Given the delayed start (due to COVID-19) at the respective mining and smelting assets, our 2020 earnings estimates are reset lower. However, as the overall business plans remain unchanged, our estimates from 2021 onwards remain unchanged.

Besides the battery R&D progress, the group’s near-term financing requirements have an ample cushion via Luxembourg-based GEM Global Yield’s CHF30m funding commitment. Hence, our material upside has been maintained.

Taking on board the recent R&D breakthroughs, the value of the Battery division resets >10% higher. As a result, Battery now accounts for c.56% of Blackstone gross assets.

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