Independent equity research
Is Acerinox, S.A. (ACX) a Buy, Hold or Sell?
Acerinox, S.A. — our independent, AI-built valuation and rating, in brief.
HOLD (trim into strength)
12-mo fair value
€15.90
To fair value
−8%
By · report dated 2026-09-20 · fair value derived independently of the market price.
The thesis, in brief
At EUR 17.18 Acerinox prices an 11.9% mid-cycle EBITDA margin at our 8.1% WACC, above the 11.5% we derive from the 2020-25 cycle plus the Haynes mix and new trade protection, so unless 2027 EBITDA tracks consensus EUR 795m rather than our EUR 720m, fair value is EUR 15.9, 7% below the price
How we value it
We value Acerinox, S.A. using FCFF DCF at 11.5% mid-cycle EBITDA margin, WACC 8.1%; EV/EBITDA SOTP cross-check. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Acerinox, S.A. report
The complete model, the scenarios, and every number behind the call — plus other names across the coverage. One subscription, cancel anytime.