By Maitane Sardon

Shares in Umicore SA dropped Wednesday at the market opening after the company released new financial targets ahead of its capital markets day.

The Belgian mobility materials company said it aims to double its revenue and earn a 15% return on capital employed by 2030. In 2021, Umicore's revenue totaled 4.0 billion euros ($4.21 billion).

The company also said it is targeting a margin on earnings before interest, taxes, depreciation, and amortization of more than 20% in the period and plans to invest roughly 5 billion euros between 2022 and 2026.

Bernstein analysts said in a research note that the targets look achievable but that Umicore's near-term returns are likely going to be lower than expected.

At 0728 GMT, shares traded 12.4% lower at EUR33.22.

Write to Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

June 22, 2022 03:52 ET (07:52 GMT)

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