reports
- Wim Hoste
Umicore FIRST LOOK: Update on cost savings and management changes
Umicore has announced some leadership changes within its management team whilst also disclosing the ambition for € 40m additional cost savings and the decision to continue to pause construction of its Canadian Battery Materials plant. We are still awaiting the outcome of the ongoing strategy review for the Battery Materials business. We remind that we have already taken a more cautious approach with our FY30 CAM volume estimate at 200 GWh, which compares to the previous company target of 400 GWh...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: A strong 3Q24, driven by Europe. CFE: 3Q24 preview - able to keep net profit outlook? CTP: Good results, guidance reiterated. DEME Group: 3Q24 preview - keeping the FY outlook. Exor: Ferrari hitting Chinese wall. IBA: Contract win for E-beam sterilisation solution in the Dominican Republic. Kendrion: 3Q24 preview - harsh end markets but easy comps. Proximus: 2025 price increases on the high side, more asset sales in the pipeline. Solvay: 3Q24 results beat by 4% bu...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Umicore Revising Battery Materials scenario: lower but no exit
Whilst awaiting the outcome of the ongoing strategy review for the Battery Materials business, we decided to take a more cautious approach and cut our FY30 CAM volume estimate from 250 GWh to 200 GWh, which compares to the previous company target of 400 GWh and the previous order book of 270 GWh. We do expect Umicore to continue to invest in Battery Materials, albeit at a much lowered pace, and see room for NMC outside of China on the back of sustainability, geopolitical and security of supply r...
Umicore S.A.: 1 director
A director at Umicore S.A. bought 4,750 shares at 10.530EUR and the significance rating of the trade was 55/100. 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...
- Stijn Demeester
Umicore/Doubts remain amidst shift to capital discipline/HOLD
We adjust our model to reflect Umicore's 1H24 results and preliminary outcome of the strategic review which led to a €1.6bn impairment in the Battery Materials segment. While last week's update didn't bring decisive portfolio actions yet, the contours of a more capital-disciplined and cost-conscious Umicore are becoming more clear. Key questions remain on the demand potential for NMC in light of disruptive LFP share gains. We stick to our HOLD given limited visibility on future returns of the ba...
- Jerôme Bodin
FME FRESENIUS MEDICAL CARE AG
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
WCH WACKER CHEMIE AG
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
ROG ROCHE HOLDING LTD
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
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BAS BASF SE
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
UCB UCB S.A.
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EDW EDP RENOVAVEIS SA
UCG UNICREDIT S.P.A.
STM STMICROELECTRONICS NV
DWS DWS GROUP GMBH & CO. KGAA
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
RMV RIGHTMOVE PLC
FDJ LA FRANCAISE DES JEUX SA
8TRA TRATON SE
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
FER FERROVIAL SA
- Bruno Cavalier
- Jerôme Bodin
FME FRESENIUS MEDICAL CARE AG
FP TOTAL SE
AC ACCOR SA
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
WCH WACKER CHEMIE AG
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
ROG ROCHE HOLDING LTD
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
BAS BASF SE
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
UCB UCB S.A.
ENEL ENEL SPA
EDW EDP RENOVAVEIS SA
UCG UNICREDIT S.P.A.
STM STMICROELECTRONICS NV
DWS DWS GROUP GMBH & CO. KGAA
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
RMV RIGHTMOVE PLC
FDJ LA FRANCAISE DES JEUX SA
8TRA TRATON SE
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
DSY DASSAULT SYSTEMES SA
FER FERROVIAL SA
- Martijn Den Drijver
Umicore : Mixed results, weak net debt, 2024 adj. EBITDA guidance reit...
>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...
- Wim Hoste
Umicore FIRST LOOK: 1H24 adj EBITDA -23%, € 1.6bn CAM impairment
1H24 adjusted EBITDA dropped by 24% and was in line with our forecast and slightly below consensus. FY24 adj EBITDA guidance of € 760-800m was maintained. Umicore is revising its CAM ambitions and took a € 1.6bn impairment, reflecting the expectation that EBIT for the Battery Materials will remain negative also in 2025/6. We have already taken a more conservative approach with our FY30 CAM volume estimate at 250 GWh. The low visibility on underlying market trends and technology choices has dent...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Allfunds Group plc: 1H24 preview, Basic-Fit: 1H24 beats; outlook FY24 reiterated and on track; solid, Bekaert: 1H24 sales miss, EBITu and guidance in line, Belgian Telecoms: Fixed infra deal in Flanders, Proximus takes over Fiberklaar, Belgian Telecoms: Peer Telenet 2Q24 results, Cofinimmo: Limited divestments, Euronext: What's next?, Flow Traders: They think it's all over. It is now. Heijmans: Strong set of 1H24 results, raises FY outlook, KPN: VodafoneZiggo 2Q24 Results confi...
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
DHL DHL GROUP
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SAND SANDVIK AB
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SCHP SCHINDLER HOLDING AG PREF
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
BKT BANKINTER SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
UMI UMICORE
EPI A EPIROC AB
ALIV SDB AUTOLIV INC.
- Benoit Valleaux
- Bruno Cavalier
- Steven Gould
DHL DHL GROUP
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SAND SANDVIK AB
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SCHP SCHINDLER HOLDING AG PREF
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
BKT BANKINTER SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
UMI UMICORE
EPI A EPIROC AB
ALIV SDB AUTOLIV INC.
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Martijn Den Drijver
Umicore : Preview H1 2024: Battery Material remains the focus
>E&ST headwind already shows in H1 2024 results - Umicore will publish its H1 2024 results on July 26 at 07.00h CET. An analyst call is planned for 07.30h CET. We forecast sales of €1.890bn (css at €1.895bn) with an adjusted EBITDA of €391m with css at €395m. We have assumed a higher capex than css (€317m vs €279m) which explains partially (also due to more negative WC assumptions) why we assume a net debt of €1.41bn vs css at €1.238bn (only 1 contribution so not reli...
- Stijn Demeester
Umicore/Battery headwinds intensifying/HOLD
We lower our estimates and target price to reflect last week's substantial profit warning in Umicore's Battery Materials division. Given the current challenges in the EV supply chain as well as uncertainty on Umicore's strategy in Battery Materials, we stick to our HOLD and lower our target price from €19.00 to €16.00.
- Ahmed Ben Salem
- Ahmed Ben Salem
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
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