Umicore FIRST LOOK: Severe profit warning on Battery Materials business
Umicore lowered FY24 adjusted EBITDA guidance from € 900-950m to € 760-800m, fully attributable to lower than expected top and bottom line growth in the Battery Materials business. The FY24 capex budget is being cut by c. € 200m to not exceeding € 650m and the reassessment of mid to long term growth in Battery Materials is ongoing, with the new CEO still convinced Umicore has the right to play in this space across all drivetrains. We already lowered our mid- to long-term forecasts after the recent CEO change but will now cut our forecasts further and reassess our investment opinion.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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