• TickerA2H5A3
  • ISINBE0003884047
  • ExchangeBerlin Stock Exchange
  • SectorChemicals
  • CountryBelgium

Analysts

ING
Stijn Demeester

Umicore/A stumble is not a fall/BUY

We reduce our 2019F-21F estimates by 7%/18%/12% and cut our target price from €47 to €41 following Umicore's profit warning of last week. We assess each of the factors contributing to the lower outlook and conclude it is mostly due to an unfortunate timing of events, culminating in a sudden, but temporary, volume shortfall. We reiterate our BUY, modelling an 11% REBIT CAGR 2018-21F as Umicore remains a rare play on both electrification and emission control, benefiting from strong market positions to capture these two secular growth trends.

ING
Research Department

Benelux Morning Notes

Ahold Delhaize: Stop & Shop strike triggers profit warning. BinckBank: 1Q19 results – shareholder opposition –offer seen as ‘too low'. Flow Traders: Useful insights provided for next phase of growth. Melexis: No turn in the cycle visible yet. Recticel: Greiner Holding as Kingspan partner. Staffing sector: Manpower - some trend comfort, more proof needed that trough passed. Umicore: Profit alert, 2020F guidance below previous indications

ING
Stijn Demeester

Umicore/A stumble is not a fall/BUY

We reduce our 2019F-21F estimates by 7%/18%/12% and cut our target price from €47 to €41 following Umicore's profit warning of last week. We assess each of the factors contributing to the lower outlook and conclude it is mostly due to an unfortunate timing of events, culminating in a sudden, but temporary, volume shortfall. We reiterate our BUY, modelling an 11% REBIT CAGR 2018-21F as Umicore remains a rare play on both electrification and emission control, benefiting from strong market positions to capture these two secular growth trends.

ING
Research Department

Benelux Morning Notes

Ahold Delhaize: Stop & Shop strike triggers profit warning. BinckBank: 1Q19 results – shareholder opposition –offer seen as ‘too low'. Flow Traders: Useful insights provided for next phase of growth. Melexis: No turn in the cycle visible yet. Recticel: Greiner Holding as Kingspan partner. Staffing sector: Manpower - some trend comfort, more proof needed that trough passed. Umicore: Profit alert, 2020F guidance below previous indications

ING
Stijn Demeester

Umicore/Time for a recharge/BUY

We upgrade Umicore to BUY, with 24% upside on our lowered TP of €47 per share (was €53). We believe Umicore's de-rating since mid-2018 has created an attractive entry point for investors seeking exposure to the industry leader in clean mobility. Even though we see some residual risk to 2019F consensus, we believe that Umicore's growth story, driven by the rise of electric vehicles, remains intact. We model a 2018-21F REBIT CAGR of 16%, well above peers, and set our TP at €47. We value the shares at 12x 2021F EV/EBITDA, a 35% premium to chemical peers, warranted by superior earnings growth in t...

ING
Research Department

Benelux Morning Notes

Cofinimmo: Guides for higher 2019 dividends. Eurocommercial Properties: Sitting somewhere in the middle. Heijmans: 2018 preview - Doing OK, Wintrack casts shadow. SBM Offshore: FY18 preview, all eyes on F4W. Umicore: In line on a lowered bar, net debt miss, warns for ‘tempered' growth in 2019F. Wereldhave: Diverging from peers.

ING
Research Department

Benelux Morning Notes

Accell: US separated from the rest due to big losses. Avantium: Petition to divorce. Coima RES: Eurcenter sold for 4% premium in €90m deal. Umicore: Hedging its bets with fuel cell expansion

With a more favourable environment, UMICORE SA improves to Slightly Positive

UMICORE SA (BE), a company active in the Specialty Chemicals industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 12, 2017, the closing price was EUR 68.14 and its potential was estimated at EUR 71.55.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 25/04/2017

In general, Umicore is in compliance with the Belgian regulations relating to the organisation and procedures of the Annual General Meeting.Under ITEM 2, the Board of Directors seeks approval for the Company's remuneration report. Although we deem the aggregate level of compensation to be fairly moderate for Belgian standards, we do not approve of LT incentive plans that do not operate one or more challenging performance conditions. We therefore recommend opposition.Under ITEM 7a, the Nomination Committee proposes to re-elect Ms. Ines Kolmsee. As we have concerns over her aggregate time commit...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Opportunities within Mobile Payments, Metals & Mining, and Utilities The MSCI ACWI and S&P 500 continue to recover following the most recent test of support at their respective 200-day moving averages. With market internals still mixed, support levels holding, and indexes continuing to consolidate sideways, our neutral but constructive outlook remains intact. • Major themes: Mobile Payments, Metals & Mining, and Utilities. We believe the secular mobile payments theme (ETF: IPAY) has room to run, and we expect related stocks to continue outperforming... see pages 2-4 for actionable stocks. W...

Louis AZAIS

Short term view - UMICORE : The major resistance has been reached, it causes the fall.

The trend is still neutral but within that interval prices could head towards the top of the range.Arguments :- The major resistance has been reached, it causes the fall.

Louis AZAIS

Analyse court terme - UMICORE : La résistance majeure est atteinte, elle cause le repli.

La tendance est toujours neutre, mais au sein de cet intervalle un mouvement de plus court terme se dessine vers le haut de la consolidation.Arguments :- La résistance majeure est atteinte, elle cause le repli.

Louis AZAIS

Short term view - UMICORE : The support has been breached.

The major support has been broken, the trend is now neutral.Arguments :- The support has been breached.

Louis AZAIS

Analyse court terme - UMICORE : Le support est enfoncé.

Le support majeur ayant été enfoncé, la tendance est maintenant neutre.Arguments :- Le support est enfoncé.

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