New Risk • Apr 02
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 70% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (70% net debt to equity). Dividend is not well covered by cash flows (130% cash payout ratio). Reported Earnings • Mar 23
Full year 2025 earnings released Full year 2025 results: Revenue: €2.24b (flat on FY 2024). Net income: €146.3m (up 12% from FY 2024). Profit margin: 6.5% (up from 5.9% in FY 2024). New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (51% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.8% net profit margin). New Risk • Jan 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Belgian stocks, typically moving 5.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (51% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.0% average weekly change). Profit margins are more than 30% lower than last year (2.8% net profit margin). Reported Earnings • Sep 03
First half 2025 earnings released First half 2025 results: Revenue: €1.15b (up 7.0% from 1H 2024). Net income: €78.1m (down 47% from 1H 2024). Profit margin: 6.8% (down from 14% in 1H 2024). The decrease in margin was driven by higher expenses. New Risk • Aug 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 51% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (51% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.8% net profit margin). New Risk • Mar 31
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 61% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (61% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: €380 (vs €357 in FY 2023) Full year 2024 results: EPS: €380. Revenue: €2.22b (up 5.7% from FY 2023). Net income: €131.3m (down 16% from FY 2023). Profit margin: 5.9% (down from 7.4% in FY 2023). The decrease in margin was driven by higher expenses. New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jan 13
PQ Corporation acquired Specialty silicate business of SCR-Sibelco N.V. (ENXTBR : 094426466). PQ Corporation agreed to acquire Specialty silicate business of SCR-Sibelco N.V. (ENXTBR : 094426466) on December 2, 2024. The transaction is subject to approval by regulatory board / committee. The expected completion of the transaction is early 2025.
PQ Corporation completed the acquisition of Specialty silicate business of SCR-Sibelco N.V. (ENXTBR : 094426466) on January 13, 2025. Announcement • Oct 11
Sibelco Restarts Production and Customer Shipments At Spruce Pine Following Hurricane Helene Sibelco announced the restart of production at its Spruce Pine high purity quartz mining and processing operations following the disruption caused by Hurricane Helene. The company previously announced that all its employees are safe. Sibelco also announced that it has restarted shipments to customers and that both production and shipments are progressively ramping up to full capacity. Sibelco, with support from its contractors, has been contributing to the local recovery efforts by clearing debris, repairing roads, providing road building materials to the North Carolina Department of Transportation, installing temporary power generators for emergency shelters and local businesses, and working with the town of Spruce Pine to restart water supply to residents. Reported Earnings • Sep 02
First half 2024 earnings released First half 2024 results: Revenue: €1.08b (up 2.0% from 1H 2023). Net income: €145.9m (up 38% from 1H 2023). Profit margin: 14% (up from 10.0% in 1H 2023). The increase in margin was primarily driven by higher revenue. Announcement • Aug 21
Avalon Advanced Materials Inc. in Conjunction with Its Joint-Venture Partner SCR-Sibelco NV Reports the Second and Final Batch of Drill Results for the 2024 Winter Drill Campaign Avalon Advanced Materials Inc. in conjunction with its Joint-Venture ("JV") partner SCR-Sibelco NV ("Sibelco"), reported the second and final batch of drill results for the 2024 winter drill campaign (which totaled 10 holes) from the Separation Rapids Project in Kenora, Ontario (the "Project"). The 2024 winter drill campaign was conducted by the Joint Venture Company Separation Rapids Ltd., which is 60% owned by Sibelco and 40% owned by Avalon. The results represent 199 assay results from 5 diamond drill holes completed as part of the 2024 expansion and infill drill campaign at the current 750m strike length Big Whopper Deposit. The drill program was intended to upgrade the 2023 Mineral Resource Estimation classification as well as to expand the mineral resources. Drill Highlights includes from Big Whopper Deposit: SR24-121 intersected 1.54% Li2O over 136.95 meters from 321.00m including 2.28% Li2O over 4.00 meters from 421.00m. SR24-119 intersected 1.87% Li2O over 17.15 meters from 284.40m SR24-120 intersected 1.60% Li2O over 12.80 meters from 66.15m. All quoted intersections comprise a cutoff grade of 0.5% Li2O. All significant assay intervals with true widths are reported in Table 1. Scott Monteith, CEO and Director, commented, " These exceptional results taken over very long intervals are a clear indication of the highly efficient drilling program by JV Partner Sibelco. Another long, massive intercept on Hole SR24-121 will be key to growing the mineral resource base. What is exceptionally exciting is the depth potential, with hole SR24-121 effectively intersecting 136.95m mineralization from 321m downhole. This hole supports belief that the company have barely begun to uncover the potential of lithium resources at the Separation Rapids deposit. With its objectives for the 2024 winter drilling campaign accomplished, the company look forward to the upcoming Mineral Resource Estimate". The results from the second batch of the 2024 drill campaign continues to identify mineralization below the current resource pit shell with drill hole SR24-121 intersecting values 0. 5% Li2O over a 136-meter interval, opening the main zone at depth. Eastern drilling shows promise of possible extension to the current resource boundaries. An updated Mineral Resource Estimate (MRE) is planned for Third Quarter of 2024 which will include results of the 2024 winter drill campaign. Total drill meterage will increase from 18,500 meters of drilling to 26,241 meters. A property wide mapping and sampling program was completed in late July 2024 with a focus on satellite targets and areas of limited geological data for further evaluation of the promising potential on the property. This mapping program covered approximately 5 kilometers along strike and is currently being modelled and interpreted for further evaluation. Four drill holes returned significant drill intercepts greater >/=0.5% Li2O". Announcement • Jun 06
SCR-Sibelco N.V. (ENXTBR:094426466) completed the acquisition of Strategic Materials, Inc. SCR-Sibelco N.V. (ENXTBR:094426466) entered into a definitive agreement to acquire Strategic Materials, Inc. on April 23, 2024. Subject to receipt of U.S. regulatory clearances and the satisfaction of other customary closing conditions, the transaction is expected to close towards the end of Q2 2024 or early Q3 2024. SCR-Sibelco is being represented by Lazard as lead financial advisor and by Latham & Watkins as lead legal counsel on this transaction, whereas Strategic Materials is being represented by Ankura Consulting Group as lead financial advisor and by Arnold & Porter as lead legal counsel.SCR-Sibelco N.V. (ENXTBR:094426466) completed the acquisition of Strategic Materials, Inc. on June 4, 2024. Announcement • Apr 24
SCR-Sibelco N.V. (ENXTBR:094426466) entered into a definitive agreement to acquire Strategic Materials, Inc. SCR-Sibelco N.V. (ENXTBR:094426466) entered into a definitive agreement to acquire Strategic Materials, Inc. on April 23, 2024. Subject to receipt of U.S. regulatory clearances and the satisfaction of other customary closing conditions, the transaction is expected to close towards the end of Q2 2024 or early Q3 2024. SCR-Sibelco is being represented by Lazard as lead financial advisor and by Latham & Watkins as lead legal counsel on this transaction, whereas Strategic Materials is being represented by Ankura Consulting Group as lead financial advisor and by Arnold & Porter as lead legal counsel. Reported Earnings • Mar 21
Full year 2023 earnings released Full year 2023 results: Revenue: €2.10b (up 4.7% from FY 2022). Net income: €155.3m (up 18% from FY 2022). Profit margin: 7.4% (up from 6.5% in FY 2022). The increase in margin was driven by higher revenue. New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.2% average weekly change). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). New Risk • Mar 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Belgian stocks, typically moving 6.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €6,200, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 10x in the Metals and Mining industry in Europe. Total returns to shareholders of 10.0% over the past three years. Reported Earnings • Aug 31
First half 2023 earnings released First half 2023 results: Revenue: €1.06b (up 8.6% from 1H 2022). Net income: €105.6m (up 22% from 1H 2022). Profit margin: 10.0% (up from 8.9% in 1H 2022). The increase in margin was driven by higher revenue. Upcoming Dividend • May 03
Upcoming dividend of €87.90 per share at 2.6% yield Eligible shareholders must have bought the stock before 10 May 2023. Payment date: 12 May 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Belgian dividend payers (6.2%). Lower than average of industry peers (8.7%). Reported Earnings • Mar 14
Full year 2022 earnings released Full year 2022 results: Revenue: €2.01b (up 20% from FY 2021). Net income: €131.3m (up 75% from FY 2021). Profit margin: 6.5% (up from 4.5% in FY 2021). The increase in margin was driven by higher revenue.