Umicore - Meeting expectations, despite lower PGM prices
• H1-23 REBIT was a touch better than expected, primarily driven by Catalysis. • The new FY23 guidance range on EBITDA more or less meets our current and consensus expectations.• We stick to Hold and TP of EUR 31, based on our 2024E SOTP with overall target EV/EBIT of 14x. We regard 2023 as some kind of transition year as it will unlikely provide more important proof points on the ramp up and potential profitability of battery materials.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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