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

Analyst coverage

The following analysts regularly publish research reports on Befesa.

 

 

Institution Name of analyst Recommendation Target price (€) Date
Berenberg Lasse Stueben Buy 40 02/03/2026
Citi Shashi Shekhar Hold 33 26/02/2026
Deutsche Bank Lars Vom-Cleff Hold 34,5 13/02/2026
Jefferies Fabian Piasta Buy 38 26/02/2026
Kepler Cheuvreux Juan Rodríguez Buy 37 26/02/2026
Metzler Nikolas Demeter Buy 43 26/02/2026
Morgan Stanley Adahna Ekoku Buy 36 26/02/2026
Oddo Anis Zgaya Buy 42 27/02/2026
Santander Jaime Escribano Buy 40 26/02/2026
UBS Olivier Calvet Buy 42 02/03/2026

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 2024).

Operating KPIs

1,211 kt

EAFD throughput (KT)

426 kt

Salt slags & SPL treated (KT)

171 kt

ALU alloys produced (KT)


Financial KPIs

€1,239m

Consolidated revenue

€213m

Adjusted EBITDA

€51m

Net income

€192m

Operating cash flow

x2.90

Leverage

€79m

Capex

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