AMG - No recovery in lithium or vanadium prices yet
• Q1-24 was a touch above our expectations on EBITDA, but below on FCF.• AMG reiterates FY24 guidance of EBITDA of around USD 130m as lithium and vanadium prices remain subdued for the moment. • We stick to Hold, but increase our TP to EUR 23 (was EUR 18) based on our 2025e SOTP on the back of a rerating of peer group multiples.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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