AlphaValue raises Umicore to 'reduce' on stronger earnings, lower debt

Umicore SA

21/05/2026 08:09

** AlphaValue raises Belgian specialty chemicals company Umicore UMI.BR to "reduce" from "sell", citing strong earnings and a lower debt forecast supporting its valuation

** The brokerage calls company's Q1 trading update "robust", leading to higher earnings, and highlights management expectations of 1.0 billion euros ($1.16 billion) in core earnings for the year

** Saying Umicore is "sweeping up shattered dreams", AlphaValue expects the Speciality Materials unit's strong performance to continue, supported by a sulphuric acid shortage

** The brokerage adds that this conflict-led shortage of sulphuric acid is expected to hit cobalt mining, a development that will ultimately benefit recycling businesses

** It also notes valuation support from a lower net debt estimate of about 1.3 billion euros, aided by debt repayments and reduced capital expenditure

** Among the 18 analysts covering Umicore, 11 rate the stock "strong buy" or "buy," ​five rate "hold" and two​ rate the stock "strong sell" or "sell" - LSEG data

($1 = 0.8603 euros)

 (Reporting by Clement Martinot)

 ((Clement.Martinot@thomsonreuters.com;))