Dieter Plas • Mon, Oct. 27
- Umicore's trading update was surprisingly good.
- Mr. Market decided to be irrational and punished the stock severely.
- The investment thesis remains and the stock is definitely a buy.
- Revenues of € 1.2 billion (down 1%).
- Recurring EPS of € 0.87 (down 15%).
- Recurring EBIT of € 138 million (down 15%).
- ROCE of 12.5% (versus 14.5% in the first half of 2013).
- Recurring net profit (Group share) of € 95 million (down 17%).
Umicore: Ethical Investors Should Love This Stock As Much As I Do
- Umicore transformed from a polluting miner to an innovative and high-quality specialty-metals group.
- Umicore will benefit from multiple long-term trends.
- First quarter of 2014 seems bad, but conclusions are yet to be made.
- Definitely a 'buy' on dips.
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