Umicore SA (NVJP) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Umicore SA €39.72, price €21.14, upside +87.9%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Umicore SA
NVJP · XETRAClearly undervaluedStrong Fair Value upside, but quality is only moderate.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range €7.02 – €51.25 · fair‑value band €23.88 – €51.64 · the €21.14 price screens below the €39.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Umicore SA operates as a materials technology and recycling company in Belgium, Europe, the Asia-Pacific, North America, South America, and Africa. It operates through Battery Material, Catalysis, Recycling, and Specialty Materials segments.
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Umicore SA operates as a materials technology and recycling company in Belgium, Europe, the Asia-Pacific, North America, South America, and Africa. It operates through Battery Material, Catalysis, Recycling, and Specialty Materials segments. The Battery Material segment develops, manufactures, and markets cathode materials and its precursors for lithium-ion batteries, as well as related refining activities of cobalt and nickel chemical refining activities; and offers integrated, circular and sustainable battery materials. Its Catalysis segment provides automotive catalysts for light-duty gasoline and diesel light, and heavy-duty diesel applications, including on-road and off-road vehicles; stationary catalysts for industrial emissions control; and produces precious metals-based compounds and catalysts for use in the pharmaceutical and fine chemicals industries, as well as fuel cell applications. The Recyling segment is involved in precious metals refining and management, jewelry and industrial metals; and treating complex waste streams containing precious and other specialty metals. This segment also produces precious metals-based materials for high-tech glass production and electronics; and offers products for chemical, electric, electronic, automotive and special glass applications. Its Specialty Materials segments offers cobalt and specialty materials, electro-optic materials, and metal deposition solutions; produces and distributes cobalt and nickel products; and supplies products for precious and non-precious metal-based electroplating and PVD coating, as well as germanium-based material solutions for the space, optics and electronics sectors. The company was formerly known as Union Minière du Haut Katanga and changed its name to Umicore SA in 2001. Umicore SA was founded in 1805 and is headquartered in Brussels, Belgium.
Stock analysis
Umicore SA (NVJP) currently trades at €21.14, while our model-based Fair Value estimate is €39.72, implying the stock looks roughly 46.8% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €44.75 per share, and 20 of the 26 models we run sit above the €21.14 price.
Bear case: the Asset-Based group reads lowest at €6.24, and 6 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: €23.88 (bear) to €51.64 (bull), the price of €21.14 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Umicore SA reported revenue of €19.4B in FY2025 versus €24.1B in FY2021, a compound −5.3%/yr. Reported net income was €385M in FY2025, compounding −11.2%/yr from FY2021.
Key figures
Market cap €5.1B · P/E ratio 13.3 · P/S ratio 0.26 · EPS (TTM) €1.59 · Dividend yield 2.4% · Net margin 2.0% · Return on equity 18.6% · Return on assets (EBIT) 4.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 51% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −15% fair-value upside, at 88%, NVJP screens cheaper than that median.
Fair Value models
All 26 models by family
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Set up alert →Quality Score breakdown
Of which business quality 61 · Market factors (momentum, volatility) 64
Revenue & earnings trend
Growth Forecast
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Compare Umicore SA with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Waste Management · 157 stocks
Valuation Multiplesvs Waste Management median · lower = cheaper
Context: sector, industry, market
- Is the Information Technology sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: German Stocks
- Valuation of the Germany market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Waste Management stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Waste Management, Inc WM | $203.92 | $224.31 | +10% |
| Republic Services, Inc RSG | $211.92 | $128.63 | −39% |
| Waste Connections, Inc WCN | $150.66 | $165.73 | +10% |
| Veolia Environnement SA VIE | €30.73 | €20.32 | −34% |
| Clean Harbors, Inc CLH | $313.04 | $155.54 | −50% |
| GFL Environmental Inc GFL | $40.43 | $34.29 | −15% |
| Fomento de Construcciones y Contratas, S.A FCC | €10.72 | €7.30 | −32% |
| Casella Waste Systems, Inc CWST | $82.24 | $14.82 | −82% |
| GEM Co 002340 | ¥6.12 | ¥5.27 | −14% |
| Zhejiang Weiming Environment Protection Co 603568 | ¥13.36 | ¥20.95 | +57% |
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