New Risk • May 22
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 239% New Risk • May 11
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 106% Reported Earnings • May 11
First quarter 2026 earnings released: EPS: €0.02 (vs €0.04 in 1Q 2025) First quarter 2026 results: EPS: €0.02 (down from €0.04 in 1Q 2025). Revenue: €1.38b (down 11% from 1Q 2025). Net income: €5.00m (down 50% from 1Q 2025). Profit margin: 0.4% (down from 0.6% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Metals and Mining industry in Europe. 공시 • Mar 30
Acerinox, S.A., Annual General Meeting, May 05, 2026 Acerinox, S.A., Annual General Meeting, May 05, 2026. Location: circulo de bellas artes, planta 2, teatro fernando de rojas, calle del marques de casa riera 2, madrid Spain Reported Earnings • Feb 28
Full year 2025 earnings released: €0.16 loss per share (vs €0.90 profit in FY 2024) Full year 2025 results: €0.16 loss per share (down from €0.90 profit in FY 2024). Revenue: €5.85b (up 8.0% from FY 2024). Net loss: €40.1m (down 118% from profit in FY 2024). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Metals and Mining industry in Europe. Buy Or Sell Opportunity • Feb 25
Now 22% undervalued Over the last 90 days, the stock has risen 6.8% to €13.27. The fair value is estimated to be €16.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 74%. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings are also forecast to grow by 56% per annum over the same time period. Buy Or Sell Opportunity • Feb 09
Now 21% undervalued Over the last 90 days, the stock has risen 15% to €13.14. The fair value is estimated to be €16.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 74%. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings are also forecast to grow by 56% per annum over the same time period. Upcoming Dividend • Jan 14
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 21 January 2026. Payment date: 23 January 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.7%. Within top quartile of Italian dividend payers (4.6%). Higher than average of industry peers (2.4%). Buy Or Sell Opportunity • Dec 19
Now 29% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.1% to €10.00. The fair value is estimated to be €14.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 74%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings are also forecast to grow by 52% per annum over the same time period. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €11.96, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Metals and Mining industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €16.64 per share. 공시 • Apr 02
Acerinox, S.A., Annual General Meeting, May 06, 2025 Acerinox, S.A., Annual General Meeting, May 06, 2025. Location: paseo de la castellana 33, auditorio mutua madrilena., madrid Spain