Aurubis
Note: This is a daily stock update and the information stands true as of 05/12/24, 09:00 CET.
Company Update:
Expert Opinion:
2025 will be a transitional year, notably with the ramp up of the US factory. We also like the new CEO that was recently appointed. The growth story is unchanged and considering the tensions with China, the value of assets producing metals outside of China could increase. In view of these and our bullish stance on copper over the long run, (and as price of gold goes higher everyday), I believe the valuation of Aurubis is attractive. I expect rerating will gradually occur as prospects of 2026 improved earnings are getting closer.
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Company Update:
The company confirmed the preliminary results isused on Sept 24th.
Operating cash flow remained strong with €537mn compared to €573mn the year before, and in the given range of €500-600mn. FCF was negative with €280mn compared to €-138mn the year before, mainly because of the €726mn investments into fixed assets.
Guidance of EBT in the €300m-400m remains unchanged.
Dividend is a positive surprise at €1.5 per share vs consensus at €1.3 and us at €1.4.
Expert Opinion:
2025 will be a transitional year, notably with the ramp up of the US factory. We also like the new CEO that was recently appointed. The growth story is unchanged and considering the tensions with China, the value of assets producing metals outside of China could increase. In view of these and our bullish stance on copper over the long run, (and as price of gold goes higher everyday), I believe the valuation of Aurubis is attractive. I expect rerating will gradually occur as prospects of 2026 improved earnings are getting closer.
For daily updates, subscribe to our newsletter and for detailed daily updates, reach out to us at sales@alphavalue.eu
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Alphavalue Morning Market Tip
Solid start of 2025 with signs of recovery in key markets.