Aperam APAM.MC
LuxembourgBasic Materials · SteelBolsa de Madrid (BME) · EUR
0.00 EUR (−100.0%)
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Aperam is a global producer of stainless steel and specialty alloys, with integrated operations ranging from scrap recycling to the manufacture of flat and long products, selling mainly to the automotive, construction, energy, and consumer goods sectors.
Listed on Bolsa de Madrid (BME) · Symbol APAM.MC · BME: APAM · Currency EUR
Key points
from its scores- ✓Good share-price trend7.0
- ✕Unfavourable risk and backdrop2.3
- ✕Little competitive advantage4.5
- ✕Little or no dividend4.6
AI analysis
bottom line, main risk, context and newsThe cycle is favorable, but high debt and an uncovered dividend warrant caution; wait for an improvement in cash generation or a more attractive entry point.
Aperam shows explosive earnings growth (536%) typical of a steel cycle peak, with financial health compromised by net debt of 3.47x EBITDA and a dividend not covered by earnings (payout 114%). Valuation is reasonable (PER 22.3, FCF yield 11.6%), but the risk of a cyclical reversal and interest rate pressure on its high debt are the main drags.
The main risk is a reversal of the steel cycle: the 536% earnings growth is unsustainable and, combined with net debt of 3.47x EBITDA and a 114% payout, the company is vulnerable to a price drop or a tightening of financial conditions.
Context and risks
Aperam is a stainless steel producer headquartered in Luxembourg with operations in Europe and Brazil. Its business is energy-intensive and depends on shipping routes for raw materials (nickel, chrome) and exports. The blockade of the Strait of Hormuz and attacks in the Red Sea raise freight costs and the risk of supply chain disruption, a factor not reflected in financial metrics. Additionally, its exposure to Brazil adds moderate jurisdictional risk due to currency volatility and governance.
Is Aperam stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 25% above the Basic Materials median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 22.3 | 19.2 | +16% |
| EV / EBITDA | 13.4 | 10.0 | +34% |
| Price / book | 0.9 | 2.3 | −62% |
| Price / sales | 0.5 | 2.2 | −79% |
Sector: median of the 141 Basic Materials companies analysed. In bold, the multiples used for the comparison.
Valuation score: 6.5 out of 10 (median for Basic Materials: 5.8).
Average analyst target: 0.00 EUR, −100.0% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 4.5 (sector 5.1), Growth 6.4 (sector 6.8).
Classic formulas with standard assumptions (5.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Basic Materials medianValuation
- P/E
- 22.3
- EV / EBITDA
- 13.4
- Price / book
- 0.9
- Price / sales
- 0.5
- PEG
- 0.74
- Market cap
- 2.8B EUR
- Enterprise value
- 3.8B EUR
Profitability
- ROE
- 3.9%
- ROA
- 1.1%
- ROIC (approx.)
- 10.2%
- Gross margin
- 7.4%
- Operating margin
- 7.8%
- Net margin
- 2.1%
- Free cash flow
- 327.8M EUR
- FCF yield
- 11.6%
- Cash conversion
- 115%
Solvency
- Total debt
- 1.3B EUR
- Net debt
- 993.0M EUR
- Cash
- 334.0M EUR
- EBITDA
- 286.0M EUR
- Net debt / EBITDA
- 3.47
- Debt / equity
- 40.37
- Current ratio
- 1.63
- Quick ratio
- 0.45
Growth
- Revenue growth
- +2.1%
- Earnings growth
- +536.3%
- EPS (TTM)
- 1.75 EUR
Dividend
- Dividend yield
- 5.1%
- Payout
- 114.3%
Risk and market
- Beta
- 1.82
- Analyst consensus
- none (0)
- Target price
- 0.00 EUR
- 52-week range
- 29.00 – 53.65
Recent news
All APAM.MC news →Compare it with its sector
All 141 in Basic Materials →Frequently asked questions about Aperam
Is Aperam stock cheap or expensive?
On P/E and EV / EBITDA, it trades 25% above the Basic Materials median on average. Valuation score: 6.5 out of 10 (median for Basic Materials: 5.8). Average analyst target: 0.00 EUR, −100.0% versus the price. This is not investment advice.
What score does Aperam get on MeridIAn Screener?
It scores 5.1 out of 10, rank 1,627 of 2,130 (better than 21% of the companies analysed). Its strongest category is Momentum (7.0) and its weakest, Risk & Context (2.3). Analysis of 08/10/2026.
What is Aperam's P/E ratio?
Its P/E is 22.3: the share price equals 22.3 times earnings per share over the last 12 months. The Basic Materials median is 19.2.
How much is Aperam worth on the stock market?
Its market capitalisation is 2.8B EUR and its enterprise value, debt included, is 3.8B EUR.
How much debt does Aperam have?
Its net debt (debt minus cash) is 993.0M EUR. That is 3.47 times its EBITDA; the Basic Materials median is 1.41.
Does Aperam pay a dividend?
Yes: its dividend yield is 5.13% and it pays out 114% of its earnings.
How has Aperam stock performed over the last year?
It has risen 29.1% over the last year, excluding dividends. Over the last 52 weeks it has traded between 29.00 and 53.65 EUR. Past performance does not guarantee future results.