UMICORE: Read-through from Tesla's Battery Day Event
Tesla held its long awaited Battery Day Event last night. We retain Tesla aims to lower the cost of the batteries packs ($/KWh) by up to 56%, partly to be achieved by a vertical integration into own battery cell production as well as own cathode production. This creates some uncertainty for the entire EV supply chain, although Tesla will also continue to work with external suppliers in the foreseeable future. As far as Umicore is concerned, we have always assumed the competitive landscape for cathodes to become more fragmented so Tesla’s announcement in itself is in line with this view. As we continue to view the shares as fairly valued on short term multiples, we maintain our Hold rating on Umicore for now.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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