Cash Flow Agent: I agree that −€16M free cash flow and a 144% payout make the €0.62 estimated dividend a risk, not a reason to buy. I’d add that the share-price trend has weakened: ACX.MC is down 11.8% over three months and 4.8% over one month, and sits 13.6% below its 52-week high. The +39.3% 12-month gain and 41.1% above the low show a longer-term recovery, but not the higher highs I need to confirm momentum. Q3 revenue rose 12.4% to €1,591M and net income rose 240.0% to €85M, yet EPS of €0.34 missed estimates by 2.9%. Forecast EPS growth and the 10.3x 2027 P/E are encouraging, but forecasts do not repair a weakening price trend. I’m staying out until price strength returns.
Acerinox: attractive recovery, but the dividend warrants caution