Acerinox SA: Addressing the laggard

Research evidence excerpt

Acerinox SA: Addressing the laggard

Idea

May 18, 2026 04:00 PM GMT

Morgan Stanley & Co. International plc+MAcerinox SA | Europe Adahna Ekoku

Equity Analyst

Addressing the laggard Adahna.Ekoku@morganstanley.comAlain Gabriel, CFA +44 20 7425-0578

What’s Changed Alain.Gabriel@MorganStanley.com +44 20 7425-8959

Ioannis Masvoulas, CFA

Acerinox SA (ACX.MC) From To Equity Analyst

Price Target €13.70 €15.50 Ioannis.Masvoulas@morganstanley.com +44 20 7425-0427

Ferdinand Huber

With 2026 earnings downgrade risks increasingly priced in, ACX ResearchFerdinand.Huber@morganstanley.comAssociate +44 20 7677-2702

shares offer an attractive risk/reward against 2027-28 growth

Acerinox SA (ACX.MC, ACX SQ)

and an undemanding valuation. We expect investors to shift

Stainless Steel | Spain

focus to the self-help bridge, where turnaround delivery and Stock Rating Overweight

organic growth projects support upside. OW, €15.5 PT. Industry View In-Line

Price target €15.50

Shr price, close (May 15, 2026) €14.51

Risk/reward looks attractive after YTD underperformance. Acerinox shares have 52-Week Range €15.20-9.93

underperformed YtD, largely reflecting muted 2026 earnings momentum. We Mkt cap, curr (mn) €3,613

Net debt (12/26e) (mn)* €1,191

remain 14% below consensus 2026 EBITDA, but think much of this risk is now priced EV, curr (mn)* €4,835

into the shares, with buy-side expectations likely resetting lower. Valuation screens * = GAAP or approximated based on GAAP

undemanding: Acerinox trades on 5.8x EV/normalised EBITDA, below both its Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

historical average of 6.6x and the sector average of 6.1x. With expectations Sales / Revenue 5,781 5,790 6,563 6,809

depressed and valuation already discounting a cautious near-term outlook, we see (€mn)**