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 48.00 28/07/2023
Berenberg Lasse Stüben Buy 45.00 20/09/2023
Citi Amit Lahoti Neutral 37.00 27/07/2023
Deutsche Bank Niklas Becker Neutral 32.00 21/09/2023
JP Morgan Sylvia Barker Neutral 37.00 21/07/2023
Kepler Cheuvreux Juan Rodríguez Buy 53.00 27/07/2023
Morgan Stanley Sandeep Peety Neutral 33.20 21/09/2023
Oddo BHF Anis Zgaya Buy 49.00 28/07/2023
Santander Jaime Escribano Neutral 45.00 27/07/2023
Stifel Michael E. Hoffmann Buy 54.00 07/09/2023

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 2022).

Operating KPIs

1,194 kt

EAFD throughput (KT)

322 kt

Salt slags & SPL treated (KT)

161 kt

ALU alloys produced (KT)

Financial KPIs


Consolidated revenue


Adjusted EBITDA


Net income


Operating cash flow





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