TP ICAP upgrades Derichebourg amid near-term market tailwinds

TP Icap

18/02/2026 09:12

** TP ICAP upgrades French recycling group Derichebourg  to "buy" from "hold", as it cites a "paradigm shift" in the metal market, sending shares up 3.9%

** "Derichebourg should benefit from a favourable turnaround in its main markets as early as 2026," says the broker and raises its PT by 64% to 10.5 euros/shr

** TP ICAP expects EU regulations, like the Carbon Border Adjustment Mechanism, to support the scrap-metal market and steelmakers from 2026

** The broker highlights Derichebourg's high exposure to rising copper prices, with demand from AI-related data centres expected to triple by 2030

** It now forecasts EBITDA for 2026 above company guidance, which it believes is "based on assumptions that are now obsolete" given recent market trends

** Despite a recent rerating, the brokerage notes valuation remains below historical peaks, adding the stock should trade at a premium as a "European sovereignty asset"

** Out of 5 analysts that cover Derichebourg, two rate the stock "strong buy" or "buy" and ​three rate it "hold" - LSEG data

 (Reporting by Dimitri Rhodes in Gdansk)

 ((Dimitri.Rhodes@thomsonreuters.com))