Umicore FY forecasts lowered on metal prices after 1Q update with TP revised
Lower metal prices are prompting a negative forecast revision with our FY23 adj EBIT revised down by 8%. We forecast CAM volume growth to mainly accelerate as from 2024 onwards and we maintain our viewpoint that Umicore is very well placed to play a major role in the electrification of transportation via its cathode business, while Battery Recycling could also become an important growth driver as from the second half of the decade. Taking into account the solid mid to long term growth potential, but acknowledging the tougher short term metal price environment, we lower our TP from € 54 to € 46 while sticking to our BUY rating.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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