Umicore: Liberum maintains its 'buy' rating.

(CercleFinance.com) - Liberum is maintaining its "buy" rating on Umicore, with a target price of 75 euros, after the Belgium-based specialty materials group's interim results confirmed its optimism for battery materials.


The broker points out that the company unveiled revenue and EBIT from continuing operations that were up 13% and 26% respectively in the first six months of 2017, with little help from M&A and FX factors.

"The principal driver to group growth and the consensus beat was the division containing lithium battery cathode materials, E&ST, where revenue and EBIT grew 38% and 66%," it added.

Liberum reminds that its buy case on the shares is based on E&ST EBIT "growing strongly over the next decade."

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