Deutsche Bank | Acerinox published its fourth quarter results and adjusted EBITDA of €101 million was broadly in line with underlying expectations, while the significant level of inventory impairment (around €60 million, despite the increase in nickel prices) brought reported EBITDA to €32 million (consensus €77 million versus €73 million expected). Importantly, cash flow was again very strong, driven mainly by a significant release of working capital, resulting in net…

Banc Sabadell | According to National Securities Market Commission (CNMV) records, Covalis Capital has increased its stake in the last month by 4.076% to 10.14% through financial instruments from the 6.06% it held in the same way in September this year. Assessment: Positive news with limited impact that would confirm the more positive sector environment for 2026, where new tariff regulations in Europe should boost prices and volumes in the…

Deutsche Bank | A stable third quarter is expected, but HPA headwinds continue to weigh on results; target price: €14 against last close of €11.84, buy recommendation. Acerinox is set to publish its third-quarter results, and we expect stable figures in line with forecasts. However, poor results in Europe, as well as uncertainties in VDM’s specialised business, will continue into the fourth quarter. Although prices in the US have risen…