BFSA Stock Analysis: Befesa | XETRA
Waste Management | XETRA, Germany | Market Cap: 1.446m EUR | 12M Return: 36.6% | LU1704650164 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.03M
EPS Trend: 35.2%
Qual. Beats: 0
Rev. Trend: 4.2%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 8.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Befesa S.A. (XETRA: BFSA) is a Luxembourg-based environmental services company that recycles hazardous and valuable residues from the steel and aluminum industries across Europe, Asia, and North America. The company operates through two segments: Steel Dust Recycling Services, which processes crude steel dust into waelz oxide sold to zinc smelters and handles galvanization residues, and Aluminium Salt Slags Recycling Services, which recycles salt slags and spent pot linings from primary aluminum smelters while producing secondary aluminum alloys for the automotive and construction sectors. Founded in 1987, Befesa is classified within the Industrials sector (Environmental & Facilities Services) and supports its recycling operations with in-house logistics, refining, and proprietary process technology.
The business is built on a circular-economy model that converts industrial by-products into marketable inputs: waelz oxide serves as a zinc-rich feedstock for smelters, while secondary aluminum alloys produced from scrap and dross typically require substantially less energy than primary aluminum from bauxite. The company also generates revenue from managing hazardous wastes, such as spent pot linings, which primary aluminum producers are obligated to dispose of under environmental regulations.
- Zinc price volatility directly impacts waelz oxide revenue margins
- European steel output decline reduces steel dust recycling volumes
- EU circular economy regulations boost industrial recycling demand growth
| Net Income: 85.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 0.55 > 1.0 |
| NWC/Revenue: 1.40% < 20% (prev 7.39%; Δ -5.98% < -1%) |
| CFO/TA 0.10 > 3% & CFO 196.2m > Net Income 85.5m |
| Net Debt (591.2m) to EBITDA (254.5m): 2.32 < 3 |
| Current Ratio: 1.04 > 1.5 & < 3 |
| Outstanding Shares: last quarter (39.9m) vs 12m ago 0.49% < -2% |
| Gross Margin: 42.86% > 18% (prev 17.45%; Δ 25.41% > 0.5%) |
| Asset Turnover: 60.09% > 50% (prev 63.43%; Δ -3.33% > 0%) |
| Interest Coverage Ratio: 4.63 > 6 (EBIT TTM 158.3m / Interest Expense TTM 34.2m) |
| A: 0.01 (Total Current Assets 398.4m - Total Current Liabilities 382.0m) / Total Assets 1.97b |
| B: 0.12 (Retained Earnings 245.7m / Total Assets 1.97b) |
| C: 0.08 (EBIT TTM 158.3m / Avg Total Assets 1.95b) |
| D: 0.60 (Book Value of Equity 730.9m / Total Liabilities 1.22b) |
| Altman-Z'' = 1.63 = BB |
| DSRI: 1.12 (Receivables 147.3m/137.0m, Revenue 1.17b/1.22b) |
| GMI: 0.41 (GM 17.45% / 42.86%) |
| AQI: 0.96 (AQ_t 0.42 / AQ_t-1 0.44) |
| SGI: 0.96 (Revenue 1.17b / 1.22b) |
| TATA: -0.06 (NI 85.5m - CFO 196.2m) / TA 1.97b) |
| Beneish M = -3.52 (Cap -4..+1) = AAA |
As of September 03, 2026, the stock is trading at EUR 35.55 with a total of 38,488 shares traded. Over the past week, the price has changed by -1.93%, over one month by +0.14%, over three months by +1.78% and over the past year by +36.64%.
Current recommended Stop Loss: 34.10 (which is 4.1% or 1.4 ATR below the current price).
Befesa has no consensus analysts rating.
P/E Trailing = 16.8925
P/S = 1.2354
P/B = 2.0085
Revenue TTM = 1.17b EUR
EBIT TTM = 158.3m EUR
EBITDA TTM = 254.5m EUR
Long Term Debt = 640.3m EUR (from longTermDebt, last quarter)
Short Term Debt = 24.1m EUR (from shortTermDebt, last quarter)
Debt = 725.7m EUR (from shortLongTermDebtTotal, last quarter) + Leases 36.0m
Net Debt = 591.2m EUR (calculated: Debt 725.7m - CCE 134.5m)
Enterprise Value = 2.04b EUR (1.45b + Debt 725.7m - CCE 134.5m)
Interest Coverage Ratio = 4.63 (Ebit TTM 158.3m / Interest Expense TTM 34.2m)
EV/FCF = 17.93x (Enterprise Value 2.04b / FCF TTM 113.6m)
FCF Yield = 5.58% (FCF TTM 113.6m / Enterprise Value 2.04b)
FCF Margin = 9.71% (FCF TTM 113.6m / Revenue TTM 1.17b)
Net Margin = 7.30% (Net Income TTM 85.5m / Revenue TTM 1.17b)
Gross Margin = 42.86% ((Revenue TTM 1.17b - Cost of Revenue TTM 668.8m) / Revenue TTM)
Gross Margin QoQ = 58.95% (prev 38.46%)
Tobins Q-Ratio = 1.03 (Enterprise Value 2.04b / Total Assets 1.97b)
Interest Expense / Debt = 4.71% (Interest Expense 34.2m / Debt 725.7m)
Taxrate = 30.63% (38.9m / 126.8m)
NOPAT = 109.8m (EBIT 158.3m * (1 - 30.63%))
Current Ratio = 1.04 (Total Current Assets 398.4m / Total Current Liabilities 382.0m)
Debt / Equity = 0.99 (Debt 725.7m / totalStockholderEquity, last quarter 730.9m)
Debt / EBITDA = 2.32 (Net Debt 591.2m / EBITDA 254.5m)
Debt / FCF = 5.20 (Net Debt 591.2m / FCF TTM 113.6m)
Total Stockholder Equity = 791.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 4.39% (Net Income 85.5m / Total Assets 1.97b)
RoE = 10.81% (Net Income TTM 85.5m / Total Stockholder Equity 791.1m)
RoCE = 11.06% (EBIT 158.3m / Capital Employed (Equity 791.1m + L.T.Debt 640.3m))
RoIC = 7.06% (NOPAT 109.8m / Invested Capital 1.56b)
WACC = 7.13% (E(1.45b)/V(2.17b) * Re(9.07%) + D(725.7m)/V(2.17b) * Rd(4.71%) * (1-Tc(0.31)))
Discount Rate = 9.07% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 8.59 | Cagr: -0.12%
[DCF] Terminal Value 77.73% ; FCFF base≈108.2m ; Y1≈122.4m ; Y5≈174.1m
[DCF] Fair Price = 50.93 (EV 2.63b - Net Debt 591.2m = Equity 2.04b / Shares 40.0m; r=8.35% [WACC [floored]]; 5y FCF grow 13.44% → 2.50% )
EPS Correlation: 35.24 | EPS CAGR: 8.18% | SUE: -0.01 | # QB: 0
Revenue Correlation: 4.20 | Revenue CAGR: 0.12% | SUE: -0.01 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.26 | Chg30d=+2.56% | Revisions=+25% | Analysts=1
EPS current Year (2026-12-31): EPS=2.62 | Chg30d=+3.74% | Revisions=-25% | GrowthEPS=+17.0% | GrowthRev=+7.0%
EPS next Year (2027-12-31): EPS=2.78 | Chg30d=+5.23% | Revisions=+40% | GrowthEPS=+5.9% | GrowthRev=+4.7%
[Analyst] Revisions Ratio: +29% (up=3, down=1)