Renta 4 raised target for Acerinox stock to EUR 22.80

Published on 10/12/2026 at 10:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half EBITDA reached EUR 271 million, up 27.00 percent year on year. Acerinox stock costs EUR 17.11, 7.91 percent below its EUR 18.58 high.

Key points in brief

Renta 4 raised its Acerinox target from EUR 20.00 to EUR 22.80 on October 5, 2026.
Acerinox reported first-half EBITDA of EUR 271 million, up 27.00 percent year on year.
The stock was at EUR 17.11 at Lang & Schwarz on October 12, 2026, while its 52-week range was EUR 11.03 to EUR 18.58.

Aquarellillustration der Madrider Skyline bei Sonnenuntergang mit Hochhäusern — Aquarellmalerei der Madrider Skyline symbolisiert den Sitz von Acerinox S.A. (ISIN ES0132105018) nahe IBEX 35, Illustration mit AI erstellt.

Renta 4 raised its Acerinox target from EUR 20.00 to EUR 22.80 on October 5, 2026, while reiterating its Overweight rating, according to Bolsamania. Acerinox stock was at EUR 17.11 at Lang & Schwarz on October 12, 2026 at 10:07 a.m. CEST.

Target rises on 2027 recovery

Renta 4 linked its higher valuation to an expected recovery in 2027 and projected EBITDA of EUR 842.60 million for that year, up 34.00 percent from its 2026 estimate, as Estrategias de Inversion reported on October 5, 2026. The forecast gives the target change a concrete operating rationale rather than making the valuation depend only on a broader steel-market narrative.

The same analysis put the downside scenario target at EUR 14.86 if Acerinox Europa fails to reach break-even and Haynes International and VDM do not recover. That counter-case matters because the company's European operations still face weaker demand, while the U.S. business remains the main source of resilience.

First-half EBITDA reaches EUR 271 million

Acerinox posted EBITDA of EUR 271 million in the first half of 2026, 27.00 percent above the same period a year earlier, according to the company's earnings-call transcript published by Yahoo Finance. Second-quarter EBITDA was EUR 176 million, 85.00 percent above the first quarter, with management pointing to stronger U.S. stainless-steel performance and improving European operations.

The earnings call also identified a risk to the recovery profile: net financial debt reached EUR 1.30 billion at the end of June 2026, with debt at 2.50 times EBITDA. Management said the ratio should decline by year-end, but working capital and raw-material prices remain important variables for the next results.

What could lift the next quarter?

Renta 4 expects third-quarter EBITDA of EUR 189.50 million, 75.50 percent above the third quarter of 2025 and 7.70 percent above the second quarter of 2026. The estimate depends on stronger stainless-steel volumes, European trade measures and continued support from North American Stainless.

Acerinox is scheduled to publish its third-quarter results on October 30, 2026, before the market opens, according to Estrategias de Inversion. That report will test whether the sequential improvement visible in the first half has continued into the period used by Renta 4 for its higher target.

Stock remains below its yearly high

Acerinox stock stood at EUR 17.11 at Lang & Schwarz on October 12, 2026 at 10:07 a.m. CEST. Its 52-week range was EUR 11.03 to EUR 18.58, leaving the price 7.91 percent below the high and 55.03 percent above the low. The market capitalization was EUR 4.30 billion as of October 12, 2026. The further course of trading is shown by the continuously updated real-time quote of Acerinox stock.