Umicore - On track in another transition year
• In its qualitative Q1-24 trading update Umicore indicated that so far market dynamics are in line with its expectations. It confirms its FY24 EBITDA guidance range of EUR 900-950m.• We stick to our view 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 TP of EUR 23 based on our 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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