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Aurubis
(XETRA:NDA)
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Rating:82Outperform
Price Target:
€198.00
▲(3.94% Upside)
Action:Reiterated
Date:05/14/26
The score is driven by a very strong balance sheet and an inexpensive valuation (low P/E), supported by clear bullish price trends and positive momentum. The main constraint is weak and inconsistent free cash flow conversion, which reduces financial quality despite improved profitability.
Positive Factors
Very strong balance sheet / low leverage
Very low leverage and a growing equity base give Aurubis durable financial flexibility. This supports capital allocation for maintenance capex, recycling investments, and cyclical downturns without heavy refinancing, reducing insolvency risk and enabling strategic options over 2–6 months.
Negative Factors
Weak free cash flow conversion
Persistent weak FCF versus reported profits indicates earnings do not consistently convert to distributable cash. Heavy investment needs and working-capital swings can constrain dividends, buybacks or organic expansion, limiting financial returns and flexibility over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Very strong balance sheet / low leverage
Very low leverage and a growing equity base give Aurubis durable financial flexibility. This supports capital allocation for maintenance capex, recycling investments, and cyclical downturns without heavy refinancing, reducing insolvency risk and enabling strategic options over 2–6 months.
Read all positive factors
Aurubis (NDA) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€7.47B
Dividend Yield1.26%
Average Volume (3M)143.34K
Price to Earnings (P/E)8.1
Beta (1Y)1.06
Revenue Growth12.36%
EPS Growth32.55%
CountryDE
Employees7,190
SectorGeneral
Sector StrengthN/A
IndustryCopper
Share Statistics
EPS (TTM)21.10
Shares Outstanding44,956,722
10 Day Avg. Volume182,420
30 Day Avg. Volume143,336
Financial Highlights & Ratios
PEG Ratio0.29
Price to Book (P/B)0.92
Price to Sales (P/S)0.26
P/FCF Ratio-55.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€185.40Price Target Upside-2.68% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)8.93
Revenue Forecast (FY)€24.16B
Aurubis Business Overview & Revenue Model
Company Description
Headquartered in Hamburg, Germany, Aurubis AG specializes in the advanced processing of metal concentrates and diverse recycling materials. The company's operations leverage a broad array of inputs, encompassing various scrap metals, both organic ...
How the Company Makes Money
Aurubis makes money mainly by processing copper concentrates and recycling materials into saleable metals and metal products, earning revenue from (1) sales of copper products and (2) processing-related income plus (3) sales of by-products and rec...
Aurubis Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 20.33B | 18.17B | 17.14B | 17.11B | 18.52B | 16.37B |
| Gross Profit | 1.71B | 996.00M | 1.67B | 1.09B | 1.81B | 1.91B |
| EBITDA | 1.49B | 981.00M | 770.86M | 372.10M | 1.12B | 1.04B |
| Net Income | 920.94M | 539.00M | 416.10M | 140.93M | 714.67M | 612.80M |
Balance Sheet | ||||||
| Total Assets | 10.63B | 8.97B | 7.85B | 7.26B | 7.45B | 6.61B |
| Cash, Cash Equivalents and Short-Term Investments | 167.00M | 355.00M | 364.21M | 609.72M | 766.37M | 974.65M |
| Total Debt | 524.00M | 541.00M | 383.22M | 262.67M | 327.50M | 581.31M |
| Total Liabilities | 4.86B | 3.96B | 3.29B | 3.01B | 3.19B | 3.17B |
| Stockholders Equity | 5.77B | 5.01B | 4.55B | 4.24B | 4.26B | 3.44B |
Cash Flow | ||||||
| Free Cash Flow | -2.00M | -83.00M | -309.20M | -52.28M | -59.23M | 559.64M |
| Operating Cash Flow | 651.00M | 675.00M | 537.47M | 572.71M | 287.82M | 812.08M |
| Investing Cash Flow | -657.00M | -769.00M | -725.82M | -609.70M | -201.26M | -232.06M |
| Financing Cash Flow | -199.00M | 91.00M | 17.20M | -174.52M | -347.17M | -95.95M |
Aurubis Technical Analysis
Negative
190.50
Price Trends
193.26
Negative
181.88
Negative
155.14
Positive
Market Momentum
-5.76
Negative
40.42
Neutral
57.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:NDA, the sentiment is Negative. The current price of 190.5 is above the 20-day moving average (MA) of 178.60, below the 50-day MA of 193.26, and above the 200-day MA of 155.14, indicating a neutral trend. The MACD of -5.76 indicates Negative momentum. The RSI at 40.42 is Neutral, neither overbought nor oversold. The STOCH value of 57.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:NDA.
Aurubis Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | €7.47B | 8.11 | 17.46% | 1.26% | 12.36% | 32.55% | |
63 Neutral | €3.12B | 17.15 | 13.75% | 1.93% | 4.88% | -1.67% | |
63 Neutral | €8.60B | 37.68 | 5.27% | 4.30% | -9.48% | -56.88% | |
62 Neutral | €43.33B | 24.66 | 5.24% | 5.16% | -8.89% | 1387.00% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | €1.26B | -0.24 | 216.40% | ― | ― | ― |
* General Sector Average
DE:NDA
Aurubis
171.10
78.03
83.83%
DE:BAS
BASF SE
48.55
6.84
16.41%
DE:B5A0
Bauer AG
6.00
-0.50
-7.69%
DE:BYW
BayWa AG
10.00
0.58
6.12%
DE:GBF
Bilfinger
83.55
-8.60
-9.33%
DE:BNR
Brenntag AG
59.54
5.87
10.94%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.