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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