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MarketScreener Homepage  >  Equities  >  Euronext Bruxelles  >  Umicore    UMI   BE0974320526

UMICORE

(UMI)
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38.675 EUR   +1.83%
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Umicore : beats profit forecast led by recycling

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07/31/2020 | 01:48am EDT

Belgium's Umicore SA on Friday beat first-half core profit expectations as a strong performance in recycling offset a slump in demand for auto parts.

The maker of catalytic converters and battery materials for carmakers said its adjusted earnings before interest and taxes (EBIT) rose to 243 million euros ($289.1 million) from 240 million, topping the 224 million expected by analysts in a company-provided poll.

The auto industry has taken a significant hit from lockdowns which have halted car production and closed showrooms.

"Despite the brutal effects on society and industry of the COVID-19 pandemic, Umicore showed great resilience and turned in a solid performance in the first half of 2020," CEO Marc Grynberg said.

Umicore, which is active in the energy, automotive and recycling sectors, said its recycling business benefited from increased activity levels, high metal prices, and favourable trading conditions.

Its recycling division, which in 2019 accounted for about a third of the group's core profit, accounted for 72% of it in the first half of the year with a recurring EBIT of 191 million euros, beating the consensus.

However, the company warned its recycling performance in the second half would reflect a 4-week planned maintenance shutdown in July at its Hoboken smelter.

Umicore still expects a fall in 2020 adjusted EBIT and repeated it sees 25% decline in global car production this year.

($1 = 0.8406 euros)

(Reporting by Milla Nissi and Charles Regnier in Gdansk; editing by Jacqueline Wong and Jason Neely)

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Financials
Sales 2020 3 176 M 3 733 M 3 733 M
Net income 2020 216 M 254 M 254 M
Net Debt 2020 1 603 M 1 884 M 1 884 M
P/E ratio 2020 42,6x
Yield 2020 1,40%
Capitalization 9 256 M 10 888 M 10 879 M
EV / Sales 2020 3,42x
EV / Sales 2021 2,98x
Nbr of Employees 10 938
Free-Float 80,2%
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Technical analysis trends UMICORE
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 22
Average target price 39,93 €
Last Close Price 37,98 €
Spread / Highest target 44,8%
Spread / Average Target 5,13%
Spread / Lowest Target -31,5%
EPS Revisions
Managers
NameTitle
Marc Grynberg Chief Executive Officer & Executive Director
Thomas Leysen Chairman
Filip Platteeuw Chief Financial Officer
Ann Steegen Chief Technology Officer
Patrick Vermeulen Senior Vice President-Information Systems
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