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Recycler of steel-industry dust and aluminum salt slag, recovering zinc and aluminum for resale to metal producers.
Recycler of steel-industry dust and aluminum salt slag, recovering zinc and aluminum for resale to metal producers.
Is paid twice: steel mills pay it a fee to take their dust, which counts as hazardous waste, and it then sells the zinc recovered to smelters, so zinc prices and the processing charge decide results. Salt slag from aluminium recycling is handled the same way. Steel dust is by far the larger business.
In one line: A specialized European metals-recycling company.
Moat: narrow (regulatory licence, scale, process know-how). Environmental-permit-protected recycling plants with high barriers to entry, and a leading market share in EU steel-dust recycling.
Headquarters: Luxembourg / Duesseldorf, Germany · Founded: 1997 · Employees: 1,796
Size Befesa (BFSA.DE) is a Germany Industrials company (Environmental Services) with a market value of $1.67B, the 116th largest of 205 Germany companies the cockpit tracks. Shares closed at €37.15 on 6 Nov 2026.
Performance Over six months the shares gained 6.0%, against -14.9% for the median peer and +2.6% for the Germany market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 2.0% over the last twelve months (peer median +3.0%).
Valuation It trades at 13.0× forward earnings against a peer median of 14.1× (6th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -11 pp: the price already allows for a slowdown.
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.19B | €1.18B | €1.24B | €1.18B | €1.14B |
| Revenue growth | — | -5% | +5% | +4% | — |
| Gross profit | n/a | €161M | €130M | €87.8M | €88.1M |
| EBITDA | n/a | €225M | €189M | €150M | €141M |
| Net income | €87.8M | €80.5M | €50.8M | €58.0M | €106M |
| Free cash flow | n/a | €104M | €75.0M | €15.9M | €33.1M |
| Capital expenditure | n/a | €76.1M | €78.6M | €105M | €107M |
| Total debt | n/a | €691M | €717M | €705M | €706M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Befesa BFSA.DE | $1.67B | +6% | -2% | n/a | 13.0× | 3.1% |
| Boliden BOL.ST | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% |
| Derichebourg DBG.PA | $1.42B | -24% | -3% | 5% | 8.9× | 6.8% |
| Glencore GLEN.L | $78.0B | -14% | +27% | 2% | 10.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BFSA.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.2% | 0.0% | 5th highest of 21 |
| 6-month return | +6.0% | -14.9% | 3rd highest of 21 |
| Distance from 52-week high | -3.5% | -30.2% | highest of 21 |
| Revenue growth (TTM) | -2.0% | +3.0% | 5th lowest of 21 |
| Forward P/E | 13.0× | 14.1× | 6th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 3.1% | -3.6% | 5th most demanding of 13 |
| Growth delivered (Del g) | +14.4% | +9.8% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | -11.3 pp | -10.3 pp | 7th least demanding of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Befesa BFSA.DE | Germany | $1.67B | +6% | -2% | n/a | 13.0× | 3.1% | +14.4% |
| China Tianying 000035.SZ | China | $1.64B | -30% | -1% | 16% | 21.9× | n/a | n/a |
| Hunan Junxin Environmental Protection 301109.SZ | China | $1.73B | -9% | +1% | n/a | 14.2× | n/a | n/a |
| Shanghai Environment 601200.SS | China | $1.40B | -16% | -10% | 18% | 14.7× | -2.6% | +6.8% |
| Wuhan Tianyuan 301127.SZ | China | $1.31B | -5% | +5% | 17% | 31.1× | n/a | n/a |
| Wangneng Environment 002034.SZ | China | $1.12B | -15% | 0% | 30% | 9.6× | -13.6% | +14.1% |
| Beijing GeoEnviron Engineering & Technology 603588.SS | China | $2.55B | -23% | +50% | 12% | 10.5× | 2.7% | +16.6% |
| Daiei Kankyo 9336.T | Japan | $2.57B | +8% | +14% | 26% | 24.2× | 4.2% | +7.4% |
| Zhongyuan Environmental Protection 000544.SZ | China | $1.05B | -15% | 0% | 32% | 5.1× | n/a | n/a |
| Daiseki 9793.T | Japan | $1.02B | -20% | +4% | 21% | 14.0× | -7.6% | +6.9% |
| China Sciences Ecorizon Tech 301175.SZ | China | $1.01B | -7% | +42% | 25% | 18.1× | n/a | n/a |
| Huaxin Resources Technology 301265.SZ | China | $1,000M | -14% | +13% | 7% | n/a | n/a | n/a |
| EIT Environmental Development 300815.SZ | China | $962M | -25% | +4% | 13% | 10.7× | -7.0% | +12.3% |
| Cleanaway 8422.TW | Taiwan | $937M | -20% | +5% | 30% | 21.0× | n/a | n/a |
| Onterris ONT | United States | $770M | -1% | -1% | 1% | n/a | 44.1% | +20.4% |
| Shenzhen Lions King Hi-Tech 301305.SZ | China | $758M | -22% | +19% | 18% | 13.4× | n/a | n/a |
| Grandblue Environment 600323.SS | China | $3.78B | -3% | +24% | 24% | 11.0× | -4.7% | +13.3% |
| China Resources and Environment 600217.SS | China | $719M | -24% | -19% | -8% | n/a | -13.6% | -2.2% |
| Seche Environnement SCHP.PA | France | $689M | -7% | +2% | 6% | 19.9× | 4.8% | +13.3% |
| Jiangxi JDL Environmental Protection 688057.SS | China | $662M | +28% | -22% | -6% | n/a | -5.3% | -19.8% |
| QiaoYin City Management 002973.SZ | China | $661M | -14% | -12% | 10% | 14.0× | 8.9% | +4.9% |