BFSA Stock Analysis: Befesa | XETRA
Waste Management | XETRA, Germany | Market Cap: 1.388m EUR | 12M Return: 38.6% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.42M
EPS Trend: 42.4%
Qual. Beats: 0
Rev. Trend: 24.9%
Qual. Beats: -4
Warnings
Tailwinds
No distinct edge detected
Seasonality
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: 82.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA -0.07 > 1.0 |
| NWC/Revenue: 6.71% < 20% (prev 6.26%; Δ 0.45% < -1%) |
| CFO/TA 0.10 > 3% & CFO 193.9m > Net Income 82.6m |
| Net Debt (581.2m) to EBITDA (250.2m): 2.32 < 3 |
| Current Ratio: 1.26 > 1.5 & < 3 |
| Outstanding Shares: last quarter (40.0m) vs 12m ago 0.0% < -2% |
| Gross Margin: 42.32% > 18% (prev 11.71%; Δ 30.61% > 0.5%) |
| Asset Turnover: 59.53% > 50% (prev 63.50%; Δ -3.97% > 0%) |
| Interest Coverage Ratio: 4.46 > 6 (EBIT TTM 154.0m / Interest Expense TTM 34.5m) |
| A: 0.04 (Total Current Assets 375.1m - Total Current Liabilities 297.3m) / Total Assets 1.93b |
| B: 0.01 (Retained Earnings 20.7m / Total Assets 1.93b) |
| C: 0.08 (EBIT TTM 154.0m / Avg Total Assets 1.95b) |
| D: 0.75 (Book Value of Equity 817.3m / Total Liabilities 1.09b) |
| Altman-Z'' = 1.62 = BB |
| DSRI: 0.95 (Receivables 126.8m/143.0m, Revenue 1.16b/1.25b) |
| GMI: 0.28 (GM 11.71% / 42.32%) |
| AQI: 0.97 (AQ_t 0.42 / AQ_t-1 0.44) |
| SGI: 0.93 (Revenue 1.16b / 1.25b) |
| TATA: -0.06 (NI 82.6m - CFO 193.9m) / TA 1.93b) |
| Beneish M = -3.79 (Cap -4..+1) = AAA |
As of July 29, 2026, the stock is trading at EUR 35.00 with a total of 87,612 shares traded. Over the past week, the price has changed by -0.71%, over one month by +18.24%, over three months by +6.74% and over the past year by +38.56%.
Current recommended Stop Loss: 33.40 (which is 4.6% or 1.4 ATR below the current price).
Befesa has no consensus analysts rating.
P/E Trailing = 16.8447
P/S = 1.1971
P/B = 1.7546
Revenue TTM = 1.16b EUR
EBIT TTM = 154.0m EUR
EBITDA TTM = 250.2m EUR
Long Term Debt = 642.2m EUR (from longTermDebt, last quarter)
Short Term Debt = 31.5m EUR (from shortTermDebt, last quarter)
Debt = 725.9m EUR (from shortLongTermDebtTotal, last quarter) + Leases 31.2m
Net Debt = 581.2m EUR (calculated: Debt 725.9m - CCE 144.7m)
Enterprise Value = 1.97b EUR (1.39b + Debt 725.9m - CCE 144.7m)
Interest Coverage Ratio = 4.46 (Ebit TTM 154.0m / Interest Expense TTM 34.5m)
EV/FCF = 17.49x (Enterprise Value 1.97b / FCF TTM 112.6m)
FCF Yield = 5.72% (FCF TTM 112.6m / Enterprise Value 1.97b)
FCF Margin = 9.71% (FCF TTM 112.6m / Revenue TTM 1.16b)
Net Margin = 7.12% (Net Income TTM 82.6m / Revenue TTM 1.16b)
Gross Margin = 42.32% ((Revenue TTM 1.16b - Cost of Revenue TTM 668.8m) / Revenue TTM)
Gross Margin QoQ = 38.46% (prev 31.94%)
Tobins Q-Ratio = 1.02 (Enterprise Value 1.97b / Total Assets 1.93b)
Interest Expense / Debt = 4.75% (Interest Expense 34.5m / Debt 725.9m)
Taxrate = 30.27% (37.0m / 122.3m)
NOPAT = 107.4m (EBIT 154.0m * (1 - 30.27%))
Current Ratio = 1.26 (Total Current Assets 375.1m / Total Current Liabilities 297.3m)
Debt / Equity = 0.89 (Debt 725.9m / totalStockholderEquity, last quarter 817.3m)
Debt / EBITDA = 2.32 (Net Debt 581.2m / EBITDA 250.2m)
Debt / FCF = 5.16 (Net Debt 581.2m / FCF TTM 112.6m)
Total Stockholder Equity = 815.8m (last 4 quarters mean from totalStockholderEquity)
RoA = 4.24% (Net Income 82.6m / Total Assets 1.93b)
RoE = 10.12% (Net Income TTM 82.6m / Total Stockholder Equity 815.8m)
RoCE = 10.57% (EBIT 154.0m / Capital Employed (Equity 815.8m + L.T.Debt 642.2m))
RoIC = 6.69% (NOPAT 107.4m / Invested Capital 1.60b)
WACC = 7.03% (E(1.39b)/V(2.11b) * Re(8.97%) + D(725.9m)/V(2.11b) * Rd(4.75%) * (1-Tc(0.30)))
Discount Rate = 8.97% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -0.40 | Cagr: 0.0%
[DCF] Terminal Value 75.01% ; FCFF base≈114.0m ; Y1≈111.5m ; Y5≈112.1m
[DCF] Fair Price = 29.32 (EV 1.75b - Net Debt 581.2m = Equity 1.17b / Shares 40.0m; r=8.35% [WACC [floored]]; 5y FCF grow -3.09% → 2.50% )
EPS Correlation: 42.37 | EPS CAGR: 10.50% | SUE: 0.06 | # QB: 0
Revenue Correlation: 24.95 | Revenue CAGR: 0.68% | SUE: -1.45 | # QB: -4
EPS current Quarter (2026-06-30): EPS=0.52 | Chg30d=+3.64% | Revisions=-25% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.26 | Chg30d=+3.64% | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=2.58 | Chg30d=+1.75% | Revisions=-40% | GrowthEPS=+15.4% | GrowthRev=+6.7%
EPS next Year (2027-12-31): EPS=2.77 | Chg30d=+5.27% | Revisions=+29% | GrowthEPS=+7.1% | GrowthRev=+4.7%
[Analyst] Revisions Ratio: -18% (up=3, down=5)