Umicore : Mixed results, weak net debt, 2024 adj. EBITDA guidance reiterated
>Mixed results, weak net debt, material impairment Battery Materials - Umicore miss css sales by 5% with adj. EBITDA missing css by 2%. Due to very strong performance of Recycling, the adj. EBITDA margin came in at 21.8% vs css of 21.1% albeit being down vs H1 23 (25.1%). Adj. net profit was a miss of 14%. Despite lower than expected capex, net debt came in materially higher than css (€1.43bn vs css at €1.24bn, AOe €1.41bn) implying a ND/EBITDA of 1.7x so up materiall...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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