Goldman Sachs upgrades Umicore to Buy, raising the price target to €33 as rising metal prices (Germanium/Cobalt) and improved recycling margins drive earnings forecasts significantly above consensus.
Key Takeaways
- 1.Umicore is upgraded to Buy from Neutral with a price target raised to €33 from €21, representing 46.9% upside.
- 2.Recycling division estimates are revised upward based on a refreshed metal-price basket and moderated hedging coverage.
- 3.Specialty Materials estimates are increased due to significant price tailwinds and supply constraints in Germanium and Cobalt.
Table of Contents
- Ratios & Valuation
- Growth & Margins (%)
- Income Statement (€ mn)
- Balance Sheet (€ mn)
- Cash Flow (€ mn)
- Estimate changes
- Valuation
- Risks
- Disclosure Appendix
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Authors
Georgia Fraser, Ph.D.Gabriel SimoesMarcus von Scheele
Securities
UMI.BR
Themes
Metal Price RecoveryCritical Raw Materials ScarcityCircular Economy / Recycling
Regions
EuropeBelgium