Added to YB: 2026-03-31
Pitch date: 2026-01-28
BFSA.DE [bullish]
Befesa S.A.
-8.89%
current return
Author Info
Boredom Baron is an equity analyst who focuses on EU small-cap stocks. I look for value, invest with patience, and wait for the market to catch up. Sign up for the newsletter.
Company Info
Befesa S.A. offers environmental recycling services to the steel and aluminum industries in the European, Asian, and North American markets.
Market Cap
EUR 1.1B
Pitch Price
EUR 31.72
Price Target
60.00 (+112%)
Dividend
2.26%
EV/EBITDA
7.97
P/E
14.10
EV/Sales
1.49
Sector
Commercial Services and Supplies
Category
value
The hidden monopoly recycling Europe’s toxic waste - Befesa S.A.
BFSA.DE: Hidden EU monopoly recycling toxic EAF steel dust w/ regulatory barriers preventing entry. Q3'25: EBITDA €174M (+15% YoY), margin 21.3% (vs 16.6%), EPS €1.52 (+145%), leverage 2.59x (from 3.36x). Record-low zinc TCs ($80/t vs $165 '24) = €30M EBITDA boost. US ramp (Palmerton 2nd kiln) + Bernburg expansion driving 25-35% EBITDA growth '25-'27 despite TC normalization. Trades 14x PE vs US peers 30x. PT €60 (+88%). Risks: recession, China impairment, commodity crash.
Read full article (21 min)