Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 6 highly experienced directors. External Independent Director Ana García Fau was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 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% Tillkännagivande • 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 Tillkännagivande • 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 Tillkännagivande • Jan 14
Acerinox, S.A. to Report Q4, 2024 Results on Feb 28, 2025 Acerinox, S.A. announced that they will report Q4, 2024 results at 9:00 AM, Romance Standard Time on Feb 28, 2025 Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: €0.19 (vs €0.28 in 3Q 2023) Third quarter 2024 results: EPS: €0.19 (down from €0.28 in 3Q 2023). Revenue: €1.31b (down 16% from 3Q 2023). Net income: €48.0m (down 31% from 3Q 2023). Profit margin: 3.7% (down from 4.5% in 3Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Tillkännagivande • Oct 11
Worldwide Stainless Sdn. Bhd, agreed to acquire Bahru Stainless, Sdn. Bhd. from Acerinox, S.A. (BME:ACX) for $95 million. Worldwide Stainless Sdn. Bhd, agreed to acquire Bahru Stainless, Sdn. Bhd. from Acerinox, S.A. (BME:ACX) for $95 million on October 10, 2024. A cash consideration of $95 million will be paid by Worldwide Stainless Sdn. Bhd,. As part of consideration, $95 million is paid towards common equity of Bahru Stainless, Sdn. Bhd.
The expected completion of the transaction is at the end of November 2024. Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: €0.25 (vs €0.59 in 2Q 2023) Second quarter 2024 results: EPS: €0.25 (down from €0.59 in 2Q 2023). Revenue: €1.31b (down 25% from 2Q 2023). Net income: €61.5m (down 57% from 2Q 2023). Profit margin: 4.7% (down from 8.1% in 2Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 29
First quarter 2024 earnings released: EPS: €0.21 (vs €0.52 in 1Q 2023) First quarter 2024 results: EPS: €0.21 (down from €0.52 in 1Q 2023). Revenue: €1.48b (down 17% from 1Q 2023). Net income: €53.0m (down 61% from 1Q 2023). Profit margin: 3.6% (down from 7.6% in 1Q 2023). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Tillkännagivande • Mar 15
Acerinox, S.A., Annual General Meeting, Apr 19, 2024 Acerinox, S.A., Annual General Meeting, Apr 19, 2024, at 12:00 Central European Standard Time. Location: Paseo de Juan XXIII, nº 3 Madrid Spain Agenda: To consider and approve the annual financial statements and management reports referring to Acerinox, S.A. and its Consolidated Group, all of which pertain to the year ended December 31, 2023; to examine and approve the Consolidated Nonfinancial Information Statement for the year ended December 31, 2023; to consider and approve the management of the board of directors for the year ended December 31, 2023; and to consider and approve the other matters of business. New Risk • Mar 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.4% net profit margin). Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: €0.92 (vs €2.16 in FY 2022) Full year 2023 results: EPS: €0.92 (down from €2.16 in FY 2022). Revenue: €8.55b (down 1.9% from FY 2022). Net income: €228.0m (down 59% from FY 2022). Profit margin: 2.7% (down from 6.4% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to decline by 8.2% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jan 17
Upcoming dividend of €0.25 per share at 5.9% yield Eligible shareholders must have bought the stock before 24 January 2024. Payment date: 26 January 2024. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 5.9%. Within top quartile of German dividend payers (5.0%). Lower than average of industry peers (8.5%). Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: €0.28 (vs €0.51 in 3Q 2022) Third quarter 2023 results: EPS: €0.28 (down from €0.51 in 3Q 2022). Revenue: €1.56b (down 28% from 3Q 2022). Net income: €70.0m (down 47% from 3Q 2022). Profit margin: 4.5% (down from 6.1% in 3Q 2022). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: €0.59 (vs €1.35 in 2Q 2022) Second quarter 2023 results: EPS: €0.59 (down from €1.35 in 2Q 2022). Revenue: €1.80b (down 29% from 2Q 2022). Net income: €141.7m (down 59% from 2Q 2022). Profit margin: 7.9% (down from 14% in 2Q 2022). Revenue is expected to fall by 2.2% p.a. on average during the next 3 years compared to a 1.1% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 06
Upcoming dividend of €0.24 per share at 6.2% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 17 July 2023. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 6.2%. Within top quartile of German dividend payers (4.8%). Lower than average of industry peers (8.6%). Tillkännagivande • Jun 01
Acerinox, S.A. (BME:ACX) announces an Equity Buyback for 213,000 shares, representing 0.08% for €2.56 million. Acerinox, S.A. (BME:ACX) announces a share repurchase program. Under the program, the company will repurchase up to 213,000 shares, representing 0.08% of its share capital for a total of €2.56 million. The purpose of this plan is to use the repurchased shares for its possible later amortization and to redeem the shares that were issued in the years when the dividend paid was made through scrip dividend. The repurchase program is valid till June 29, 2023. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: €2.16 (vs €2.12 in FY 2021) Full year 2022 results: EPS: €2.16. Revenue: €8.76b (up 31% from FY 2021). Net income: €556.1m (down 2.8% from FY 2021). Profit margin: 6.3% (down from 8.5% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 11% p.a. on average during the next 3 years compared to a 1.2% decline forecast for the Metals and Mining industry in Europe. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 3 highly experienced directors. President of the Board Carlos Arias-Paz was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jan 18
Upcoming dividend of €0.24 per share Eligible shareholders must have bought the stock before 25 January 2023. Payment date: 27 January 2023. Payout ratio is a comfortable 22% but the company is paying out more than the cash it is generating. Trailing yield: 5.8%. Within top quartile of German dividend payers (4.6%). Lower than average of industry peers (8.0%). Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: €0.51 (vs €0.63 in 3Q 2021) Third quarter 2022 results: EPS: €0.51 (down from €0.63 in 3Q 2021). Revenue: €2.18b (up 28% from 3Q 2021). Net income: €133.0m (down 22% from 3Q 2021). Profit margin: 6.1% (down from 10.0% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 8.8% p.a. on average during the next 3 years compared to a 3.4% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: €1.35 (vs €0.46 in 2Q 2021) Second quarter 2022 results: EPS: €1.35 (up from €0.46 in 2Q 2021). Revenue: €2.55b (up 57% from 2Q 2021). Net income: €342.9m (up 175% from 2Q 2021). Profit margin: 13% (up from 7.7% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 6.8% compared to a 26% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 24
Upcoming dividend of €0.41 per share Eligible shareholders must have bought the stock before 01 July 2022. Payment date: 05 July 2022. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.6%). Lower than average of industry peers (8.8%). Buying Opportunity • Jun 04
Now 22% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be €14.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 96%. For the next 3 years, revenue is forecast to decline by 11% per annum. Earnings is also forecast to decline by 31% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €9.64, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Metals and Mining industry in Europe. Total returns to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €17.92 per share. Reported Earnings • Mar 01
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €2.11 (up from €0.18 in FY 2020). Revenue: €2.02b (down 57% from FY 2020). Net income: €571.9m (up €522.8m from FY 2020). Profit margin: 28% (up from 1.0% in FY 2020). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 262%, compared to a 24% growth forecast for the mining industry in Germany. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS €0.63 (vs €0.10 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €1.70b (up 52% from 3Q 2020). Net income: €171.0m (up €143.0m from 3Q 2020). Profit margin: 10.0% (up from 2.5% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS €0.46 (vs €0.16 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €1.64b (up 40% from 2Q 2020). Net income: €124.6m (up €150.5m from 2Q 2020). Profit margin: 7.6% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €9.80, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 1.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €9.83 per share. Upcoming Dividend • May 25
Upcoming dividend of €0.41 per share Eligible shareholders must have bought the stock before 01 June 2021. Payment date: 03 June 2021. Trailing yield: 4.3%. Within top quartile of German dividend payers (3.2%). In line with average of industry peers (4.0%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS €0.29 (vs €0.10 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €1.44b (up 24% from 1Q 2020). Net income: €78.0m (up 179% from 1Q 2020). Profit margin: 5.4% (up from 2.4% in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS €0.18 (vs €0.22 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €4.71b (down 1.2% from FY 2019). Net income: €49.0m (up €108.6m from FY 2019). Profit margin: 1.0% (up from net loss in FY 2019). Over the last 3 years on average, earnings per share has fallen by 80% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue beats expectations Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 13%, compared to a 23% growth forecast for the Metals and Mining industry in Germany. Is New 90 Day High Low • Feb 20
New 90-day high: €9.78 The company is up 13% from its price of €8.67 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 66% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.74 per share. Is New 90 Day High Low • Jan 08
New 90-day high: €9.71 The company is up 33% from its price of €7.32 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 53% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.95 per share. Is New 90 Day High Low • Nov 11
New 90-day high: €7.75 The company is up 3.0% from its price of €7.52 on 12 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.85 per share. Analyst Estimate Surprise Post Earnings • Oct 29
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 4.6% at €1.12b. Revenue is forecast to grow 11% over the next year, compared to a 8.2% growth forecast for the Metals and Mining industry in Germany. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total losses of €141.5m, with earnings decreasing by €268.6m from the prior year. Total revenue was €4.55b over the last 12 months, down 5.5% from the prior year. 
