Umicore - Serious profit warning on Battery materials
• Umicore lowers its FY24 guidance that Battery materials will be around breakeven instead of an EBITDA of around EUR 135m due to a severe slowdown in the EV market.• We had already lowered our estimates for Battery materials recently, but today's news shows that the impact is much more severe than we feared. • We put our estimates and TP under review.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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