Umicore Feedback conference call
Below are the highlights from the conference call. Umicore saw adj EBITDA drop by 22% to 763m which was at the low end of its 760-780m guidance range and close to our and consensus forecasts. FY25 adj EBITDA guidance range of 720-780m is at midpoint slightly below FY24 levels, reflecting continued pressure in Recycling from the expiration of favorable hedges. There was no major strategic news at this stage, which means the strategy update will come at the occasion of the CMD planned for 27 March. We expect Umicore to stick to Battery Materials, albeit with a more focussed production footprint (Korea & Poland) and reduced targets (175GWh instead of 400GWh by 2030). Admittedly, the lack of positive earnings momentum and the strategic uncertainty around Battery Materials makes it hard to find a short term trigger, but the low valuation prompts us to maintain an Accumulate rating for now.Umicore is global player in the materials technology and recycling industries. Co. focuses on application areas such as chemistry, materials science, metallurgy and recycling. Co.'s business model comprises four segments: Catalysis, Performance Materials, Energy Materials and Recycling. Catalysis focuses on the abatement of global automotive emissions; Performance Materials focuses on materials that help develop more sophisticated and safer products; Energy Materials produces materials used in the production and storage of clean energy including rechargeable batteries and photovoltaics; and Recycling treats complex waste streams containing precious and other non-ferrous metals.
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