Acerinox has informed the National Securities Market Commission (CNMV) that it has reached an agreement to acquire 100% of the American company, Haynes International, which specialises in high-performance alloys. Haynes market consensus expects company sales in 2024 of $649 million and EBITDA of $96 million.
The expected synergies amount to $71 million. The price amounts to $798 million (30% of Acerinox’s market capitalisation), equivalent to an enterprise value of $970 million. The EV/EBITDA24e ratio is 10.1x, 5.6x including synergies. This ratio contrasts with the 3.7x at which Acerinox is trading for 2024. It will pay $61 per share, which represents a premium of 8.7% from the closing price on February 2 and 22.3% from the volume-weighted average of the last 6 months.
It will be fully financed from Acerinox’s balance sheet, which will increase the net debt/EBITDA ratio in 24e to 1.5x, reducing it below 1.2x in 2025. The company’s dividend policy does not change. Acerinox expects the operation to be positive in EPS (+11%) from the first year, excluding synergies.
