QM · rank #17 · 2026-10-26
NDA
XETRA · EUR · $7.55B (USD)
The exact numbers the algorithm saw.
| Momentum 12-1 Return from 12 months ago to 1 month ago. | +64.63% |
|---|---|
| ROE TTM Return on equity, trailing 12 months. | +18.3% |
| Profit margin Net profit margin, trailing 12 months. | +4.5% |
| Market cap (USD) Size filter: > $300M required (USD-equivalent). | $7.55B |
| Anchor (recent) Close on 2026-09-25 | $167.90 |
| Anchor (far) Close on 2025-09-26 | $101.98 |
The AI research card
Independent qualitative review of each pick before the order is placed. On the rare day the research service is unavailable, the paper book trades on the quant ranking alone and no card appears here.
Summary
Aurubis is Europe's dominant integrated copper smelter and the world's largest copper recycler, processing primary concentrates and complex secondary materials into copper, precious metals, tin, and nickel across Hamburg, Lünen, Pirdop, and Richmond.
Rationale
The 65% trailing momentum aligns with a genuine earnings inflection—9M operating EBT up 31% YoY with guidance reaffirmed toward the upper end of €425–525M—suggesting price is tracking a real fundamental re-rating rather than pure sentiment rotation.
Material risks
- 1Negative nine-month free cash flow of -€28M against €322M capex outflow, with Pirdop tankhouse inventory build and three concurrent major projects (Hamburg preprocessing, Complex Recycling Hamburg, Richmond) creating meaningful execution and working-capital risk that could stall the earnings trajectory.
- 2Treatment and refining charge compression—Aurubis earns on the spread between concentrate/scrap input costs and refined metal output, so a tightening TC/RC environment or scrap premium squeeze can erode operating EBT even if copper prices and revenues rise.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 3 of 3 voted to proceed.