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Research update: Aurubis

October 31, 2011



Shares recovered back to December 2010 levels

Recent months have seen a period of very high volatility in both stock and commodity markets. Concerns about European and US economic and political problems have also impacted copper prices. These have ranged this year between ...


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Research update: Aurubis

May 18, 2011



Strong first half with sharply improved cash flow

The past weeks have seen strong interim results and Aurubis announce it is buying the copper rolled products division of Scandinavia’s Luvata. ...


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Research update: Aurubis

November 02, 2010



Rising demand – share target price increased

Aurubis should report full year fiscal 2010 results on 14 December. Nine months results to June showed a sales jump of 50%, largely due to rising copper prices. ...


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Research update: Aurubis

May 10, 2010



Driven by China

Aurubis has reported strong first half 2010 results. In the six months to end March the group saw sales up by 50% helped by ...


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Research update: Aurubis

October 26, 2009



Chinese support for “red gold”

Aurubis (formerly Norddeutsche Affinerie) has seen improving results during 2009. However recovery has been driven mostly by continued strong Chinese demand for copper leading to sharply higher commodity prices. European industrial demand has ...


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Research update: Aurubis

April 20, 2009



Better Red than dead – adding to hidden reserves

The Norddeutsche Affinerie group along with its €763m purchase of Cumerio was renamed on 1 April as Aurubis (red gold). We believe significant merger synergies should enhance earnings at ...


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Research update: Norddeutsche Affinerie AG

July 16, 2008



Cumerio - even better than expected

Norddeutsche Affinerie completed the €763m acquisition of Cumerio with full consolidation from 1 March. The new group is Europe's largest copper company, the world's largest copper processor and third largest copper producer worldwide. Recyling operations are among of the world's most technologically advanced and most profitable.

Synergies. Norddeutsche Affinerie may generate annual savings of at least ...


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Research update: Norddeutsche Affinerie

January 29, 2008



Cleared to buy

Norddeutsche Affinerie is Europe's leading copper group. Its smelting plant in Hamburg is the largest in Europe. Recycling operations are amongst the World's technologically most advanced. The group has now launched...


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Research update: Norddeutsche Affinerie

July 04, 2007



Bidding for faster growth

In late June Norddeutsche Affinerie launched a EUR30 per share all-cash bid for Europe's third largest copper group Cumerio of Belgium. The deal is worth EUR777m. The industrial logic is strong with synergies and significant scope for cost savings. We do not expect major...


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Research: Norddeutsche Affinerie

November 21, 2006



Solid earnings and rising dividend

Norddeutsche Affinerie is Europe's leading copper group. Its ore smelting plant in Hamburg is the largest in Europe. Recycling operations are amongst the world's technologically most advanced. Underlying profits were ...


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