The market prices Umicore as a bet on electric vehicles, and has marked it down as EV demand cooled. But that is not what the company mostly is. Umicore is one of the few Western companies that refines and recycles the scarce metals the energy transition depends on — a steady, cash-generating business the market treats as if it were fading. The real mistake is not the price. It is what the market thinks the company is.
