AMG - Lower lithium prices bite
• Q3-23 missed and the FY23 guidance had to be lowered again due to the severe adverse impact of the drop in the lithium price. • The guidance for 2024 is a shocker: EBITDA of only USD 200m at current low lithium price levels, while consensus is close to USD 350m.• We cut our TP from EUR 36 to EUR 22, based on our 2025E SOTP with a target EV/EBITDA 5x. Hold maintained.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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