JPM | Chemical tail then headwinds, Metso, Signify

Research evidence excerpt

JPM | Chemical tail then headwinds, Metso, Signify

Specialist Sales J P M O R G A N

23 June 2026

1. CRH Plc -Suspending Rating and Price Target- Adrian E Huerta hereDue to J.P. Morgan Securities LLC acting as financial

advisor to CRH PLC in relation to the CRH acquisition of Arcosa as announced on 22 June 2026, we are suspending our

rating and price target for CRH PLC. Our prior rating and price target should no longer be relied upon.

2. Umicore -Placing on +CW into 1H26 (31 Jul) on likely material beat and upgrades- Chetan Udeshi here: Umicore (UMI)

investment case remains strong, supported by its differentiated, ex-China position in several critical metals, its unique

recycling asset base and downstream specialty exposure to niche high-growth applications, including AI and semis, and

ongoing self-help measures – all of which should drive 10% adj EPS CAGR from 2026-30E with improving ROIC (12%

post-tax in 2026E to 15% in 2030E) and cash generation. While the stock has fallen ~17% from May 2026 highs – likely

reflecting a sharp pullback in precious-metal prices – our new bottom-up model (adjusting for UMI’s hedging) indicates

meaningful upside to consensus even after the recent price moves, despite applying conservative haircuts for limited

disclosure and backtest error. On expectations of higher-than-previously assumed 1H26 processing/trading volumes amid

elevated and volatile metal prices, we raise 1H26/FY26/FY27/FY28E adj EBITDA by 6%/3%/1%/3% (to 6%/4%/3%/5%

higher than Vara consensus) and raise FY26/27/28E adj EPS by 6%/2%/5% (to 12-14% above consensus), with 2-4%

additional EBITDA upside possible if precious metals prices recover toward J.P. Morgan Commodities Team’s 2H26/2027

price forecasts (link), which are materially higher than spot prices.