Umicore - Another transition year on Battery materials
• H2-23 EBITDA missed by 4% and the FY24 EBITDA range by 6%, both primarily due to Battery Materials (e.g. impact start-up costs).• This means that the doubts on battery materials are unlikely to be removed soon and that 2024 will be another transition year. • We stick to Hold and lower our TP to EUR 23 (from EUR 25), based on our 2025E SOTP with an overall target EV/EBITDA of around 8x.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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