Umicore Walking on Sunshine - increasing target price to € 21
We upgrade our forecasts for the coming years with our 2030E adjusted EBITDA estimate upped by c. 8%. Loosening EU standards on CO2 emission regulation for cars & vans provide some additional support to the Catalysts business, whilst we have kept our forecasts for Battery Materials unchanged as these were already below the company's CMD targets and upside to our numbers will have to come from new supply arrangements/partnerships. The very strong metal price environment will most likely allow Umicore to further extend its hedging policy in Recycling, generating additional earnings visibility at very attractive levels for a longer period of time. The better earnings momentum and potential news flow on Battery Materials partnership agreements prompts us to up our target price from € 16 to € 21 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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