Bank of America has reported that it plans to increase its target price of Acerinox by 14% if the operation with VDM materializes, up to 11.6 euros per share. An operation that from the Spanish firm expects to be completed next March.
This increase will mean that Acerinox shares will have a bullish tour in the next twelve months surrounded by 22%.
Acerinox acquired at the beginning of November 100% of VDM Metals for 532 million euros, a movement that allowed it to diversify its performance towards sectors with greater added value.
Specifically, Acerinox will pay 310 million euros and will assume debt amounting to 57 million euros and pension plans and other obligations amounting to 165 million euros.
It is not the first time that the US financial company is positioned in favor of the operation between Acerinox and VDM. "The VDM is a well-managed business that could boost the defensive, non-basic growth of Acerinox," they said from the US entity shortly after the purchase process was known. In addition, they believe that it will lead to a 30% growth in your earnings.
The good words of Bank of America to the operation were accompanied by a rise in the target price to 10.20 euros per share and a change in the recommendation that since then remains in 'neutral'.
The Bank of America report has been known shortly before the close of the European market, even so, the Spanish company has given time to close as the second most bullish firm of the Spanish selective with a revaluation of 2.15%.