Why invest in Umicore
Umicore is a global materials technology and recycling Group. It focuses on application areas where its expertise in materials science, chemistry and metallurgy makes a real difference. Its activities are organized in three business groups: Catalysis, Energy & Surface Technologies and Recycling. Each business group is divided into market-focused business units offering sustainable materials and solutions that are at the cutting edge of new technological development and essential to everyday life. Together, these activities are aimed at maximizing positive impact on society and play a key role in the transition to a circular and low-carbon economy.
Based on the strong performance in the first half of the year and assuming precious metal prices remain around current levels for the remainder of the year, Umicore expects its adjusted EBIT for the full year 2021 to slightly exceed € 1 billion. This compares to the guidance provided at the end of April of adjusted EBIT for 2021 expected to approach € 1 billion. This full year outlook incorporates an exceptional additional contribution of roughly € 250 million compared to 2020 linked to higher current precious metal prices. As previously announced, the group adjusted EBIT in the second half of the year is expected to be lower than in the first half, which benefited from the spike in precious metal prices. The outlook for the second half includes the effect of the planned maintenance shutdown in Hoboken and the currently anticipated impact of the semi-conductor shortage on car production.
In Catalysis, Umicore expects to continue outperforming the automotive market and more than double adjusted EBIT for the full year 2021 compared to 2020. Revenues and earnings in the second half of the year will be impacted by more subdued demand in the automotive industry due to the ongoing shortage in the global supply of semiconductors. In addition, heavy-duty diesel catalyst sales volumes are expected to be impacted by the phase out of catalysts compliant with the China V legislation.
In Energy & Surface Technologies, adjusted EBIT is expected to grow meaningfully for the full year 2021 and may slightly exceed current market consensus. However, the stronger than anticipated performance in Cobalt & Specialty Materials and Metal Deposition Solutions in the first half is expected to normalize and should not be extrapolated to the second half. As announced in April, Umicore expects substantial growth in sales volumes of cathode materials in 2021 to more than compensate a € 50 million increase in fixed costs.
In Recycling, full year 2021 adjusted EBIT is expected to reach exceptional levels, well above prior year, driven by robust operations, strong growth across business units and regions and assuming that current precious metal prices prevail throughout the remainder of the year. The first half performance should not be extrapolated to the second half as it included a spike in precious metal prices and the availability of the smelter in Hoboken will be lower due to the planned maintenance shutdown starting mid-September.
 Catalysis adjusted EBIT reached € 154 million in 2020.
 Umicore has engaged Vara Research GmbH to survey brokerage analysts to provide analysts' consensus estimates to the market. The most recent consensus is available on https://vara-services.com/umicore/. Consensus adjusted EBIT for Energy & Surface Technologies amounted to € 129 million at the time of this publication.
 Recycling adjusted EBIT amounted to € 362 million in 2020.
Reasons to invest in Umicore
- We are leaders in the markets we serve thanks to our metal know-how, innovative technology and a deep understanding of our customers’ needs. Additionally, our closed loop business model gives us a competitive edge.
- We have developed unique positions in recycling and in materials that enable clean mobility.
- We have a clear growth path based on providing solutions to the key megatrends of resource scarcity, the need for cleaner air and drive towards electrified transportation. And we’ve made significant investments to ensure that we capture these opportunities.
- We are a leader in sustainability: we combine our sustainable products and services and closed-loop business model with our pioneering approach to sustainable and ethical supply and our unwavering commitment to operational excellence to maximize positive impact on society while minimizing negative impact on the environment.
- We deliver value for our shareholders by consistently providing superior returns over the long term.
Who we are
Our Group structure
Our sustainability ambitions: Let’s go for zero
At Umicore, we see it as our corporate responsibility, or better yet, our mission to use our technological know-how, scientific expertise and corporate reach to be an industry leader in sustainability. We are determined to rethink processes, transform and focus our efforts on net zero GHG emissions by 2035, zero regrets and endless possibilities.
|Share price*||€ 51.50|
|Outstanding share number*||246,400,000|
|Market Capitalization*||€ 12,7 billion|
|High/low 01/01/2020-31/12/2020||€ 51.52 - € 29.76|
|*closing at 30/06/2021|
Half Year 2021 key figures
|(in million €)||2020||2020||2021|
|Revenues (excluding metal)||1.564||1.675||2.150|
|Adjusted EBIT (*)||243||293||625|
|of which associates||3||5||10|
|EBIT adjustments (*)||-72||-165||-39|
|Adjusted EBIT margin||15.3%||17.2%||28.6%|
|Effective adjusted tax rate||24.3%||24.2%||24.9%|
|Adjusted net profit, Group share||148||174||428|
|Net profit, Group share||91||40||400|
|Net cash flow before financing||88||10||589|
|Total assets, end of period||7.811||8.341||9.366|
|Group shareholders' equity, end of period||2.609||2.557||2.882|
|Consolidated net financial debt, end of period||1.349||1.414||1.040|
|Gearing ratio, end of period||33.6%||35.0%||26.1%|
|Net debt / LTM adj. EBITDA||1,75x||1,76x||0,87x|
|Capital employed, end of period||4.453||4.457||4.351|
|Capital employed, average||4.447||4.455||4.404|
|Return on capital employed (ROCE)||10.9%||13.2%||28.4%|
|Workforce, end of period (fully consolidated)||10.938||10.859||10.999|
|Workforce, end of period (associates)||2.801||2.460||2.626|
|Accident frequency rate||1,43||3,63||3,46|
|Accident severity rate||0,1||0,85||0,08|
|* The reconciliation of the Alternative Performance Measures with the interim condensed financial statements is done at note 4 of the consolidated condensed interim financial statements|