Umicore - No recharge yet
We foresee another transition year coming up as we expect that start-up costs will hamper operational leverage at battery materials and lower PGM prices will impact profitability of Recycling. We have lowered our 2024-26 EBITDA estimates by 7-9%.Our 2025E SOTP arrives at EUR 25 p/s (was EUR 31 p/s), with a target EV/EBITDA of 8.3x (was 9.3x) due to lower peer group multiples. Hold.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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