(BFSA) Befesa - Ratings and Ratios
Waelz Oxide, Secondary Aluminum, Salt Oxides, Aluminum Concentrates
Dividends
| Dividend Yield | 2.24% |
| Yield on Cost 5y | 1.47% |
| Yield CAGR 5y | 0.00% |
| Payout Consistency | 87.9% |
| Payout Ratio | 30.3% |
| Risk via 10d forecast | |
|---|---|
| Volatility | 36.3% |
| Value at Risk 5%th | 58.8% |
| Relative Tail Risk | -1.63% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.92 |
| Alpha | 29.16 |
| CAGR/Max DD | -0.20 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.597 |
| Beta | 0.118 |
| Beta Downside | 0.293 |
| Drawdowns 3y | |
|---|---|
| Max DD | 66.43% |
| Mean DD | 42.92% |
| Median DD | 45.09% |
Description: BFSA Befesa November 16, 2025
Befesa S.A. (XETRA: BFSA) is a Luxembourg-based provider of environmental recycling services to the steel and aluminium sectors across Europe, Asia, and North America. The firm operates two distinct business lines: Steel Dust Recycling Services, which collect and treat crude steel dust and residues and sell Waelz oxide to zinc smelters; and Aluminium Salt Slags Recycling Services, which process salt slags, spent pot linings, and various aluminium residues, producing secondary aluminium alloys for automotive and construction markets. In addition to recycling, Befesa offers logistics, waste-treatment, and technology-development services.
Key drivers of Befesa’s performance include (i) the volume of primary steel and aluminium production – global crude steel output was ~1.9 bn t in 2023, while primary aluminium reached ~68 mn t, both of which set the upper bound for waste generation; (ii) zinc demand, which underpins Waelz-oxide sales, is closely linked to construction activity and is projected to grow at ~3-4 % CAGR through 2027; and (iii) the company’s EBITDA margin, historically around 12-14 % on €1.2 bn of 2023 revenue, reflects the capital-intensive nature of its treatment plants but benefits from long-term off-take contracts. Recent ESG trends have also increased the premium placed on closed-loop recycling, potentially expanding Befesa’s addressable market as regulators tighten waste-management standards in the EU.
For a deeper, data-driven assessment of BFSA’s valuation and risk profile, the ValueRay platform offers a transparent, model-based analysis you may find useful.
Piotroski VR‑10 (Strict, 0-10) 4.5
| Net Income (86.6m TTM) > 0 and > 6% of Revenue (6% = 73.0m TTM) |
| FCFTA 0.04 (>2.0%) and ΔFCFTA 0.55pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 7.42% (prev 0.03%; Δ 7.39pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.13 (>3.0%) and CFO 240.0m > Net Income 86.6m (YES >=105%, WARN >=100%) |
| Net Debt (619.0m) to EBITDA (176.8m) ratio: 3.50 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.37 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (40.0m) change vs 12m ago 0.00% (target <= -2.0% for YES) |
| Gross Margin 23.84% (prev 33.33%; Δ -9.49pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 64.09% (prev 62.02%; Δ 2.08pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 4.23 (EBITDA TTM 176.8m / Interest Expense TTM 26.5m) >= 6 (WARN >= 3) |
Altman Z'' 1.42
| (A) 0.05 = (Total Current Assets 335.9m - Total Current Liabilities 245.6m) / Total Assets 1.87b |
| (B) 0.12 = Retained Earnings (Balance) 220.2m / Total Assets 1.87b |
| (C) 0.06 = EBIT TTM 111.8m / Avg Total Assets 1.90b |
| (D) 0.31 = Book Value of Equity 331.3m / Total Liabilities 1.06b |
| Total Rating: 1.42 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 57.37
| 1. Piotroski 4.50pt |
| 2. FCF Yield 4.41% |
| 3. FCF Margin 6.39% |
| 4. Debt/Equity 0.89 |
| 5. Debt/Ebitda 3.50 |
| 6. ROIC - WACC (= 0.41)% |
| 7. RoE 10.56% |
| 8. Rev. Trend 50.28% |
| 9. EPS Trend -18.17% |
What is the price of BFSA shares?
Over the past week, the price has changed by +2.59%, over one month by +3.56%, over three months by +5.16% and over the past year by +29.20%.
Is BFSA a buy, sell or hold?
What are the forecasts/targets for the BFSA price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 37.2 | 30.5% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 27.9 | -2.2% |
BFSA Fundamental Data Overview December 11, 2025
Market Cap EUR = 1.13b (1.13b EUR * 1.0 EUR.EUR)
P/E Trailing = 12.9493
P/S = 0.929
P/B = 1.3707
Beta = 1.809
Revenue TTM = 1.22b EUR
EBIT TTM = 111.8m EUR
EBITDA TTM = 176.8m EUR
Long Term Debt = 644.3m EUR (from longTermDebt, last quarter)
Short Term Debt = 36.9m EUR (from shortTermDebt, last fiscal year)
Debt = 721.5m EUR (from shortLongTermDebtTotal, last fiscal year)
Net Debt = 619.0m EUR (from netDebt column, last fiscal year)
Enterprise Value = 1.76b EUR (1.13b + Debt 721.5m - CCE 89.6m)
Interest Coverage Ratio = 4.23 (Ebit TTM 111.8m / Interest Expense TTM 26.5m)
FCF Yield = 4.41% (FCF TTM 77.7m / Enterprise Value 1.76b)
FCF Margin = 6.39% (FCF TTM 77.7m / Revenue TTM 1.22b)
Net Margin = 7.12% (Net Income TTM 86.6m / Revenue TTM 1.22b)
Gross Margin = 23.84% ((Revenue TTM 1.22b - Cost of Revenue TTM 926.1m) / Revenue TTM)
Gross Margin QoQ = 61.27% (prev 57.42%)
Tobins Q-Ratio = 0.94 (Enterprise Value 1.76b / Total Assets 1.87b)
Interest Expense / Debt = 1.22% (Interest Expense 8.81m / Debt 721.5m)
Taxrate = 36.79% (12.7m / 34.6m)
NOPAT = 70.7m (EBIT 111.8m * (1 - 36.79%))
Current Ratio = 1.37 (Total Current Assets 335.9m / Total Current Liabilities 245.6m)
Debt / Equity = 0.89 (Debt 721.5m / totalStockholderEquity, last quarter 813.6m)
Debt / EBITDA = 3.50 (Net Debt 619.0m / EBITDA 176.8m)
Debt / FCF = 7.96 (Net Debt 619.0m / FCF TTM 77.7m)
Total Stockholder Equity = 819.7m (last 4 quarters mean from totalStockholderEquity)
RoA = 4.62% (Net Income 86.6m / Total Assets 1.87b)
RoE = 10.56% (Net Income TTM 86.6m / Total Stockholder Equity 819.7m)
RoCE = 7.64% (EBIT 111.8m / Capital Employed (Equity 819.7m + L.T.Debt 644.3m))
RoIC = 4.65% (NOPAT 70.7m / Invested Capital 1.52b)
WACC = 4.24% (E(1.13b)/V(1.85b) * Re(6.45%) + D(721.5m)/V(1.85b) * Rd(1.22%) * (1-Tc(0.37)))
Discount Rate = 6.45% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: 0.0 | Cagr: 0.0%
[DCF Debug] Terminal Value 79.54% ; FCFE base≈74.3m ; Y1≈81.2m ; Y5≈103.0m
Fair Price DCF = 44.84 (DCF Value 1.79b / Shares Outstanding 40.0m; 5y FCF grow 10.67% → 3.0% )
EPS Correlation: -18.17 | EPS CAGR: -18.11% | SUE: -4.0 | # QB: 0
Revenue Correlation: 50.28 | Revenue CAGR: 4.35% | SUE: -2.14 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.38 | Chg30d=+0.007 | Revisions Net=+1 | Analysts=1
EPS next Year (2026-12-31): EPS=2.68 | Chg30d=-0.052 | Revisions Net=+2 | Growth EPS=+18.1% | Growth Revenue=+13.0%