Umicore - Recycling will feel impact of lower rhodium price
• We have lowered our FY23 and FY24 REBIT estimates by 5-6% to reflect the lower PGM/rhodium prices. We are now slightly below consensus.• We expect a more cautious tone on Recycling with upcoming H1-23 results. • Hold maintained, TP reduced from EUR 33 to EUR 31 due to lower outcome of our SOTP 2024E. 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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