Investors in Belgian’s Umicore have sent a worrying message to heavy corporate spenders. The 8 billion euro chemicals and battery-materials supplier on Wednesday lost more than a tenth of its market value after pledging 5 billion euros of outlays over the next five years. The capital expenditures, roughly double what analysts expected according to Refinitiv data, are supposed to help the group meet rising demand for electric-vehicle batteries and their component materials. Chief Financial Officer Filip Platteeuw said at an investor event that Umicore could potentially raise equity to pay for the investments.
of outlays over the next five years. The capital expenditures, roughly double what analysts expected according to Refinitiv data, are supposed to help the group meet rising demand for electric-vehicle batteries and their component materials. Chief Financial Officer Filip Platteeuw said at an investor event that Umicore could potentially raise equity to pay for the investments.
It’s a cautionary tale for carmakers, renewable-energy companies and other industrial groups that are also on the verge of an investment splurge to fund the move away from fossil fuels. Umicore reckons the new capex will help it to more than double revenue by 2030. But investors seem to be ignoring those long-term benefits and focusing on the near-term pain. Umicore’s shares are down 30% in a year. Its enterprise value is less than 8 times 2021 EBITDA.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Texas Senate Democrats call again for a special session on gun safety in response to Uvalde shootingThe senators said they would support proposals like raising the age to legally own an assault weapon from 18 to 21, creating red flag laws and regulating private gun sales.
Consulte Mais informação »
Senators release text of bipartisan gun bill, seek final passage this weekJUST IN: Bipartisan group of senators overcome last-minute hurdles and release legislative text on a narrow set of provisions to combat gun violence, including state funding to implement “red flag” laws and enhanced background checks.
Consulte Mais informação »
Gun safety bill clears a hurdle in the Senate with support from 14 Republicans — including Mitch McConnellThe Bipartisan Safer Communities Act advanced in the Senate on Tuesday following a 64 to 34 vote, with 14 Republican senators — including Senate Minority Leader Mitch McConnell voting in support of the bill.
Consulte Mais informação »
Breakingviews - Breakingviews: Kellogg’s three-way breakup plan lacks crunchKellogg is joining the corporate vogue for splitting itself in three. The $24 billion maker of Frosties and Fruit Loops on Tuesday announced it was following General Electric with plans to spin off two separate businesses. The breakup might boost the valuation eventually, but the unknowns explain the market’s frosty reception.
Consulte Mais informação »
Police: 3 critically hurt when taxi jumps curb on BroadwayAt least six people injured, three critically, after authorities say a New York City taxi jumped the curb, hitting pedestrians and pinning two women against a building.
Consulte Mais informação »