Recommendations Ibex 35 Steel Companies Contribute to 3.9x Ev/ebitda, 35% Below Its Historical Average: Preference for Acerinox for Its Defensive Profile and Exposure to the Us
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Market Consensus Morgan Stanley Adahna expects a season of results that reflects macro weakness, Adahna cuts estimates for 2025 and is 7–19% below consensus, given the weakness in Europe and waiting for a potential recovery in volumes in the United States. In the United States, base price increases of 10–20% could result in ~17% improvements in EBITDA 2H25 for Acerinox (ACX) and Outokumpu, if consolidated. In Europe, demand remains weak rather …
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