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.
18 October 2021 update - Umicore revises slightly its 2021 outlook
Umicore revises slightly its full year 2021 outlook and now expects adjusted EBIT to approach € 1 billion. This compares to the previous expectation of adjusted EBIT slightly exceeding € 1 billion as communicated on 30 July and reflects the recent decline in PGM prices, as well as a stronger than anticipated impact of the global semiconductor shortage on car production. Despite this more challenging market context, Umicore remains fully on track to deliver an outstanding performance in 2021. This outlook is based on current metal prices and visibility. It assumes no material further degradation of the semiconductor supply situation and incorporates rising transportation costs and higher energy prices.
In Automotive Catalysts, the impact of the semiconductor shortage on car production is proving more severe than was anticipated at the end of July. Car OEM production schedules are increasingly volatile with production forecasts being regularly revised downwards. While Umicore is not immune to this trend, it confirms that it will outperform the car market for the full year due to a favorable platform mix and market share gains in light-duty gasoline technologies, particularly in Europe and China. Umicore also confirms its expectation for 2021 adjusted EBIT for the Catalysis business group to more than double compared to 2020.
In Rechargeable Battery Materials, demand patterns for NMC cathode materials reflect adjustments in EV production and qualification schedules as a result of the semiconductor shortage. This shortage is expected to continue impacting EV qualifications and production well into next year, resulting in a postponement of the start of commercial production in Umicore’s greenfield cathode materials plant in Nysa, Poland to the second quarter of 2022. In the meantime, Umicore continues to serve the European market through its Korean plant. While Umicore has lowered its expectations for sales volumes of cathode materials for the second half of the year, total volumes for 2021 are still expected to well exceed the level of the previous year. The impact of lower than anticipated sales volumes in Rechargeable Battery Materials is expected to be offset by a stronger than anticipated second half performance in Cobalt & Specialty Materials, where the cobalt and nickel chemicals and related distribution activities continue to benefit from high demand and attractive premiums. Taking these elements into account, Umicore maintains the outlook given at the end of July and expects adjusted EBIT of the business group Energy & Surface Technologies for 2021 to be in line with current consensus.
In Recycling, precious metals prices declined as a result of lower PGM demand from the automotive industry. In particular the price of rhodium, and to a lesser extent palladium, decreased significantly compared to the levels at the end of July which were taken into account for the outlook provided at that time. Assuming that current precious metal prices prevail throughout the remainder of the year, Umicore continues to expect the full year adjusted EBIT for Recycling to reach an exceptional level, well above last year, albeit slightly below current market consensus which has yet to reflect this recent decrease in PGM prices.
 Catalysis adjusted EBIT reached € 154 million in 2020.
 Umicore announced on July 30, 2021 its expectation that adjusted EBIT for Energy & Surface Technologies may slightly exceed € 129 million. 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 € 134 million at the time of this publication.
 Recycling adjusted EBIT amounted to € 362 million in 2020. Consensus adjusted EBIT for Recycling amounted to € 616 million at the time of this publication.
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|