Umicore CMD feedback
Below are some key highlights from yesterday's CMD. We remind that Umicore announced a € 1-1.2bn adjusted EBITDA target for 2028 with the upside vs our € 0.8bn forecast coming from both Battery Materials as well Catalysis, which is guided to further grow share in the LDV market. We will up our forecasts somewhat following the CMD. Even after yesterday's share rebound, valuation seems attractive and we maintain our Accumulate rating and € 12 target price.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.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.