Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Belgium
  4. Euronext Bruxelles
  5. Umicore
  6. News
  7. Summary
    UMI   BE0974320526

UMICORE

(UMI)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Belgium's Umicore sees 2021 core profit beating expectations

04/22/2021 | 02:39am EDT

* FY core profit seen approaching 1 bln euros

* Guidance beat, driven by recycling and catalysis

* 2021 volume rise in battery business confirmed

* Shares hit two-and-a-half-year high

April 22 (Reuters) - Belgian materials technology and recycling group Umicore beat full-year guidance expectations on Thursday, spurred by high precious metal prices and strong demand, sending its shares 7% higher.

The group sees adjusted earnings before interest and tax (EBIT) for the year approaching 1 billion euros ($1.2 billion), significantly higher than expected for 2021 and reported last year.

"We're in very good shape to sustain these levels of margins and profitability for awhile," Umicore's Chief Executive, Marc Grynberg said on a call with analysts.

Umicore's recycling business has benefited the most from higher prices, particularly for rhodium, with the new outlook incorporating on a like-for-like basis an exceptional additional contribution of roughly 250 million euros compared to 2020.

Driven by increased market share in the Chinese and European light-duty gasoline market and the evolution of the sales mix in Europe, where diesel has declined relative to gasoline engines, the catalysis unit is expected to more than double adjusted earnings, the company said.

Grynberg also anticipated volume growth in the rechargeable battery materials business as the automotive industry recovers in Europe.

Umicore, which competes with Britain's Johnson Matthey and Germany's BASF, said adjusted earnings would be higher in the first half of the year than in the second and added that the new guidance assumes no deterioration in demand in the automotive industry.

Output will be affected in the second half by planned maintenance at Hoboken in Belgium, one of the world's largest precious metals refining sites, Umicore said.

Analysts also said precious metals price volatility could have a bearing on earnings.

"It would not be wise to extrapolate the current precious metals pricing bonanza into the longer term future," KBC said in a note.

Umicore, which is due to publish first quarter results on April 29, reported EBIT at 536 million euros in 2020.

($1 = 0.8310 euros) (Reporting by Pawel Goraj. Editing by Himani Sarkar, Mark Potter and Barbara Lewis)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BASF SE 0.23% 70.38 Delayed Quote.8.75%
JOHNSON MATTHEY PLC 0.25% 3271 Delayed Quote.34.97%
UMICORE 1.42% 51.48 Real-time Quote.31.03%
All news about UMICORE
05/04UMICORE  : and BASF enter into a patent cross-license agreement
PU
05/03UMICORE  : Notice to the Bondholders of adjustment of the Conversion Price
PU
05/03UMICORE SA : Ex-dividend day for final dividend
FA
04/29UMICORE  : Q1 2021 - Business update
PU
04/29UMICORE  : off to a very strong start in 2021 and maintaining strategic course o..
AQ
04/28MYTH #8 : Cobalt in batteries comes from mining operations that don't respect hu..
PU
04/27UMICORE  : - Transparency notification by Groupe Bruxelles Lambert S.A.
AQ
04/27UMICORE  : - Disposal of own shares
AQ
04/26Anglo American Platinum Joins Umicore on Simplifying Hydrogen Storage, Use in..
MT
04/26UMICORE  : and Anglo American to develop PGM-based technology to simplify hydrog..
PU
More news
Financials
Sales 2021 4 067 M 4 946 M 4 946 M
Net income 2021 620 M 754 M 754 M
Net Debt 2021 1 723 M 2 096 M 2 096 M
P/E ratio 2021 20,8x
Yield 2021 1,59%
Capitalization 12 390 M 15 058 M 15 069 M
EV / Sales 2021 3,47x
EV / Sales 2022 3,27x
Nbr of Employees 10 576
Free-Float 80,1%
Chart UMICORE
Duration : Period :
Umicore Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends UMICORE
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 21
Average target price 47,38 €
Last Close Price 51,48 €
Spread / Highest target 26,3%
Spread / Average Target -7,97%
Spread / Lowest Target -35,9%
EPS Revisions
Managers and Directors
NameTitle
Marc Grynberg Chief Executive Officer & Executive Director
Filip Platteeuw Chief Financial Officer
Thomas Leysen Chairman
Ann Steegen Chief Technology Officer
Patrick Vermeulen Senior Vice President-Information Systems
Sector and Competitors
1st jan.Capitalization (M$)
UMICORE31.03%14 727
ECOLAB INC.5.58%65 369
SIKA AG15.84%43 687
GIVAUDAN SA4.29%39 448
EMS-CHEMIE HOLDING AG0.41%22 041
YUNNAN ENERGY NEW MATERIAL CO., LTD.-8.50%18 404