AMG - Lower lithium price will put pressure on results
• We have lowered our FY23 and FY24 EBITDA estimates by 5% and 18% respectively to reflect the lower lithium and vanadium prices. • AMG's share price has dropped >40% over the past few months, but we believe it is too early to become more positive. Although its long-term plans are promising, its short-term outlook has become much more challenging.• We stick to Hold and lower our TP from EUR 50 to EUR 36, based on our 2024E SOTP with an overall target EV/EBITDA of around 5.2x (was 5.5x).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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