AMG - Feeling the impact of the lower lithium price
• Q2-23 was still a small beat, but AMG has lowered FY23 EBITDA guidance from USD >400m to USD 350-380m. Substantially lower specialty metals prices will be kicking in during H2, lithium in particular. • We lowered our FY23 and FY24 EBITDA estimates by 10% • Although its growth plans remain promising, short-term we believe it is time to take a breather after 34% share price rally YTD. We therefore downgrade to Hold. Our new TP is EUR 50 p/s (was EUR 58) based on our 2024E SOTP.AMG Advanced Metaurgical Group NV is a holding company. Through its subsidiaries Co. creates and applies metallurgical solutions to the global trend of sustainable development of natural resources and CO2 reduction. Co. operates in three business segments: the Advanced Materials segment is engaged in the production of specialty metals and alloys; the Engineering Systems segement consists of proprietary technologies for the design and engineering of vacuum furnaces and related equipment used in the production and treatment of metals and alloys; and the Graphit Kropfmuhl's segment extracts, processes and refines natural crystalline graphite
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