Acerinox is on track to repeat for the fourth consecutive year a dividend of 0.50 euros gross per share that it maintained, even during the year of the pandemic. The steel company will pay this amount to its shareholders on July 5, and, at current prices, it offers a return of 4.2%. To access the payment, it is necessary to have purchased shares of the company before July 1, the date on which they will already be listed without rights.
Now, it must be taken into account that whoever decides to jump on the steelmaker’s bandwagon to collect this payment should know that their titles have just reached 12 euros, after Friday’s session shot up 6.9%, in its biggest rise in just one session since November 2020. And this has meant that in the last month its shares have risen in value by 22%, after a correction that led it to lose 10 euros per share. It is the second most bullish title of the Ibex in this period, only surpassed by Grifols, with 23%.
To the cash dividend, we must add a repurchase of shares equivalent to 5% of its share capital and that will be amortized. The market does not rule out that the steelmaker could approve a second buyback program -following in the footsteps of ArcelorMittal, which is already in its seventh since September 2020-. The company, which has never given up this possibility, for the moment prefers not to comment. Analysts predict that, if carried out, Acerinox will opt for another 5% repurchase. The origin of the buyback can be found in the departure of a historic shareholder of the company, Nippon Steel, who sold his stake in two batches between the summer and October 2021, with a 15.8% stake. If this second repurchase program is carried out, the profitability of the firm’s remuneration would reach 9%.
Just two weeks ago, Acerinox announced the departure of its non-executive chairman, Rafael Miranda, who is retiring at a very sweet time for the company they accompany thanks to the increase in demand and the shock in supply after Covid, plus the rise in the price of raw materials.
Since it presented its accounts on May 11, the consensus of analysts has surrendered to record figures. The steel company earned 266 million euros with an EBITDA of 422 million, and, in addition, it has already anticipated that its numbers will be somewhat higher for the second quarter, which will become the seventh consecutive quarter on the rise. Since then, that is, 17 days, the market has raised its net profit forecast for 2022 by 24%, to a figure never seen before of 755 million euros, and 5% from 2023, with a net result, already more modest, 460 million.
Mapfre’s payment, on Tuesday
gross next Tuesday, with a return of 4.8%. Although it is no longer possible to access the payment because the cut-off date has passed. This is the second complementary and last charge to 2021.
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