First Read: Befesa "SMID Pan-European Conference 2026 - Feedback" (Buy) Calvet

研报英文原文证据摘录

First Read: Befesa "SMID Pan-European Conference 2026 - Feedback" (Buy) Calvet

Global Research

13 May 2026ab

First Read

EquitiesBefesa

SMID Pan-European Conference 2026 - Luxembourg

Feedback Mining

12-month rating Buy

12m price target €45.00

Befesa at the SMID Pan-European Conference 2026

We hosted Rafael Pérez Gomez, Chief Financial Officer, at our SMID Pan-European

Conference today and yesterday for group meetings. Price (12 May 2026) €34.05

RIC: BFSA.DE BBG: BFSA GR

Key takeaways

Trading data and key metrics

Management emphasised the structural resilience of its European steel dust business

52-wk range €35.30-24.40

amid the ongoing multi-year shift towards EAF, highlighting sustained high utilisation

Market cap. €1.36b/US$1.60b

and stable EBITDA margins over the past decade, with a balanced market and limited

need for capital deployment. In the context of added EAF capacity over the next five Shares o/s 40.0m (ORD)

years, the potential expansion of recycling capacity in France (which would increase total Free float 100%

Befesa European capacity by 20%) was framed as a highly attractive return project. The Avg. daily volume ('000) 75.6

US steel dust acquisition rationale was reiterated with utilisation ramp-up and Avg. daily value (m) €2.4

operational leverage expected to drive a material EBITDA step-up. In aluminium Common s/h equity (12/26E) €0.87b

recycling, management tone was constructive, with margins expected to improve P/BV (12/26E) 1.6x

following the trough in 3Q25, with weaker competitors exiting and supply constraints Net debt to EBITDA (12/26E) 1.8x

tightening.

EPS (UBS, diluted) (EUR)

UBS Cons.

Please click here for the UBS Neo profile of Befesa. 12/26E 2.50 2.50

12/27E 2.57 2.68

12/28E 2.48 2.97

Olivier Calvet, CFA

Analyst

olivier.calvet@ubs.com