s ability to generate cash in a very complicated environment such as the current one of market weakness and the strike suffered by Acerinox Europe (impact of 43 million euros on EBITDA in the first half of 2024)”.
A trend that, according to analysts’ estimates, will continue in the third quarter of the year, for which a liability of 264 million euros for the 500 which was recorded during the same period of 2023.
Farewell to historic profitability of the “Top 10”
The inclusion of Acerinox among the ten Spanish companies that deserve a better recommendation from investment banks leads to the departure of Sacyr. This is a historic change since the operations of the Spanish infrastructure company chaired and directed by Manuel Manrique date back to January 2021 and accumulate a profitability close to 60%. In fact, it is the second strategy in which the Ecotrader tool accumulates more profitability after the one opened at Logista in September 2022.
