Today (Wednesday) Umicore held a capital markets day. CMDs often provide fascinating insights and having paced through all the Umicore executive presentations here are the best charts and slides from my perspective:
First...who are Umicore? Well, they have important positions in (precious) metals recycling, auto/truck catalysts and some more specialist energy/surface technologies businesses.
And these positions include some strong incumbent positions:
However the European financial crisis/malaise no doubt did not help them hit their first half of this decade targets...
...however the company still has optimism about the acceleration scope in revenues/ebitda:
So why such optimism? Tightening optimism in the auto/truck catalyst areas help...
...as well as inherent growth in this space (slightly higher in the 'heavy duty' area i.e. trucks/related):
Strong dynamics in rechargeable battery materials is driven by vehicle electrification but it is not the only growth area in this broad space:
...and this is centred on a unique (precious) metals recycling position centred on their world leading Hoboken plant:
...which should offer opportunities to continue to augment the current 2.8% dividend yield given the strong balance sheet where net debt to ebitda is just x0.6.