Umicore The future looks more uncertain – trimming target price to € 23
Following the surprising CEO change in mid May and the company's comments that re-assessing the development plans in Battery Materials would be one of the main priorities of the new CEO, we have decided to take a more prudent stance on the prospects and growth of the CAM business. Whilst higher precious metals prices prompt us to overall increase our group adjusted EBITDA forecasts for 2024 and 2025 by c. 1%, the more cautious CAM scenario impacts our group adjusted EBITDA forecast for 2030 by -13%. Even with our lowered forecasts, vehicle electrification remains the key growth theme for Umicore in the coming decade. Visibility is however low at the moment and prompt us to revise our target price from € 26 to € 23, 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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