BME:ACX

Stock Analysis Report

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Executive Summary

Acerinox, S.A., through its subsidiaries, manufactures, transforms, and markets stainless steel products in Spain, the Americas, Africa, Asia, Oceania, and rest of Europe. More Details


Snowflake Analysis

Reasonable growth potential average dividend payer.


Similar Companies

Share Price & News

How has Acerinox's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ACX has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-3.5%

ACX

-4.1%

ES Metals and Mining

-5.1%

ES Market


1 Year Return

-13.3%

ACX

-19.3%

ES Metals and Mining

-22.8%

ES Market

Return vs Industry: ACX exceeded the Spanish Metals and Mining industry which returned -20.9% over the past year.

Return vs Market: ACX exceeded the Spanish Market which returned -22.6% over the past year.


Shareholder returns

ACXIndustryMarket
7 Day-3.5%-4.1%-5.1%
30 Day-2.2%-2.9%-4.5%
90 Day-3.2%-4.5%-4.6%
1 Year-13.3%-13.3%-19.3%-19.3%-20.3%-22.8%
3 Year-39.1%-44.1%-44.5%-48.4%-23.0%-30.1%
5 Year-1.8%-15.8%124.0%76.7%-11.3%-25.2%

Price Volatility Vs. Market

How volatile is Acerinox's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Acerinox undervalued compared to its fair value and its price relative to the market?

11.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ACX (€6.82) is trading below our estimate of fair value (€7.69)

Significantly Below Fair Value: ACX is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: ACX is unprofitable, so we can't compare its PE Ratio to the XE Metals and Mining industry average.

PE vs Market: ACX is unprofitable, so we can't compare its PE Ratio to the Spanish market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate ACX's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: ACX is overvalued based on its PB Ratio (1x) compared to the ES Metals and Mining industry average (0.5x).


Next Steps

Future Growth

How is Acerinox forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?

54.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ACX is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.3%).

Earnings vs Market: ACX is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: ACX's is expected to become profitable in the next 3 years.

Revenue vs Market: ACX's revenue (8.5% per year) is forecast to grow faster than the Spanish market (6.1% per year).

High Growth Revenue: ACX's revenue (8.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ACX's Return on Equity is forecast to be low in 3 years time (12.2%).


Next Steps

Past Performance

How has Acerinox performed over the past 5 years?

-2.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ACX is currently unprofitable.

Growing Profit Margin: ACX is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: ACX is unprofitable, and losses have increased over the past 5 years at a rate of 2.3% per year.

Accelerating Growth: Unable to compare ACX's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: ACX is unprofitable, making it difficult to compare its past year earnings growth to the Metals and Mining industry (-18.3%).


Return on Equity

High ROE: ACX has a negative Return on Equity (-7.27%), as it is currently unprofitable.


Next Steps

Financial Health

How is Acerinox's financial position?


Financial Position Analysis

Short Term Liabilities: ACX's short term assets (€3.0B) exceed its short term liabilities (€1.5B).

Long Term Liabilities: ACX's short term assets (€3.0B) exceed its long term liabilities (€1.9B).


Debt to Equity History and Analysis

Debt Level: ACX's debt to equity ratio (106.1%) is considered high.

Reducing Debt: ACX's debt to equity ratio has increased from 65.2% to 106.1% over the past 5 years.

Debt Coverage: ACX's debt is not well covered by operating cash flow (16.5%).

Interest Coverage: ACX is unprofitable, therefore interest payments are not well covered by earnings.


Balance Sheet


Next Steps

Dividend

What is Acerinox current dividend yield, its reliability and sustainability?

7.33%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: ACX's dividend (7.33%) is higher than the bottom 25% of dividend payers in the Spanish market (2.38%).

High Dividend: ACX's dividend (7.33%) is in the top 25% of dividend payers in the Spanish market (6.65%)


Stability and Growth of Payments

Stable Dividend: ACX's dividend payments have been volatile in the past 10 years.

Growing Dividend: ACX's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: ACX is paying a dividend but the company is unprofitable.


Future Payout to Shareholders

Future Dividend Coverage: ACX's dividends in 3 years are forecast to be covered by earnings (60.8% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.8yrs

Average board tenure


CEO

Bernardo Velázquez Herreros (56 yo)

10.17yrs

Tenure

€1,121,000

Compensation

Mr. Bernardo Velázquez Herreros has been the Chief Executive Officer of Acerinox, S.A. since July 2010. Mr. Herreros served as Managing Director of Acerinox, S.A from 2007 to 2010. Mr. Velázquez Herreros ...


CEO Compensation Analysis

Compensation vs Market: Bernardo's total compensation ($USD0.00) is below average for companies of similar size in the Spanish market ($USD976.58K).

Compensation vs Earnings: Bernardo's compensation has increased whilst the company is unprofitable.


Board Members

NamePositionTenureCompensationOwnership
Bernardo Velázquez Herreros
CEO & Executive Director10.17yrs€1.12m0.010%
€ 184.4k
Rafael Miranda Robredo
External Independent Chairman6.42yrs€158.00k0.010%
€ 184.4k
Santos Gutierrez-Barquin
External Proprietary Director18.33yrs€81.00k0.0037%
€ 68.2k
George Johnston
External Independent Director5.92yrs€91.00kno data
Braulio Medel Cámara
External Independent Director12.33yrs€77.00kno data
Rosa Garcia Pineiro
External Independent Director2.92yrs€74.00kno data
Ignacio Martín San Vicente
External Independent Director1.92yrsno datano data
Tomás Hevia Armengol
External Proprietary Director3.75yrsno datano data
Laura González-Molero
External Independent Director3.67yrsno datano data
Marta Martínez Alonso
External Independent Director3.67yrsno datano data
Pablo Gómez Garzón
External Propriety Director1.42yrsno datano data

3.8yrs

Average Tenure

65yo

Average Age

Experienced Board: ACX's board of directors are considered experienced (3.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Acerinox, S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Acerinox, S.A.
  • Ticker: ACX
  • Exchange: BME
  • Founded: 1970
  • Industry: Steel
  • Sector: Materials
  • Market Cap: €1.844b
  • Shares outstanding: 270.45m
  • Website: https://www.acerinox.com

Number of Employees


Location

  • Acerinox, S.A.
  • Calle Santiago de Compostela, nº 100
  • Madrid
  • Madrid
  • 28035
  • Spain

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ACE1DB (Deutsche Boerse AG)YesOrdinary SharesDEEURDec 1987
ACXBME (Bolsas y Mercados Espanoles)YesOrdinary SharesESEURDec 1987
0OIQLSE (London Stock Exchange)YesOrdinary SharesGBEURDec 1987
ACXEBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURDec 1987
ACXWBAG (Wiener Boerse AG)YesOrdinary SharesATEURDec 1987
ACX NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNDec 1987
ANIO.YOTCPK (Pink Sheets LLC)ADRUSUSDOct 2008

Biography

Acerinox, S.A., through its subsidiaries, manufactures, transforms, and markets stainless steel products in Spain, the Americas, Africa, Asia, Oceania, and rest of Europe. The company’s Flat Stainless Stee ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/25 03:01
End of Day Share Price2020/09/24 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.