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
Berenberg Lasse Stüben Buy 42.00 05/03/2024
Citi Amit Lahoti Neutral 37.00 29/02/2024
Deutsche Bank Niklas Becker Neutral 34.00 01/03/2024
Exane (BNP Paribas Exane) Christoph Blieffert Buy 40.00 29/02/2024
Hauck & Aufhäuser Jorge Gonzalez Sadornil Buy 46.00 01/03/2024
Jefferies Alexander Thiel Buy 36.00 29/02/2024
Kepler Cheuvreux Juan Rodríguez Buy 41.00 29/02/2024
Morgan Stanley Sandeep Peety Neutral 31.00 14/03/2024
Oddo BHF Anis Zgaya Buy 44.00 01/03/2024
Santander Jaime Escribano Neutral 43.50 29/01/2024
Stifel Michael E. Hoffmann Buy 38.00 01/03/2024

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 2023).

Operating KPIs

1,195 kt

EAFD throughput (KT)

361 kt

Salt slags & SPL treated (KT)

168 kt

ALU alloys produced (KT)

Financial KPIs


Consolidated revenue


Adjusted EBITDA


Net income


Operating cash flow





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