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    UMI   BE0974320526

UMICORE

(UMI)
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Umicore lowers profit forecast as chip shortage bites

10/18/2021 | 03:12am EST

* Cuts 2021 core profit outlook

* Lowers expected sales volumes for cathode materials

* Postpones start of new Polish cathode material plant

* Shares down about 4%

Oct 18 (Reuters) - Belgian materials technology and recycling group Umicore made a downward revision revised to its profit outlook on Monday to reflect a stronger than previously expected impact from the global semiconductor shortage and lower prices for platinum group metals (PGMs).

The maker of catalytic converters and battery materials for carmakers had increased its guidance in July, saying the company was ready to capitalise on the acceleration of electrification in the automotive industry.

"In automotive catalysts, the impact of the semiconductor shortage on car production is proving more severe than was anticipated at the end of July," the company said on Monday, sending its shares down 3.9% in early trade.

Umicore now expects its full-year adjusted earnings before interest and tax (EBIT) to approach 1 billion euros ($1.16 billion), having previously expected adjusted EBIT to exceed 1 billion euros.

The company has also lowered its sales expectations for cathode materials and postponed the start of commercial production at its Polish greenfield cathode materials plant in Nysa, citing demand adjustments in electric vehicle production.

JP Morgan said the cut to EV cathode expectations was something of a surprise.

"This is unexpected and, in fact, we believe bulls had been hoping for a raise in the guidance for this division," the broker said.

"This will likely be taken negatively as we believe it indicates Umicore is continuing to lose a substantial share in the competitive EV cathode material market, even in Europe."

Umicore said the impact of lower sales volumes is expected to be offset by a stronger than expected second half performance in cobalt and speciality materials, benefiting from high demand and attractive premiums. ($1 = 0.8636 euros) (Reporting by Pawel Goraj Editing by David Goodman)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BELIEVE 0.82% 18.434 Real-time Quote.0.00%
THE PLATINUM GROUP PUBLIC COMPANY LIMITED -2.58% 3.02 End-of-day quote.22.76%
UMICORE 1.08% 43.07 Real-time Quote.9.62%
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Analyst Recommendations on UMICORE
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Financials
Sales 2021 4 060 M 4 595 M 4 595 M
Net income 2021 622 M 704 M 704 M
Net Debt 2021 1 368 M 1 549 M 1 549 M
P/E ratio 2021 16,6x
Yield 2021 1,86%
Capitalization 10 387 M 11 706 M 11 757 M
EV / Sales 2021 2,90x
EV / Sales 2022 2,74x
Nbr of Employees 10 999
Free-Float 81,7%
Chart UMICORE
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Umicore Technical Analysis Chart | UMI | BE0974320526 | MarketScreener
Technical analysis trends UMICORE
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 21
Last Close Price 43,07 €
Average target price 48,70 €
Spread / Average Target 13,1%
EPS Revisions
Managers and Directors
Mathias Miedreich Chief Executive Officer
Filip Platteeuw Chief Financial Officer
Thomas Leysen Chairman
Ann Steegen Chief Technology Officer
Patrick Vermeulen Senior Vice President-Information Systems
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