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 Stüben Buy 31.00 05/11/2024
Citi Shashi Shekhar, Ephrem Ravi Neutral 27.50 31/10/2024
Deutsche Bank Niklas Becker Neutral 26.00 31/10/2024
Exane (BNP Paribas Exane) Christoph Blieffert Buy 26.00 22/11/2024
Hauck & Aufhäuser Jorge Gonzalez Sadornil Buy 35.00 31/10/2024
Jefferies Martin Comtesse Buy 44.00 06/11/2024
Kepler Cheuvreux Juan Rodríguez Buy 30.00 06/11/2024
Morgan Stanley Ioannis Masvoulas Neutral 26.00 01/11/2024
Oddo Anis Zgaya Buy 38.00 22/11/2024
Santander Jaime Escribano Buy 45.00 03/11/2024
Stifel Brian Butler Buy 31.00 28/07/2024

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

€1,181m

Consolidated revenue

€182m

Adjusted EBITDA

€58m

Net income

€117m

Operating cash flow

x3.32

Leverage

€105m

Capex

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