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Acerinox: buying on a bullish bottom

Acerinox valuation multiples

Acerinox valuation multiples as of 05 JUL21

Acerinox valuation multiples as of 05 JUL21

Acerinox is a steel company with sufficient financial muscle to be able to benefit from the cyclical recovery and the future infrastructure plans linked to the fight against climate change. It has the ability to pass on the rise in costs if we enter an inflationary environment and presents attractive valuation multiples: PER of 10.34x and P / CV of 1.52x with estimates for the year 2021. The characteristics mentioned allow granting a positive rating by fundamental analysis (see “Acerinox joins the wheel of recovery”).

Acerinox on daily chart and logarithmic scale, with range of amplitude in percentage, MACD oscillator and trading volume

Acerinox graphic analysis as of 05 July 2021Acerinox graphic analysis as of 05 July 2021

Acerinox graphic analysis as of 05 July 2021

A graphic analysis of the price series allows us to appreciate that the price has built a bullish structure over the last year: identified by a fuchsia bullish guideline and moving averages of 40 and 200 crossed sessions upward. The recent correction from yearly highs has been accompanied by a subsequent rapid rebound that has triggered short-term buy signals in price oscillators starting from oversold (see MACD) and supported by increasing trading volume. The short-term turn to the upside looks reliable and should be treated as an opportunity to test long positions in favor of the primary bullish trend..

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