Long term growth
through sustainable
services
Investment case
Favourable macro and mega trends supporting Steel Dust and Aluminium markets
Market leader in niche recycling markets with competitive advantage from plants close to clients
Critical environmental regulated services to long-term clients
Highly protected service business model with strong barriers to entry and captive demand
High growth and margins, proven resilience and cash flow generation
Accretive and feasible expansion opportunities and upside from M&A opportunities
Share price information
Investor Relations News
Financial calendar
Analyst coverage
The following analysts regularly publish research reports on Befesa.
| Institution | Name of analyst | Recommendation | Target price (€) | Date |
| Bank of America | Kevin Kerdoudi | Buy | 73.00 | 28/10/2021 |
| Berenberg | Benjamin Pfannes-Varrow | Buy | 79.00 | 08/12/2021 |
| Citi | Paul Bradley | Neutral | 70.00 | 10/11/2021 |
| Commerzbank | Ingo Schachel | Buy | 75.00 | 29/07/2021 |
| Goldman Sachs | Jack O’Brien | Buy | 85.00 | 02/12/2021 |
| JP Morgan | Oscar Val Mas / Sylvia Barker | Neutral | 67.00 | 02/11/2021 |
| Kepler Cheuvreux | Olivier Calvet | Hold | 77.00 | 28/10/2021 |
| Santander | Jaime Escribano | Buy | 73.70 | 27/10/2021 |
| Stifel | Michael E. Hoffmann | Buy | 74.00 | 02/12/2021 |
Main operating & Financial KPIs
Consolidated financial information of Befesa S.A. from its existing operations, steel dust recycling services and aluminium salt slags recycling services. (31 December 2020).
Operating KPIs
687m
EAFD throughput (KT)
447m
Salt slags & SPL treated (KT)
174m
ALU alloys produced (KT)
Financial KPIs
€604m
Consolidated revenue
€127m
Adjusted EBITDA
€47m
Net income
€93m
Operating cash flow
x3.1
Leverage
€55m
Capex
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