reports
Umicore S.A.: 1 director
A director at Umicore S.A. bought 4,930 shares at 20.290EUR 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...
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Hoste
Umicore A tale of opposing forces – model update
Umicore is a tale of opposing forces. Despite pressure from Chinese LFP CAM material, we expect Umicore's Battery Materials business to show a major top line growth acceleration as from 2024 with earnings growth to follow as from 2025. Solid order books, earnings protection clauses, legislative support and a desire of global OEMs to establish local supply chains in Europe & North America are all pleading in favour of Umicore's Battery Materials business. Catalysis is the a negative force as the ...
- Julian Dobrovolschi
FP TOTAL SE
ENX EURONEXT NV
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
COV COVIVIO SA
CBK COMMERZBANK AG
RI PERNOD RICARD SA
ENI ENI S.P.A.
REP REPSOL SA
KGX KION GROUP AG
TIT TELECOM ITALIA S.P.A.
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
UMI UMICORE
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
STLA STELLANTIS N.V.
AZE AZELIS GROUP NV
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
UN0 UNIPER SE
- Bruno Cavalier
- Julian Dobrovolschi
FP TOTAL SE
ENX EURONEXT NV
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
RNO RENAULT SA
COV COVIVIO SA
CBK COMMERZBANK AG
RI PERNOD RICARD SA
ENI ENI S.P.A.
REP REPSOL SA
KGX KION GROUP AG
TIT TELECOM ITALIA S.P.A.
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
UMI UMICORE
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
STLA STELLANTIS N.V.
AZE AZELIS GROUP NV
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
UN0 UNIPER SE
- Martijn Den Drijver
Umicore : FY23 results
>FY23 results were slightly below our expectations but with silver linings - Umicore’s FY 23 results were slightly below our expectations with FY23 sales (€3.87bn) coming at 6% below Vara consensus of (€4.1bn). Similarly adjusted EBITDA and adj. EBIT came in 2% below Vara consensus each. Moreover, adj. net profit was slightly higher than expected, coming at €447m, which was 4% above Vara consensus. Net debt surprised largely at €1.26bn, 11% below Vara consensus of €1...
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Umicore FIRST LOOK: FY23 results close to CSS, FY24 guidance falls sho...
Umicore's FY23 adj EBITDA dropped by 16% and was 1% above our forecast and 1.5% below CSS. The FY24 adj EBITDA guidance range of € 900-950m represents at midpoint a 5% drop and falls short to our (952m) and CSS (979m) forecasts, with Recycling the key culprit for the y/y drop due to lower metal prices. We continue to believe Umicore is well placed to play an important role in the electrification of transportation as we believe that global OEMs are still determined to establish local supply chain...
- Frank Claassen
Umicore - Another transition year on Battery materials
• H2-23 EBITDA missed by 4% and the FY24 EBITDA range by 6%, both primarily due to Battery Materials (e.g. impact start-up costs).• This means that the doubts on battery materials are unlikely to be removed soon and that 2024 will be another transition year. • We stick to Hold and lower our TP to EUR 23 (from EUR 25), based on our 2025E SOTP with an overall target EV/EBITDA of around 8x.
- Anthony Dick
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/02/2024
Sodexo boasts a defensive profile and significant potential for operational improvement, with progress increasingly visible since Sophie Bellon’s arrival as CEO. These factors are set to endure, narrowing the gap with Compass, and its transformation into a catering pure player following Pluxee’s spin-off in early 2024 should facilitate the group’s rerating. Outperform rating reiterated and a target price € 98 following Pluxee’s spin-off (combined Sodexo + Pluxee target price of € 12...
- Anthony Dick
- Michael Foundoukidis
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/02/2024
Sodexo bénéficie d’un profil défensif et d’un fort potentiel d’amélioration opérationnelle, avec des progrès de plus en plus visibles depuis l’arrivée de Sophie Bellon comme CEO. Ceux-ci devraient se poursuivre, réduisant l’écart avec Compass, et sa transformation en un pure player, à la suite du spin-off de Pluxee début 2024, devrait faciliter son rerating boursier. Surperformance réitérée et OC à 98 € à la suite du spin-off de Pluxee (OC combinés Sodexo + Pluxee à 129 € vs OC de 118...
- Martijn Den Drijver
Umicore : Preview FY23 result: No surprises in results, cautiously 202...
>2023 results expected to be in line with guidance - Umicore will publish its 2023 results on February 16 at 07.30h CET with an analyst call planned for 08.30h CET, which will be webcast. We forecast sales of €4.12bn (VARA css at €4.11bn) and an adjusted EBITDA of €991m or a margin of 24.0% (css at €987m, also a margin of 24.0%), which is materially lower than the €865m of 2022 (margin of 27.7%) when Umicore benefited from very favourable PGM and other metal prices. ...
- Frank Claassen
Umicore - No recharge yet
We foresee another transition year coming up as we expect that start-up costs will hamper operational leverage at battery materials and lower PGM prices will impact profitability of Recycling. We have lowered our 2024-26 EBITDA estimates by 7-9%.Our 2025E SOTP arrives at EUR 25 p/s (was EUR 31 p/s), with a target EV/EBITDA of 8.3x (was 9.3x) due to lower peer group multiples. Hold.
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Hoste
Umicore Lowering forecasts and downgrade to Accumulate
We decided to take a more cautious stance on the earnings outlook for Recycling and Energy & Surface Technologies, cutting our group adjusted EBITDA forecasts for the period 2024-2026 by 5-6%. Our new 2024 adj. EBITDA forecast implies a small (-1%) y/y decline, as lower Recycling and Catalysis results are no longer expected to be offset by earnings growth of the RBM business. Despite the earnings downgrade, we continue to believe Umicore is well placed to play an important role in the electrific...
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Wim Hoste
Umicore Powerhouse in CAM with ambitions backed by solid order book
Last week's At the Core Battery Materials event in Poland, including a site visit to Nysa, highlighted the company's broad technology toolbox, tailored for both entry, mass and premium LDV segments. The competitive position of Umicore's NMC-focussed technologies vs LFP remains a key question, despite strong arguments for regional differentiation. We do believe that global OEMs prefer to establish local supply chains in ao Europe and North America, for reasons of supply security, geopolitical ind...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Hilde Van Boxstael
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Baptiste Lebacq
- Emmanuel Matot
- Jerôme Bodin
- Marc Lavaud
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/10/2023
Sans direction depuis avril, les marchés européens sont récemment entrés dans une phase de bear market qui pourrait atteindre 5% supplémentaires d’ici fin 2023. Nous restons surpondérés sur les actions américaines vs européennes en raison de la résilience de l’économie US. En Europe, nous continuons de préférer les valeurs défensives peu endettées et leur adjoignons désormais celles du style Qualité. Nous ajustons notre allocation sectorielle tout en maintenant sa philosophie d’ensemb...
EDEN EDENRED SA
RNO RENAULT SA
LI KLEPIERRE SA
COV COVIVIO SA
FGR EIFFAGE SA
UHR SWATCH GROUP LTD. BEARER
RCO REMY COINTREAU SA
RXL REXEL SA
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
MRK MERCK KGAA
OR L'OREAL SA
GRF GRIFOLS S.A. CLASS A
SCHP SCHINDLER HOLDING AG PREF
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
BOL BOLLORE SA
BKT BANKINTER SA
GRF.P GRIFOLS S.A. PREF CLASS B
UMI UMICORE
SIK SIKA AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
FDJ LA FRANCAISE DES JEUX SA
STLA STELLANTIS N.V.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.