Bullish deep-value thesis on Campine NV, arguing its Ecobat lead-recycling acquisition and specialty anode mix will stabilize earnings and drive a re-rating.
CPIN.BR — LONG The author argues Campine NV has transformed from an antimony cyclical into a diversified lead-recycling and specialty-alloy business after the 2025 Ecobat acquisition doubled lead capacity to 150,000 t/y. The lead-anode mix (15-18% EBITDA margin vs <7% for standard ingots) and projected 2026 revenue of €480-510M are expected to stabilize earnings despite antimony prices normalizing toward $12,000-13,500/t. Catalysts include 2026 earnings normalization, net-debt-zero by end-2026, and potential ESG-fund inflows tied to the EU Critical Raw Materials Act. The main stated risk is antimony price normalization crushing the old Campine, though the author believes the new lead scale-up offsets it.
Campine is no longer a cyclical commodity bet. It is a diversified, cash-generative leader in urban mining.
This Reddit post, published February 12, 2026, features u/Healthy-Matter-4218 discussing CAMB.BR. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: u/Healthy-Matter-4218 · Tickers: CAMB.BR