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
Bank of America Jason Fairclough Buy 77.00 08/06/2022
Berenberg Lasse Stüben Buy 79.00 26/05/2022
Citi Paul Bradley Neutral 74.00 26/04/2022
Goldman Sachs Moomal Irfan Buy 93.00 09/06/2022
JP Morgan Sylvia Barker Neutral 70.00 26/04/2022
Kepler Cheuvreux Juan Rodríguez Buy 80.00 05/05/2022
Morgan Stanley Sandeep Peety Buy 75.00 08/06/2022
Oddo BHF Anis Zgaya Buy 76.00 29/04/2022
Santander Jaime Escribano Buy 73.70 07/04/2022
Stifel Michael E. Hoffmann Buy 77.00 08/06/2022

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 2020).

Operating KPIs

687m

EAFD throughput (KT)

447m

Salt slags & SPL treated (KT)

174m

ALU alloys produced (KT)


Financial KPIs

€604m

Consolidated revenue

€127m

Adjusted EBITDA

€47m

Net income

€93m

Operating cash flow

x3.1

Leverage

€55m

Capex

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