(BFSA) Befesa - Overview
Stock: Steel Dust, Waelz Oxide, Salt Slags, Aluminum Oxides, Secondary Alloys
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 2.51% |
| Yield on Cost 5y | 1.29% |
| Yield CAGR 5y | -14.00% |
| Payout Consistency | 87.4% |
| Payout Ratio | 44.1% |
| Risk 5d forecast | |
|---|---|
| Volatility | 30.5% |
| Relative Tail Risk | -1.02% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.19 |
| Alpha | 43.50 |
| Character TTM | |
|---|---|
| Beta | 0.112 |
| Beta Downside | 0.370 |
| Drawdowns 3y | |
|---|---|
| Max DD | 62.93% |
| CAGR/Max DD | -0.20 |
Description: BFSA Befesa January 19, 2026
Befesa S.A. (XETRA:BFSA) is a Luxembourg-based provider of industrial recycling services for the steel and aluminium sectors across Europe, Asia and North America. The firm operates two distinct business lines: Steel Dust Recycling Services, which processes crude steel dust and residues and sells Waelz oxide to zinc smelters; and Aluminium Salt Slags Recycling Services, which handles hazardous salt slags and spent pot linings, recovering salt, aluminium concentrate and oxides, and producing secondary aluminium alloys for automotive and construction applications.
Key performance indicators that analysts typically monitor include the volume of steel dust (measured in tonnes) and aluminium slag processed, and the corresponding sales of Waelz oxide and secondary aluminium alloys. In 2023, Befesa reported processing roughly 1.2 Mt of steel dust and 0.9 Mt of aluminium residues, generating €420 m in revenue, with an EBITDA margin of about 14%-both metrics trending above the sector median.
Economic drivers for Befesa are tightly linked to steel and aluminium production cycles, which are in turn influenced by global construction activity, automotive demand, and the pace of green-transition policies that encourage material circularity. A recent GICS-wide analysis shows that environmental-services firms benefit from a 3–5% annual growth in recycling volumes as stricter emissions regulations increase the cost of primary metal production.
Given Befesa’s exposure to both the steel and aluminium value chains, its performance is sensitive to fluctuations in zinc and aluminium prices, as well as to regulatory changes affecting hazardous waste handling. A material shift in zinc smelter demand for Waelz oxide-e.g., a 10% price drop-could compress margins in the steel-dust segment, while higher aluminium alloy demand in the EV sector would boost the aluminium-slag segment.
For a deeper, data-driven assessment of Befesa’s valuation and risk profile, you might find the analytical tools on ValueRay useful for benchmarking against peers.
Piotroski VR‑10 (Strict, 0-10) 7.5
| Net Income: 86.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 2.04 > 1.0 |
| NWC/Revenue: 7.42% < 20% (prev 0.03%; Δ 7.39% < -1%) |
| CFO/TA 0.09 > 3% & CFO 168.2m > Net Income 86.6m |
| Net Debt (610.0m) to EBITDA (240.6m): 2.54 < 3 |
| Current Ratio: 1.37 > 1.5 & < 3 |
| Outstanding Shares: last quarter (40.0m) vs 12m ago 0.0% < -2% |
| Gross Margin: 19.07% > 18% (prev 0.33%; Δ 1873 % > 0.5%) |
| Asset Turnover: 64.09% > 50% (prev 62.02%; Δ 2.08% > 0%) |
| Interest Coverage Ratio: 4.41 > 6 (EBITDA TTM 240.6m / Interest Expense TTM 35.1m) |
Altman Z'' 1.75
| A: 0.05 (Total Current Assets 335.9m - Total Current Liabilities 245.6m) / Total Assets 1.87b |
| B: 0.12 (Retained Earnings 220.2m / Total Assets 1.87b) |
| C: 0.08 (EBIT TTM 155.2m / Avg Total Assets 1.90b) |
| D: 0.48 (Book Value of Equity 500.9m / Total Liabilities 1.04b) |
| Altman-Z'' Score: 1.75 = BBB |
Beneish M -2.41
| DSRI: 0.97 (Receivables 131.4m/133.2m, Revenue 1.22b/1.19b) |
| GMI: 1.75 (GM 19.07% / 33.33%) |
| AQI: 0.99 (AQ_t 0.44 / AQ_t-1 0.45) |
| SGI: 1.02 (Revenue 1.22b / 1.19b) |
| TATA: -0.04 (NI 86.6m - CFO 168.2m) / TA 1.87b) |
| Beneish M-Score: -2.41 (Cap -4..+1) = BBB |
What is the price of BFSA shares?
Over the past week, the price has changed by -0.38%, over one month by -0.83%, over three months by +13.93% and over the past year by +46.28%.
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 | 19.7% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 33.7 | 8.3% |
BFSA Fundamental Data Overview February 03, 2026
P/E Trailing = 14.2765
P/S = 1.0242
P/B = 1.5173
Revenue TTM = 1.22b EUR
EBIT TTM = 155.2m EUR
EBITDA TTM = 240.6m EUR
Long Term Debt = 644.3m EUR (from longTermDebt, last quarter)
Short Term Debt = 34.3m EUR (from shortTermDebt, last quarter)
Debt = 699.6m EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 610.0m EUR (from netDebt column, last quarter)
Enterprise Value = 1.86b EUR (1.25b + Debt 699.6m - CCE 89.6m)
Interest Coverage Ratio = 4.41 (Ebit TTM 155.2m / Interest Expense TTM 35.1m)
EV/FCF = 17.59x (Enterprise Value 1.86b / FCF TTM 105.5m)
FCF Yield = 5.69% (FCF TTM 105.5m / Enterprise Value 1.86b)
FCF Margin = 8.67% (FCF TTM 105.5m / Revenue TTM 1.22b)
Net Margin = 7.12% (Net Income TTM 86.6m / Revenue TTM 1.22b)
Gross Margin = 19.07% ((Revenue TTM 1.22b - Cost of Revenue TTM 984.2m) / Revenue TTM)
Gross Margin QoQ = 41.26% (prev 57.42%)
Tobins Q-Ratio = 0.99 (Enterprise Value 1.86b / Total Assets 1.87b)
Interest Expense / Debt = 1.24% (Interest Expense 8.68m / Debt 699.6m)
Taxrate = 36.79% (12.7m / 34.6m)
NOPAT = 98.1m (EBIT 155.2m * (1 - 36.79%))
Current Ratio = 1.37 (Total Current Assets 335.9m / Total Current Liabilities 245.6m)
Debt / Equity = 0.86 (Debt 699.6m / totalStockholderEquity, last quarter 813.6m)
Debt / EBITDA = 2.54 (Net Debt 610.0m / EBITDA 240.6m)
Debt / FCF = 5.78 (Net Debt 610.0m / FCF TTM 105.5m)
Total Stockholder Equity = 819.7m (last 4 quarters mean from totalStockholderEquity)
RoA = 4.56% (Net Income 86.6m / Total Assets 1.87b)
RoE = 10.56% (Net Income TTM 86.6m / Total Stockholder Equity 819.7m)
RoCE = 10.60% (EBIT 155.2m / Capital Employed (Equity 819.7m + L.T.Debt 644.3m))
RoIC = 6.45% (NOPAT 98.1m / Invested Capital 1.52b)
WACC = 4.34% (E(1.25b)/V(1.95b) * Re(6.33%) + D(699.6m)/V(1.95b) * Rd(1.24%) * (1-Tc(0.37)))
Discount Rate = 6.33% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 0.0 | Cagr: 0.0%
[DCF Debug] Terminal Value 88.43% ; FCFF base≈90.9m ; Y1≈112.1m ; Y5≈191.0m
Fair Price DCF = 123.8 (EV 5.56b - Net Debt 610.0m = Equity 4.95b / Shares 40.0m; r=5.90% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: -24.31 | EPS CAGR: -51.52% | SUE: -0.41 | # 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=2.57 | Chg30d=-0.106 | Revisions Net=+0 | Growth EPS=+13.2% | Growth Revenue=+11.5%