Umicore (UMI BB) Belgium

Materials

ROCGA Research

ROCGA’s proprietary Cash Flow Returns On Investments based platform helps identify and value companies. UMI has been identified on an enhanced GARP screen. The company has been modelled, valuation back tested, and projected forward using expected earnings. It looks undervalued using the systematic DCF analysis, as well as historic valuation ratios. A total of 123 companies appear on this screen and warrant further investigation. ROCGA currently covers c.2000 companies across Europe and the US. More details on ROCGA’s systematic and interactive valuation tools can be found here. A free trial is available on request.

- 28 April, 2023

A Two-Speed Transition: Why it’s time to park the EV frenzy in EMs

Sustainable Market Strategies

Almost all developed countries have fairly aggressive zero-emission vehicles targets, and shockingly, some of these targets could actually be met! However, it is a different story in EM countries. This means that the real automotive transition in EMs will be from highly polluting cars to less polluting ones, providing a tailwind for emission control technologies such as catalytic converters and their metallic components: platinum, palladium and rhodium. Companies featured in SMS' report include Umicore, Johnson Matthey and Sibanye Stillwater.

- 17 March, 2023

FTSEurofirst 80 Index: Bullish & Bearish Themes

Technical Analysis

Messels

Recycling and Renewable Energy stocks such as Umicore, Vestas Wind and Siemens Gamesa are rallying from medium term support. Selective Seafood and Tobacco stocks remain defensive including SalMar, Mowi and Scandinavian Tobacco. Banks are generally rallying in ranges; favours CaixaBank and Sabadell which have already broken out and extend relative bases.

Industrials have broken uptrends and are now losing relative momentum such as Schneider, Atlas Copco and Alfa Laval. Luxury Goods renew their 4-month price and relative tops including Pandora, LVMH, Dior and Hermes. IT Hardware and Semiconductors renew their 5-month price and relative tops; SeSa, BE Semiconductor, Infineon and Nordic Semiconductor are highlighted.

- 27 May, 2022