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.
31 Jul 2020
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Prepared for weathering the storm?
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.