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Umicore has taken a huge step by adding fresh orders for battery material of 35GWh for the North American market to the order book by 2027. By signing the contract with AESC, Umicore improved its global customer footprint and overfulfills its plan to deliver battery material volumes of 230 GWh by 2030.
Companies: Umicore (UMI:EBR)Umicore SA (UMI:BRU)
AlphaValue
Umicore broadly confirmed our cautious view by providing a soft full guidance as H2 will be weaker than H1. Catalysis should see some volume progression, whereas Energy & Surface Technologies will be negatively impacted by the normalisation in cobalt prices. Lower pgm prices and less available scrap is likely to dampen Recycling’s performance. The outlook provided by management fits with ours. Profitability for the full year will depend on how pgm prices evolve for the rest of the year.
As usual, Umicore provided only qualitative comments about the business performance for the first three months and also provided a qualitative outlook, Despite the management’s ambition to be supportive, some more transparency is needed. Making reference to the current consensus is not that helpful as the consensus lacks divisional details.
… profitability took a break and is set to soften in 2023. Umicore reported in-line figures, but the management issued a moderate outlook for 2023 as some of the positives are expected to leave the stage while cost inflation will remain. We see 2023 as a transition year as the global battery materials business becomes more regional, thereby helping car manufacturers to keep up with the targets for their fleets.
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