Umicore : Improved outlook E&ST but not 100% convinced
>Improved outlook Battery Materials, rating to Neutral, TP to €25.5 per share - We change our rating from Underperform to Neutral, price target to €25.5 from €24.5 per share. The 190 GWh and 270Gwh order book, lower capex (albeit also for lower output) and the contract structure of the off take agreements (take or pay with inflation clauses and other ‘guard rails’) partially de-risk the risk/return profile of the Battery Materials unit (formerly part of E&ST). Especia...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.
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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