APEMY - Acerniox Not Really At 'Can't Miss' Levels
To whatever extent I’m grudgingly interested in steel stocks today, it’s because some of the valuations appear to be pricing in bleak near-to-medium-term scenarios that don’t seem to fit with what is actually going on in the world (and that’s from someone who is pretty bearish relative to consensus). Unfortunately, Acerinox (ANIOY) (ACX.MC) doesn’t seem to offer that same margin of safety today. I continue to believe this is a well-run leader in stainless steel, but steel price momentum looks weak, several end-markets are softening, and the valuation isn’t really pricing