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
Share price information
Investor Relations News
Financial calendar
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 | 54.00 | 03/03/2023 |
| Berenberg | Lasse Stüben | Buy | 55.00 | 13/03/2023 |
| BNP Paribas Exane | Ingo Schachel | Sell | 30.00 | 02/03/2023 |
| Citi | Paul Bradley | Neutral | 39.00 | 27/10/2022 |
| Goldman Sachs | Moomal Irfan | Buy | 63.00 | 02/03/2023 |
| JP Morgan | Sylvia Barker | Neutral | 42.00 | 04/03/2023 |
| Kepler Cheuvreux | Juan Rodríguez | Buy | 60.00 | 02/03/2023 |
| Morgan Stanley | Sandeep Peety | Neutral | 52.00 | 17/03/2023 |
| Oddo BHF | Anis Zgaya | Buy | 59.00 | 03/03/2023 |
| Santander | Jaime Escribano | Neutral | 52.00 | 02/03/2023 |
| Stifel | Michael E. Hoffmann | Buy | 60.00 | 02/03/2023 |
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 2021).
Operating KPIs
886m
EAFD throughput (KT)
395m
Salt slags & SPL treated (KT)
186m
ALU alloys produced (KT)
Financial KPIs
€822m
Consolidated revenue
€198m
Adjusted EBITDA
€102m
Net income
€118m
Operating cash flow
x2.2
Leverage
€78m
Capex
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