Umicore Strategy update comes with ambitious targets for 2028
At the occasion of the long awaited CMD & Strategy Update, Umicore revealed ambitious targets for 2028. EBITDA28 target stands at €1-1.2bn well above our € 0.8bn estimate. While all divisional targets exceed our estimates the targets for Catalysis stand out most. We remind that Catalysis and to a lesser extent Recycling are facing structural headwinds from the ongoing electrification, whilst still generating top notch cash flow. Taking into account the current distressed valuation, we maintain our accumulate rating and € 12 target price. We are attending the CMD in London today.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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