Added to YB: 2026-06-09
Pitch date: 2026-06-06
UMI.BR [bullish]
Umicore SA
Author Info
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Company Info
Umicore SA operates as a materials technology and recycling company in Belgium, Europe, the Asia-Pacific, North America, South America, and Africa.
Market Cap
EUR 5.6B
Pitch Price
N/A
Price Target
32.00
Dividend
2.13%
EV/EBITDA
5.77
P/E
14.73
EV/Sales
0.36
Sector
Chemicals
Category
value
Umicore: The Cash Came Back Before the Story Did
UMI.BR: Belgian metals refiner, -55% from 2021 peak as market prices it as failed EV battery co. SOTP mispricing: Hoboken recycling (39% margin, 200%+ ROCE) + gasoline catalysts + cobalt (Specialty Materials) fund cash; battery option free. 8x EV/EBITDA, 15x EPS. Capex slashed, FCF +230% to €524m. 2026 EBITDA guided ~€1bn via hedge roll-off + metal cycle. PT €32 (24-36mo), floor low-€20s. Risk: metal prices, mgmt empire-building, China LFP.
Read full article (16 min)