Long term growth
through sustainable

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
Bank of America Cameron Needham Buy 63.00 09/11/2022
Berenberg Lasse Stüben Buy 55.00 03/11/2022
BNP Paribas Exane Ingo Schachel Sell 30.00 09/11/2022
Citi Paul Bradley Neutral 39.00 27/10/2022
Goldman Sachs Moomal Irfan Buy 67.00 16/01/2023
JP Morgan Sylvia Barker Neutral 44.00 07/12/2022
Kepler Cheuvreux Juan Rodríguez Buy 60.00 16/01/2023
Morgan Stanley Sandeep Peety Buy 50.00 07/12/2022
Oddo BHF Anis Zgaya Buy 61.00 09/11/2022
Santander Jaime Escribano Buy 56.00 09/11/2022
Stifel Michael E. Hoffmann Buy 54.00 09/11/2022

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 2021).

Operating KPIs


EAFD throughput (KT)


Salt slags & SPL treated (KT)


ALU alloys produced (KT)

Financial KPIs


Consolidated revenue


Adjusted EBITDA


Net income


Operating cash flow





Subscribe to our
Email News service

If you would like to receive our company announcements by email, please complete the form below.