Umicore benefited from a favourable environment across its businesses, especially in H2 18, which pushed profitability to a mid-term high, resulting in the achievement of its Horizon 2020 targets two years earlier than expected. But it will be difficult to maintain them in 2019. 2018 has beaten our more moderate expectations, as we had anticipated some stronger investments (which come in 2019), but consensus was broadly met, especially on the profitability level. 2019 will be more moderate, d
08 Feb 2019
Strong 2018, but a moderate 2019
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Strong 2018, but a moderate 2019
Umicore benefited from a favourable environment across its businesses, especially in H2 18, which pushed profitability to a mid-term high, resulting in the achievement of its Horizon 2020 targets two years earlier than expected. But it will be difficult to maintain them in 2019. 2018 has beaten our more moderate expectations, as we had anticipated some stronger investments (which come in 2019), but consensus was broadly met, especially on the profitability level. 2019 will be more moderate, d