reports
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Hoste
Umicore The future looks more uncertain – trimming target price to € 2...
Following the surprising CEO change in mid May and the company's comments that re-assessing the development plans in Battery Materials would be one of the main priorities of the new CEO, we have decided to take a more prudent stance on the prospects and growth of the CAM business. Whilst higher precious metals prices prompt us to overall increase our group adjusted EBITDA forecasts for 2024 and 2025 by c. 1%, the more cautious CAM scenario impacts our group adjusted EBITDA forecast for 2030 by -...
- Frank Claassen
Umicore - Lingering doubts on Battery Materials
• We have lowered our estimates for Battery materials, following the sudden CEO replacement and announced review in a challenging market context.• Our doubts on Battery Materials are still there as its ROCE is too low, given the unclear roadmap of EV demand, technology and competition. • We have lowered our value for Battery Materials by ~EUR 1bn to EUR 1.4bn. Our SOTP-based TP now arrives at EUR 19 (was EUR 23). Hold
Umicore S.A.: 1 director
A director at Umicore S.A. bought 5,100 shares at 19.820EUR and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...
- ING Helpdesk
Benelux Morning Notes
AEGON: 1Q24, new unexpected SBB, underlying OCG better, strong ratios across. Belgian telecoms: Digi to start with mobile. CFE: Preview - forecasting revenue numbers… D'Ieteren: Belron US peer Boyd 1Q24 below consensus, warns on 2Q24 growth. Econocom: Joins consortium formed by Onepoint and Butler Industries to acquire Atos. KBC: 1Q24 better across, special dividend, capital distribution pushed back to 1H25. Syensqo: 1Q24 a touch better, positive earnings momentum confirmed. Umicore:...
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Umicore FIRST LOOK: Bart Sap to become new CEO
Umicore has nominated its Catalysis head Bart Sap as new group CEO, in succession of Mathias Miedreich, who is stepping down in mutual agreement with the Board. The press release points out that capex spend will be re-evaluated under the new CEO, suggesting that the company might slow down its growth plans somewhat in light of the slower battery materials market growth and taking into account the balance sheet implications of the initial capex plans. We continue to believe Umicore is well placed...
- Frank Claassen
Umicore - CEO leaving raises even more question marks
• As of today CEO Mathias Miedreich will be replaced by Bart Sap, who was leading the Catalysis division. • Priority of the new CEO will be to review all the developments plans in Battery materials.• We always had our question marks and doubts on all these investments and the return profile of Battery materials and this is only further increased by this surprising news. We put our rating (Hold), estimates and TP (was EUR 23) under review.
- Stephane Beyazian
- Stephane Beyazian
- Martijn Den Drijver
Umicore : SFPIM takes 5% stake, likely to defend and influence Umicore
>Belgian sovereign wealth fund takes 5% stake via public market purchases - The Belgian sovereign wealth fund SFPIM has announced it has built up a stake of 5% in Umicore. The unit acquired the shares in the market (3% threshold crossed on May 3rd, 5% threshold crossed on May 8), explaining the unexplained run up in the shares last week. For those that do not know SFPIM, it is an investment fund that takes stakes in listed and unlisted companies with a mission that is...
- Guy Sips
- Jacob Mekhael
- Sharad Kumar S.P
- Wim Hoste
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Bruno Cavalier
- Jerôme Bodin
MC LVMH MOET HENNESSY LOUIS VUITTON SE
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SAF SAFRAN S.A.
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MONC MONCLER SPA
MAP MAPFRE SA
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CFR COMPAGNIE FINANCIERE RICHEMONT SA
LIVS AUTOLIV INC. SDR
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DWS DWS GROUP GMBH & CO. KGAA
UMI UMICORE
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P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
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TEN TENARIS S.A.
- Bruno Cavalier
- Jerôme Bodin
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
VIV VIVENDI SE
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
SAF SAFRAN S.A.
BOL BOLLORE SA
01913 PRADA S.P.A.
MONC MONCLER SPA
MAP MAPFRE SA
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
LIVS AUTOLIV INC. SDR
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
DWS DWS GROUP GMBH & CO. KGAA
UMI UMICORE
8TRA TRATON SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
SGSN SGS SA
TEN TENARIS S.A.
- Martijn Den Drijver
Umicore : Risk in Battery Materials not properly reflected, rating to ...
>Underperform, price target to €19 (was €25.5) - We change our rating to Underperform (was Neutral) and lower our TP to €19 per share (relative valuation outcome €17.5, weight 40% and DCF, outcome €20, weight 60%). Our investment thesis remains unchanged with declining volumes and thus sales and margins for Recycling and Catalysis in the medium and long term and lower than projected revenues and margins (and thus returns) for Battery Materials. Due to the material c...
- Ahmed Ben Salem
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
SK SEB SA
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
SKF B SKF AB CLASS B
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
STM STMICROELECTRONICS NV
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
TEN TENARIS S.A.
- Ahmed Ben Salem
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
SK SEB SA
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
SKF B SKF AB CLASS B
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
STM STMICROELECTRONICS NV
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
TEN TENARIS S.A.
- Martijn Den Drijver
Umicore : Cautious tone Battery Materials but 2024 EBITDA guidance mai...
>Reiterating 2024 EBITDA guidance of €900-€950m - Umicore has published a 1 page qualitative trading update about Q1 2024 in which it reiterated EBITDA guidance for 2024 (€900-€950m) so in that sense there are little surprises. Consensus is at €932m and we are at €909m. No analyst call is planned.Catalysis and Recycling performing in line with expectations - Umicore states that Catalysis is making headway on costs and efficiency gains (also in WC) whi...
- ING Helpdesk
Benelux Morning Notes
Basic-Fit: 1Q24 update in line, FY24 outlook in line with consensus at mid-point. bpost: Agreement on Flemish newspaper delivery; risk of provisions largely removed. Cofinimmo: Q1 results in line. Corbion: Tail wags the dog. IMCD: The last hurdle was a harsh clip. Proximus: Strong start to the year, guidance unchanged ahead of Digi arrival. Recticel: Kingspan 1Q24 trading update. Signify: 1Q24 results; revenue decline accelerates. Umicore: Confirms FY 2024 EBITDA guidance range. ...
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