Umicore
One month after the surprising CEO change, Umicore issued a severe profit warning on the back of lower EV demand growth, which prompted us to lower our FY24 adjusted EBITDA forecast by about 15%. Umicore announced it will re-assess its mid to long term growth ambitions and we have already taken a more conservative approach with our FY30 CAM volume estimate now at 250 GWh, vs 300 GWh previously and the company's current official target of 400 GWh. Even with our lowered forecasts, vehicle electrification remains an important growth theme for Umicore in the coming decade and we still see significant potential in Europe and North America. Visibility is however low at the moment and prompt us to revise our target price from € 23 to € 19, whilst maintaining our Accumulate 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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