Befesa : The market underestimates the resilience of Befesa’s business model
>Adjusted for badwill, Q3 results were in line with expectations - Yesterday morning, Befesa published Q3/9M results that were in line with expectations. Group revenue was € 268m, up 20.4%, vs our forecast and the consensus at € 242m. Reported EBITDA was € 65.5m, up 89.4% benefiting from “badwill” of € 19.6m due to the impacts of the acquisition of the zinc refinery. Adjusted for this purely accounting impact, EBITDA was € 45.9m, up 7.5% and in line with the consensu...Befesa is a services company principally engaged in the collection and recycling of steel dust and aluminum residues and other related industrial services and logistics. Co. also offers industrial recycling services to hazardous waste markets. Co. organizes its activities into three business segments: steel dust recycling services, salt slags recycling services and secondary aluminum production.
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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