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REDDIT

Campine nv - the metal recycling company with a strong moat - the only company in the world that recycles antimony (&-trioxide) - from waste

H
Jan 25, 2026 · 13:40

I think many are overlooking Campine nv - many people look at UAMY and think it is the only Antimony smelting company in the western hemisphere - but Campine nv is doing it since decades and has a huge competetive advantage against UAMY, since Campine is the only company in the world, that can recycle antimony trioxide (and now also Antiomy ingots) from waste streams. of course will the 2025 results be hard to duplicate since the prices of antimony have descended quiet a bit from their highs of around 60.000$ per ton but even with current prices or even lower - the 2026 results will be very good and in 2027 their third generation recycling technology will be implemented in the (in september 2025) aquired ecobat plants which will bring up antimony recycling rate to 50%! they are capabale of recycling 18.000 tons of antimony trioxide per year so assuming prices of 25.000€ per ton for 2026 on average this will lead to around 500 million€ in revenues (conservatively speaking, since they also recyle over 200K tons of lead and also a very small amount of gold, silver tin and PET etc!
24€ EPS for first half of 2025 - i guess 35€ for the entire year of 2025 so P/E at 230€ share price is currently 6.5
even with falling prices this wont go over P/E of 10 at current share prices! the company is incredibly well run since the "new" ceo took over a few years back - just look what they accomplished ever since!
I think the market is overlooking the fact that they are also producing antimony from now on and not just antimony trioxide - antimony is a jack of all trades if you read a bit about it: batteries, chips, fireretardants, solar panels etc. the list goes on quiet a bit!
has anyone of you guys ever delved a bit deeper into this little belgian company?