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 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


EAFD throughput (KT)


Salt slags & SPL treated (KT)


ALU alloys produced (KT)

Financial KPIs


Consolidated revenue


Adjusted EBITDA


Net income


Operating cash flow





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