reports
- ING Helpdesk
- Wim Hoste
Umicore CMD feedback
Below are some key highlights from yesterday's CMD. We remind that Umicore announced a € 1-1.2bn adjusted EBITDA target for 2028 with the upside vs our € 0.8bn forecast coming from both Battery Materials as well Catalysis, which is guided to further grow share in the LDV market. We will up our forecasts somewhat following the CMD. Even after yesterday's share rebound, valuation seems attractive and we maintain our Accumulate rating and € 12 target price.
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Jerôme Bodin
- Thomas Zlowodzki
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
OSE OSE IMMUNOTHERAPEUTICS SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
HCO HIGHCO SA
PSM PROSIEBENSAT.1 MEDIA SE
IPH INNATE PHARMA SA CLASS A
NTG NETGEM SA
LNA LNA SANTE SA
GBT GUERBET SA
VOE VOESTALPINE AG
ALCAR CARMAT SA
ACX ACERINOX SA
TRI TRIGANO SA
FR VALEO SE
G24 SCOUT24 AG
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
QDT QUADIENT SA
POS PORR AG
NDA AURUBIS AG
CAI CA IMMOBILIEN ANLAGEN AG
CIE CIE AUTOMOTIVE S.A.
MONT MONTEA SCA
SLIGR SLIGRO FOOD GROUP N.V.
KTCG KAPSCH TRAFFICCOM
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SEFER SERGEFERRARI GROUP SA
ALBFR SIDETRADE SA
FYB FORMYCON AG
SMHN SUESS MICROTEC AG
FACC FACC AG
RACE FERRARI NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
JST JOST WERKE AG
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
UMI UMICORE
GEST GESTAMP AUTOMOCION S.A.
2CRSI 2CRSI SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
ALCUR ARCURE SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
FAST FASTNED
ALAFY AFYREN
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
LHYFE LHYFE S.A.
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
IOS IONOS GROUP SE
TUI TUI AG
DSFIR KONINKLIJKE DSM N.V.
R3NK RENK GROUP AG
ARVEN ARVERNE GROUP SA
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Jerôme Bodin
- Thomas Zlowodzki
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
OSE OSE IMMUNOTHERAPEUTICS SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
HCO HIGHCO SA
PSM PROSIEBENSAT.1 MEDIA SE
IPH INNATE PHARMA SA CLASS A
NTG NETGEM SA
LNA LNA SANTE SA
GBT GUERBET SA
VOE VOESTALPINE AG
ALCAR CARMAT SA
ACX ACERINOX SA
TRI TRIGANO SA
FR VALEO SE
G24 SCOUT24 AG
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
QDT QUADIENT SA
POS PORR AG
NDA AURUBIS AG
CAI CA IMMOBILIEN ANLAGEN AG
CIE CIE AUTOMOTIVE S.A.
MONT MONTEA SCA
SLIGR SLIGRO FOOD GROUP N.V.
KTCG KAPSCH TRAFFICCOM
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SEFER SERGEFERRARI GROUP SA
ALBFR SIDETRADE SA
FYB FORMYCON AG
SMHN SUESS MICROTEC AG
FACC FACC AG
RACE FERRARI NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
PIRC PIRELLI & C. S.P.A.
JST JOST WERKE AG
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
UMI UMICORE
GEST GESTAMP AUTOMOCION S.A.
2CRSI 2CRSI SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
ALCUR ARCURE SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
FAST FASTNED
ALAFY AFYREN
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
LHYFE LHYFE S.A.
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
IOS IONOS GROUP SE
TUI TUI AG
DSFIR KONINKLIJKE DSM N.V.
R3NK RENK GROUP AG
ARVEN ARVERNE GROUP SA
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Martijn Den Drijver
- ING Helpdesk
Benelux Morning Notes
Arcadis: Large contract in Resilience. ASM International: Highlights from CFO roadshow. Exor: Exor buying back Exor shares. Fastned: 2H24 results, cost pressure. Flow Traders: February volumes elevated in EMEA. Montea: JV with Weerts in Belgium. Sligro: FY24 results in line, weak 1Q25 outlook. Sofina: Final NAV a tad higher. Umicore: CMD targets – no big bang
- Kristof Samoy
Umicore Strategy update comes with ambitious targets for 2028
At the occasion of the long awaited CMD & Strategy Update, Umicore revealed ambitious targets for 2028. EBITDA28 target stands at €1-1.2bn well above our € 0.8bn estimate. While all divisional targets exceed our estimates the targets for Catalysis stand out most. We remind that Catalysis and to a lesser extent Recycling are facing structural headwinds from the ongoing electrification, whilst still generating top notch cash flow. Taking into account the current distressed valuation, we maintain ...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Hoste
Umicore Running fast to almost stand still
Umicore is in a tough spot, with Automotive Catalysis operating in a structurally declining market, Recycling being a cyclical and metal price-sensitive business and Battery Materials, previously considered as the future growth engine, subject of a strategic review amidst slowing EV adoption and Chinese competition with lower priced LFP. Staying active in Battery Materials is of major importance to the equity story and we expect the upcoming CMD to confirm this stance, albeit with significantly ...
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Ahmed Ben Salem
- Marc Lavaud
- Thomas Zlowodzki
- Youssef Besbes
UBI UBISOFT ENTERTAINMENT SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
GALP GALP ENERGIA SGPS SA CLASS B
OUT1V OUTOKUMPU OYJ
TFI TELEVISION FRANCAISE 1 SA
UTDI UNITED INTERNET AG
BLC BASTIDE LE CONFORT MEDICAL SA
LSS LECTRA SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
ROS ROSENBAUER INTERNATIONAL AG
NVG NAVIGATOR COMPANY SA
DKG DEUTSCHE KONSUM REIT-AG
ECONT ECONOCOM GROUP SE CLASS D
BP. BP P.L.C.
UMI UMICORE
SANT S&T AG
TE TECHNIP ENERGIES NV
SHEL SHELL PLC
ALHG LOUIS HACHETTE GROUP
- Ahmed Ben Salem
- Marc Lavaud
- Thomas Zlowodzki
- Youssef Besbes
UBI UBISOFT ENTERTAINMENT SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
GALP GALP ENERGIA SGPS SA CLASS B
OUT1V OUTOKUMPU OYJ
TFI TELEVISION FRANCAISE 1 SA
UTDI UNITED INTERNET AG
BLC BASTIDE LE CONFORT MEDICAL SA
LSS LECTRA SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
ROS ROSENBAUER INTERNATIONAL AG
NVG NAVIGATOR COMPANY SA
DKG DEUTSCHE KONSUM REIT-AG
ECONT ECONOCOM GROUP SE CLASS D
BP. BP P.L.C.
UMI UMICORE
SANT S&T AG
TE TECHNIP ENERGIES NV
SHEL SHELL PLC
ALHG LOUIS HACHETTE GROUP
- Martijn Den Drijver
- Wim Hoste
Umicore Feedback conference call
Below are the highlights from the conference call. Umicore saw adj EBITDA drop by 22% to 763m which was at the low end of its 760-780m guidance range and close to our and consensus forecasts. FY25 adj EBITDA guidance range of 720-780m is at midpoint slightly below FY24 levels, reflecting continued pressure in Recycling from the expiration of favorable hedges. There was no major strategic news at this stage, which means the strategy update will come at the occasion of the CMD planned for 27 March...
- ING Helpdesk
Benelux Morning Notes
Belgian food retail: Carrefour plans to open all its stores on Sundays. Coca-Cola Europacific Partners: On course for FTSE inclusion. CVC Capital Partners: Stronger for longer. Econocom: REBITA in line but EBIT, net profit and net debt miss materially. Euronext: Strong finish. KPN: New “Althio” tower company deal closed. Recticel: Recovery in the Belgian construction sector expected by 2027F. Umicore: In-line 2024 and 2025 EBITDA guide, dividend cut and rebased. Wereldhave: €167m...
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Umicore FIRST LOOK: FY24 adj EBITDA -22% to 763m, FY25 guidance 720-78...
Umicore saw adj EBITDA drop by 22% to 763m which was at the low end of its 760-780m guidance range and close to our and consensus forecasts. FY25 adj EBITDA guidance range of 720-780m is at midpoint slightly below FY24 levels, reflecting continued pressure in Recycling from the expiration of favorable hedges. There was no major strategic news at this stage, which means the strategy update will come at the occasion of the CMD planned for 27 March. We expect Umicore to stick to Battery Materials, ...
- Emmanuel Matot
- Thomas Zlowodzki
- Emmanuel Matot
- Thomas Zlowodzki
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