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 |
| Berenberg | Lasse Stueben | Buy | 31 | 05/03/2025 |
| Citi | Shashi Shekhar, Ephrem Ravi | Neutral | 28 | 02/05/2025 |
| Deutsche Bank | Lars vom Cleff | Neutral | 32 | 05/05/2025 |
| Exane BNP Paribas | Christoph Blieffert | Buy | 29 | 30/04/2025 |
| Hauck & Aufhäuser | Jorge Gonzalez Sadornil | Buy | 42 | 02/05/2025 |
| Intermoney Valores (Grupo CIMD) | Julian Pérez | Buy | 42 | 22/04/2025 |
| Jefferies | Fabian Piasta | Buy | 35 | 30/04/2025 |
| Kepler Cheuvreux | Juan Rodríguez | Buy | 30 | 30/04/2025 |
| Metzler | Nikolas Demeter | Buy | 40 | 02/05/2025 |
| Morgan Stanley | Ioannis Masvoulas | Neutral | 26 | 30/04/2025 |
| Oddo | Anis Zgaya | Buy | 38 | 02/05/2025 |
| Santander | Jaime Escribano | Buy | 45 | 05/05/2025 |
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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