The Spanish and also American leader in stainless steel, Acerinox, considers that its stock market value is much lower than its share and is "open to all opportunities" that serve to raise the price, either through "inorganic growth" or through through approaches by investors interested in the company. "The stock is seriously undervalued," he says.
"We do not put aside a consolidation process as long as value is generated for shareholders," said the president of the company, Carlos Ortega Arias-Paz, in a meeting with the press prior to tomorrow's shareholders' meeting. "Last year we had an offer from Aperam that the board of directors rejected," but "that does not mean that we are not open to opportunities that create value."
The frustration of Acerinox, which last year had record revenues of almost 8,700 million euros and which generates 43% of the turnover in the United States, is that the stock market does not reflect its real value. It capitalizes 2,600 million euros, but considers that its real value is at least 4,400 million euros, which is the result of applying a multiple of eight times to the sum of its gross operating profit (ebitda), of 450 million euros , and of the 100 million contributed by the German group VDM.
"We are an expert in candy for anyone. We are a bargain. We are trading below our real value," said Ortega Arias-Paz. Acerinox's main shareholder is the March family, with an 18.9% stake through Corporación Financiera Alba. According to CNMV records, Daniel Bravo Andreu, a former shareholder of the Catalan pharmaceutical company Almirall, has 5%. The rest of the shareholding is very diluted.
Acerinox is not the only Spanish company to complain about its low stock market value. Another example is Applus, which has been approached by various international investment funds interested in launching a takeover bid for 100% of the capital and has opened up to offering information to those interested.
"I see it as difficult for someone from there to buy us", the president of Acerinox indicated, referring to the possible interest of US investors. "We do want to get closer to American investors," he added, before specifying that the plans do not include starting to trade in New York or changing headquarters, as is the case with Ferrovial.
"It has not been proven that by going to the United States or Amsterdam you are going to improve the listing price. You are splitting the listing in three," he indicated.
The CEO of the company, Bernardo Velázquez, has highlighted the investments in the United States and the industry's tendency to relocate production in the reference markets, especially after the supply problems resulting from the covid and the invasion of Ukraine. "The large regions are seeking strategic autonomy," he pointed out.
"We anticipate a rapprochement of supply sources. If it occurred in all sectors, this would lead to an improvement in the industry, which would end up having more weight in the national GDP," he stated. The Spanish plant in Algeciras is operating at around 85% of its capacity.
Velázquez has warned that the new EU policy on State aid is promoting "national solutions", in which each country encourages industry in its own way, which distorts competition on the continent. "In Spain we have less money on the table", he lamented after recalling the aid that Germany or Finland are dedicating to their industrial companies.
