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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.
At first sight, Umicore’s H1 results look odd, but from a multi-year semester perspective they are far from it. H1 22 was the second most profitable half year in the company’s history after the even-stronger H1 21. For the second half, the management was upbeat although we do not fully share this optimism given the ongoing constraints. H1 sales came in €6m above consensus, but the adjusted EBITDA fell short by -2.4%.
Companies: Umicore SA (0RUY:LON)Umicore SA (UMI:BRU)
Ariana Resources (AAU LN) – Preliminary drilling results confirm gold component to Klirou mineralisation Cora Gold (CORA LN) – 7,000m Sanankoro infill and step out drilling launched Greatland Gold (GGP LN) – Highlighting exploration and infill drilling progress at Havieron Resolute Mining (RSG LN) – Updated MRE increases M&I contained Au by 40% at Tabakoroni Umicore (UMI LN) – Results highlight strong performance in automotive, fuel cells and stationary catalysts
Companies: RSG AAU GGP 0RUY UMI CORA
SP Angel
Umicore reported a mixed set of figures, which did not miss consensus on the adjusted metrics (top line: -1.2%; adjusted EBIT: -0.3%). As usual, the one-offs summed together for the miss, with EBIT 5.6% below our expectations and -3.8% below consensus. Management points towards the same direction as our figures. We very much like the new CEO’s ambition to provide a higher degree of transparency and hope to see this at the Investors day on 22/06/2022.
The higher volatility in pgm prices helped Umicore’s profitability, which was already expected by the market. Management lifted profitability’s bar a bit, but wiped this out immediately by guiding for a weaker H2 compared to H1. Business-wise, the company benefits from the strong trend in the electrification of mobility and the tightening legislation around emission control around the globe. The reported figures were broadly in line with our expectations, but beat consensus (sales: +1.9%; pr
Like other chemicals companies with a link to automotives or precious metals, Umicore also had a good start into the year. This and the positive development of precious metal prices made management confident enough to give a very strong FY guidance reflecting the pgm price triggered boom. Unfortunately, the company did not provide any figures relating to the Q1 performance.
Against the backdrop of 2020’s turmoil, Umicore’s FY figures look mixed but not too bad as the adjusted figures broadly fit with consensus. The idea of a tidy-up came into our minds as the ‘adjustments’ were stronger than guided and there are plans to find a successor for the long-term CEO. Management showed quite strong confidence in profitable growth at today’s analysts call.
Umicore’s H1 figures were a notch above our expectations, but the divisional pattern has led us to remain cautious. As expected, automotive was the party-pooper in many perspectives. Sales of combustion cars as well as electric vehicles were more than subdued and the recovery will be highly linked to consumers’ confidence. And this will be function of how the pandemic evolves. Earnings came in 21% below consensus, which has to be revised downwards.
Companies: Umicore SA
Despite the more than difficult business environment in automotive, (including e-mobility), Umicore was in a position to manage its business better than expected, partly helped by higher precious metal prices and favourable legislation. Nevertheless, profitability suffered a bit. The outlook presented is quite cautious given the current business uncertainties. This view is clearly supported by the unchanged dividend. As we had been quite cautious, Umicore’s figures beat them and were above conse
Umicore’s H1 report was balm for the recently heavily-punished shareholders. Despite being more or less in line with the consensus, the provided insights made the tone more positive (e.g. the positive development in China). Our expectations were more than fulfilled.
Umicore has extended and broadened the ‘path’ from the cobalt mine to battery materials with the supply agreement of the essential transitional metal cobalt, which we value very positively.
Profit warning due to postponed growth momentum Umicore seems to be between a rock and a hard place as the overall automotive industry (combustion and electrical mobility) deteriorated since demand for both types of power train has come down, especially in China and Europe. Management’s clarification of the FY guidance is a confession of lower profitability on a recurring level as midpoint guidance is below 2018 recurring EBIT.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Umicore SA. We currently have 0 research reports from 7 professional analysts.
• The OBA-1 well onshore Morocco has encountered an approximate 70 m gross interval containing elevated resistivities coincident with elevated mud gas readings, indicating potential gas pays, with no water-bearing reservoirs identified. • While the approximate 200 m gross thickness for the reservoirs is in line with pre-drill expectations, the absence of water in the 70 m gross interval is particularly encouraging and could suggest larger than expected resources (12 bcf pre drill). • The well is
Companies: Chariot Limited
Auctus Advisors
• Two wells recently drilled at Nong Yao are likely to add some reserves. • The 37H development well has been put on production from the primary reservoir at an initial flow rate of ~500 bbl/d net to Valeura’s WI. The well has also encountered 68 feet of net oil pay across eight separate appraisal target intervals. The volumes associated with these zones were not included in either the reserves or contingent resources categories and will now be further evaluated as targets for potential future
Companies: Valeura Energy Inc.
Pharos Energy released a trading update ahead of its AGM on 23 May. The key message is that the balance sheet has been further strengthened. This is predominantly due to the payment of some of the Egyptian receivables, with the group having net cash of US$8.7m at 23 May 2024. Elsewhere, the group continues to perform well, with production from Vietnam and Egypt being in line with guidance.
Companies: Pharos Energy PLC
Progressive Equity Research
Companies: BOIL ING TCF
Cavendish
Companies: SRZ SRES GRL
This morning, Pan African announced that it may have been in technical breach of the net asset test when it paid out dividends to shareholders in the five years from FY19–23 and also when it instigated its share buyback programme in 2022. As attested to by the fact that it took five years to be noticed, the apparent breach arises from the nexus of an arcane bit of legislation and a curious distinction between the presentation currency of the group (the US dollar) and its functional currency (the
Companies: Pan African Resources PLC
Edison
NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat
Companies: NextSource Materials Inc
Capital Access Group
Tharisa released interim results this morning for FY2024. Revenues were up 10% YoY, driving by the strong chrome price and higher chrome production but offset by the weak PGM market. The co-product model showing its resilience and a distinguishing factor from Tharisa peers. EBITDA was in line with prior year, but margin was lost due to increased mining costs. Increased costs were expected due to increased waste being mined and 3rd party RoM material purchases made to maintain plant throughput. E
Companies: Tharisa Plc
Tamesis Partners
• Production from January to the end of April was 5,755 boe/d including 4,347 boe/d in Vietnam and 1,408 bbl/d in Egypt. This is in line with the company FY24 guidance of 5.2-6.5 mboe/d including 3.9-5.0 mbpoe/d in Vietnam and 1.3-1.5 mbbl/d in Egypt. • The FY24 capex guidance is unchanged. The key near term news flow remains the farm-out of an interest in Blocks 125 & 126 in Vietnam. Several interested farm-in parties are awaiting confirmation of timing of a rig slot and clarity on the well co
Companies: BMET GGP AAL BOD HUM CNR KOD CUSN BHP PXC SQM
28th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: Accrol Group Holdings (ACRL.L) has left AIM. China Nonferrous Gold Limited (CNG.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused o
Companies: QED ZOO ING INSP KRS STX EQT CEG LND
Hybridan
Companies: GAL KRS THR POW EEE CCZ
Thor Energy today reports that Investigator Resources (ASX:IVR) has issued an updated Mineral Resource Estimate (MRE) for the Molyhil Tungsten-Molybdenum-Copper project in the Northern Territory, Australia.
Companies: Thor Energy Plc
WHIreland
Companies: PEB ING DOTD DCTA CHAR FADL SOM
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.75 per share: Raising new equity to fund a high impact activity programme – ADX has raised A$13.5 mm of new equity priced at A$0.105 per share. One free-attaching option will be issued for evert two placement shares with an exercise price of A$0.15 per share and an expiry date of 08/05/2026. The proceeds from the raise will fund (1) the production testing of the 450 m gas column encountered at
Companies: PEN SEI OMV ADX GALP OMV AXL JSE CEQ TXP SHELL DELT TRIN I3E ZPHR CHAR LNGE SEPL CNE BWEFF PEN GTE GALP EGY
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