AMG : Some downside and some potential upside, yet no immediate catalyst
We up our estimates on the back of the stronger performance of antimony in AMG Technologies and the outlook for AMG Vanadium (recovery in yield and output, addition of US chrome business). Even though we continue to assume flat lithium prices, which means modest profitability for AMG Lithium, the overall results is that we raise our 2026-2027 sales estimate by 8% and 20% and our adj. EBITDA estimates by 2% and 15%. But as the share price has already rallied close to 50% in the last three months, there is little upside left relative to our updated DCF/SOTP based price target of €29, the more as we see no catalysts in the near term except speculation about higher lithium and vanadium prices. Neutral reiterated.AMG Advanced Metaurgical Group NV is a holding company. Through its subsidiaries Co. creates and applies metallurgical solutions to the global trend of sustainable development of natural resources and CO2 reduction. Co. operates in three business segments: the Advanced Materials segment is engaged in the production of specialty metals and alloys; the Engineering Systems segement consists of proprietary technologies for the design and engineering of vacuum furnaces and related equipment used in the production and treatment of metals and alloys; and the Graphit Kropfmuhl's segment extracts, processes and refines natural crystalline graphite
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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