Befesa Management
Management criteria checks 2/4
Befesa's CEO is Asier Zarraonandia Ayo, appointed in Jul 2022, has a tenure of 3.83 years. total yearly compensation is €2.48M, comprised of 34.8% salary and 65.2% bonuses, including company stock and options. directly owns 0.18% of the company’s shares, worth €2.41M. The average tenure of the management team and the board of directors is 3.8 years and 6.8 years respectively.
Key information
Asier Zarraonandia Ayo
Chief executive officer
€2.5m
Total compensation
| CEO salary percentage | 34.82% |
| CEO tenure | 3.8yrs |
| CEO ownership | 0.2% |
| Management average tenure | 3.8yrs |
| Board average tenure | 6.8yrs |
Recent management updates
Recent updates
Narrative Update • Apr 27
BFSA: Higher P/E Assumptions Will Support A Re Rating Narrative
Analysts have lifted their average price target on Befesa by about €2.50 to roughly €39.50, citing updated assumptions on revenue growth, profit margins and future P/E multiples that are in line with recent target increases from several banks. Analyst Commentary Recent research updates on Befesa have focused on fine tuning valuation assumptions as price targets move into the mid to high €30s.
Narrative Update • Apr 13
BFSA: Slightly Higher Assumptions And Lower Discount Rate May Support Re Rating
Analysts have raised their average price target on Befesa by €1, citing research updates that reflect slightly higher long term growth and profitability assumptions, along with a modestly lower discount rate in their valuation models. Analyst Commentary Recent research on Befesa has focused on fine tuning price targets rather than making sweeping changes to ratings.Narrative Update • Mar 30
BFSA: Higher Revenue And Margin Assumptions Will Support Future Re Rating Potential
Analysts have maintained Befesa's fair value estimate at €33.00, while recent price target increases from Deutsche Bank, Berenberg and Citi indicate slightly stronger confidence, supported by modestly higher revenue growth, profit margin and future P/E assumptions in updated models. Analyst Commentary Recent research updates have lifted formal price targets into a €36 to €40 range, but the tone around the shares is not uniformly upbeat.Narrative Update • Mar 16
BFSA: Higher P/E Assumptions And Modest Margin Gains Will Drive Future Upside Potential
Analysts have increased the fair value estimate for Befesa by €1 to €33. They point to updated assumptions around revenue growth, profit margins and future P/E multiples that align broadly with recent Street price target increases into the €36 to €40 range.Narrative Update • Mar 02
BFSA: Revised Profitability And P/E Assumptions Will Shape Future Risk Reward Balance
Analysts have lifted their price target on Befesa by €4 to €32, citing updated assumptions for revenue growth, profit margins, and future P/E that support a slightly lower discount rate in their valuation work. Analyst Commentary While the higher €32 price target reflects updated assumptions in the latest research, bearish analysts are still flagging several risks that they feel limit upside and keep them cautious on the stock.Narrative Update • Feb 16
BFSA: Higher Profitability Assumptions Will Shape Future Risk Reward Balance
Analysts have raised their price target on Befesa by €4 to €32. This reflects updated views on fair value, revenue growth, profit margins and future P/E assumptions.
Narrative Update • Feb 01
BFSA: Refined Discount Rate And Margins Will Support Future Earnings Re Rating
Analysts have trimmed their price target on Befesa to €29 from €30, citing refreshed assumptions around the discount rate, revenue growth, profit margin and future P/E. These factors together support a slightly more cautious stance, while keeping the overall fair value framework broadly unchanged.Narrative Update • Jan 18
BFSA: Refined Discount Rate And Margin Outlook Will Support Long Term Earnings
Analysts have trimmed their price target on Befesa to €29 from €30, citing refreshed assumptions around discount rates, revenue growth, profit margin and future P/E that support a slightly more cautious stance while keeping the overall fair value framework broadly unchanged. Analyst Commentary Recent commentary points to a more fine tuned view of Befesa, with the updated €29 price target reflecting refreshed model inputs rather than a radical shift in conviction.Analysis Article • Jan 06
At €30.54, Is Befesa S.A. (ETR:BFSA) Worth Looking At Closely?
While Befesa S.A. ( ETR:BFSA ) might not have the largest market cap around , it saw a decent share price growth of 13...Narrative Update • Jan 04
BFSA: Steel Dust Recycling Expansion Will Drive Stronger Long Term Earnings Outlook
Narrative Update on Befesa Analysts have modestly lifted their blended price target on Befesa, reflecting a more optimistic view on long term profitability and valuation multiples, even as near term revenue growth expectations have been tempered. Analyst Commentary Recent Street research on Befesa presents a mixed but gradually improving outlook, with modest adjustments to price targets reflecting evolving views on the company’s execution and earnings trajectory.Analysis Article • Dec 19
Is Befesa (ETR:BFSA) Using Too Much Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...Narrative Update • Dec 15
BFSA: Steel Dust Recycling Expansion Will Drive Stronger Earnings Outlook
Analysts have modestly increased their price target on Befesa from EUR 42 to EUR 44, reflecting slightly stronger revenue growth expectations and sector tailwinds highlighted in recent research, despite only incremental changes to margins and discount rates. Analyst Commentary Bullish analysts have become incrementally more constructive on Befesa over recent weeks, highlighting improving growth prospects in core end markets and a clearer execution path on expansion projects.Analysis Article • Sep 24
Befesa S.A.'s (ETR:BFSA) Subdued P/E Might Signal An Opportunity
When close to half the companies in Germany have price-to-earnings ratios (or "P/E's") above 19x, you may consider...Narrative Update • Sep 20
Decarbonization And Circular Economy Will Expand Recycling Demand
Analysts have modestly raised Befesa’s price target to €36.94, highlighting its strong market position, earnings momentum, capital discipline, and attractive valuation despite some near-term volume and pricing headwinds. Analyst Commentary Bullish analysts highlight Befesa’s strong positioning to benefit from growth in the steel dust recycling market.Analysis Article • Aug 02
Befesa S.A. (ETR:BFSA) Half-Year Results Just Came Out: Here's What Analysts Are Forecasting For This Year
As you might know, Befesa S.A. ( ETR:BFSA ) recently reported its interim numbers. Results look mixed - while revenue...Analysis Article • May 30
Is Befesa (ETR:BFSA) A Risky Investment?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • May 14
Investors Still Aren't Entirely Convinced By Befesa S.A.'s (ETR:BFSA) Earnings Despite 26% Price Jump
The Befesa S.A. ( ETR:BFSA ) share price has done very well over the last month, posting an excellent gain of 26%. But...Analysis Article • Apr 30
Is There An Opportunity With Befesa S.A.'s (ETR:BFSA) 41% Undervaluation?
Key Insights Using the 2 Stage Free Cash Flow to Equity, Befesa fair value estimate is €42.51 Befesa's €25.20 share...
New Narrative • Feb 11
Palmerton Expansion And Cost Reductions Will Improve US Zinc Recycling Operations
Befesa anticipates significant EBITDA growth from improved zinc hedging, expanded U.S. recycling, and cost reductions in zinc refining operations.Analysis Article • Jan 31
Fewer Investors Than Expected Jumping On Befesa S.A. (ETR:BFSA)
It's not a stretch to say that Befesa S.A.'s ( ETR:BFSA ) price-to-earnings (or "P/E") ratio of 15.7x right now seems...Analysis Article • Nov 08
Befesa's (ETR:BFSA) Solid Earnings May Rest On Weak Foundations
The stock price didn't jump after Befesa S.A. ( ETR:BFSA ) posted decent earnings last week. Our analysis showed that...Analysis Article • Nov 04
Is Befesa (ETR:BFSA) Using Too Much Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • Oct 17
Should You Think About Buying Befesa S.A. (ETR:BFSA) Now?
Befesa S.A. ( ETR:BFSA ), is not the largest company out there, but it received a lot of attention from a substantial...Analysis Article • Sep 29
Potential Upside For Befesa S.A. (ETR:BFSA) Not Without Risk
It's not a stretch to say that Befesa S.A.'s ( ETR:BFSA ) price-to-earnings (or "P/E") ratio of 18.6x right now seems...Analysis Article • Jul 31
Befesa S.A. Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year
Last week, you might have seen that Befesa S.A. ( ETR:BFSA ) released its half-year result to the market. The early...Analysis Article • Jun 19
Befesa (ETR:BFSA) Has Announced That Its Dividend Will Be Reduced To €0.73
Befesa S.A. ( ETR:BFSA ) has announced that on 25th of June, it will be paying a dividend of€0.73, which a reduction...Analysis Article • May 26
Befesa S.A. (ETR:BFSA) Stocks Shoot Up 27% But Its P/E Still Looks Reasonable
Befesa S.A. ( ETR:BFSA ) shares have had a really impressive month, gaining 27% after a shaky period beforehand. But...Analysis Article • Apr 25
Befesa's (ETR:BFSA) Dividend Is Being Reduced To €0.73
Befesa S.A.'s ( ETR:BFSA ) dividend is being reduced from last year's payment covering the same period to €0.73 on the...Analysis Article • Apr 16
Is Befesa S.A. (ETR:BFSA) Potentially Undervalued?
While Befesa S.A. ( ETR:BFSA ) might not have the largest market cap around , it received a lot of attention from a...Analysis Article • Mar 27
Why Befesa's (ETR:BFSA) Shaky Earnings Are Just The Beginning Of Its Problems
The subdued market reaction suggests that Befesa S.A.'s ( ETR:BFSA ) recent earnings didn't contain any surprises. We...Analysis Article • Mar 06
Befesa (ETR:BFSA) Has Announced That Its Dividend Will Be Reduced To €0.73
Befesa S.A. ( ETR:BFSA ) is reducing its dividend to €0.73 on the 25th of Junewhich is 42% less than last year's...Analysis Article • Jan 05
What You Can Learn From Befesa S.A.'s (ETR:BFSA) P/E
With a price-to-earnings (or "P/E") ratio of 28.5x Befesa S.A. ( ETR:BFSA ) may be sending very bearish signals at the...Analysis Article • Dec 17
What Is Befesa S.A.'s (ETR:BFSA) Share Price Doing?
Befesa S.A. ( ETR:BFSA ), is not the largest company out there, but it received a lot of attention from a substantial...Analysis Article • Oct 04
Befesa (ETR:BFSA) Has A Somewhat Strained Balance Sheet
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...Analysis Article • Aug 31
Is Now An Opportune Moment To Examine Befesa S.A. (ETR:BFSA)?
Befesa S.A. ( ETR:BFSA ), is not the largest company out there, but it received a lot of attention from a substantial...Analysis Article • Jul 05
Does Befesa (ETR:BFSA) Have A Healthy Balance Sheet?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • May 27
An Intrinsic Calculation For Befesa S.A. (ETR:BFSA) Suggests It's 50% Undervalued
Key Insights Befesa's estimated fair value is €73.81 based on 2 Stage Free Cash Flow to Equity Befesa is estimated to...Analysis Article • May 10
Befesa (ETR:BFSA) Is Paying Out A Dividend Of €1.25
The board of Befesa S.A. ( ETR:BFSA ) has announced that it will pay a dividend of €1.25 per share on the 20th of June...Analysis Article • Mar 24
At €42.40, Is Befesa S.A. (ETR:BFSA) Worth Looking At Closely?
Befesa S.A. ( ETR:BFSA ), is not the largest company out there, but it received a lot of attention from a substantial...Analysis Article • Feb 20
Estimating The Intrinsic Value Of Befesa S.A. (ETR:BFSA)
Key Insights The projected fair value for Befesa is €62.49 based on 2 Stage Free Cash Flow to Equity Current share...Analysis Article • Feb 05
Does Befesa (ETR:BFSA) Have A Healthy Balance Sheet?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...Analysis Article • Dec 16
Is It Time To Consider Buying Befesa S.A. (ETR:BFSA)?
While Befesa S.A. ( ETR:BFSA ) might not be the most widely known stock at the moment, it saw a significant share price...CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | n/a | n/a | €83m |
| Dec 31 2025 | n/a | n/a | €81m |
| Sep 30 2025 | n/a | n/a | €87m |
| Jun 30 2025 | n/a | n/a | €71m |
| Mar 31 2025 | n/a | n/a | €60m |
| Dec 31 2024 | €2m | €862k | €51m |
| Sep 30 2024 | n/a | n/a | €55m |
| Jun 30 2024 | n/a | n/a | €58m |
| Mar 31 2024 | n/a | n/a | €52m |
| Dec 31 2023 | €2m | €525k | €58m |
| Sep 30 2023 | n/a | n/a | €47m |
| Jun 30 2023 | n/a | n/a | €76m |
| Mar 31 2023 | n/a | n/a | €94m |
| Dec 31 2022 | €2m | €444k | €106m |
| Sep 30 2022 | n/a | n/a | €125m |
| Jun 30 2022 | n/a | n/a | €104m |
| Mar 31 2022 | n/a | n/a | €102m |
| Dec 31 2021 | €5m | €362k | €100m |
| Sep 30 2021 | n/a | n/a | €78m |
| Jun 30 2021 | n/a | n/a | €73m |
| Mar 31 2021 | n/a | n/a | €58m |
| Dec 31 2020 | €2m | €362k | €48m |
| Sep 30 2020 | n/a | n/a | €53m |
| Jun 30 2020 | n/a | n/a | €61m |
| Mar 31 2020 | n/a | n/a | €75m |
| Dec 31 2019 | €789k | €357k | €83m |
Compensation vs Market: Asier's total compensation ($USD2.88M) is above average for companies of similar size in the German market ($USD1.92M).
Compensation vs Earnings: Asier's compensation has increased by more than 20% in the past year.
CEO
Asier Zarraonandia Ayo (58 yo)
3.8yrs
Tenure
€2,475,281
Compensation
Mr. Asier Zarraonandia Ayo, B.Econ, B.Com., is Chief Executive Officer of Befesa Medio Ambiente S.L. Mr. Ayo serves as Chief Executive Officer of Befesa Zinc. Since 2006.He served as a Vice-President of S...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive Chair | 8.6yrs | €2.63m | 0.35% € 4.8m | |
| CEO & Executive Director | 3.8yrs | €2.48m | 0.17% € 2.4m | |
| CFO and Director of Investor Relations & Strategy | 18.3yrs | no data | no data | |
| Board Secretary & General Counsel | no data | no data | no data |
3.8yrs
Average Tenure
Experienced Management: BFSA's management team is considered experienced (3.8 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive Chair | 8.6yrs | €2.63m | 0.35% € 4.8m | |
| CEO & Executive Director | 6.8yrs | €2.48m | 0.17% € 2.4m | |
| Independent Non-Executive Director | 6.8yrs | €120.00k | no data | |
| Independent Non-Executive Director | 8.6yrs | €90.00k | no data | |
| Lead Independent Non-Executive Director | 8.6yrs | €160.00k | no data | |
| Independent Director | 2.6yrs | €90.00k | no data | |
| Non-Executive Independent Director | 3.9yrs | €100.00k | no data | |
| Independent Director | 1.8yrs | €45.00k | no data |
6.8yrs
Average Tenure
65yo
Average Age
Experienced Board: BFSA's board of directors are considered experienced (6.8 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/25 22:31 |
| End of Day Share Price | 2026/05/25 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Befesa S.A. is covered by 21 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Jaime Escribano | Banco Santander |
| Carlos Javier Treviño Peinador | Banco Santander |
| Lasse Stueben | Berenberg |