Umicore : Lowering estimates and price target, Underperform reiterated
>Underperform reiterated, price target to €24.5 per share - Due to the headwind from lower PGMs, which impacts Catalysis and to a much larger degree Recycling, we are lowering estimates for 2023, now forecasting a 2023 adj. EBIT of €702m, which is c. 4% below VARA consensus. We also lower our price target to €24.5 per share, which was €32.5 per share. This is because of the inclusion of higher capex (inflation impact on expansion projects), lower medium term EBIT marg...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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