Added to YB: 2026-02-27
Pitch date: 2025-12-22
IMCD.AS [bullish]
IMCD N.V.
+3.77%
current return
Author Info
No bio for this author
Company Info
IMCD N.V. distributes, markets, and sells specialty chemicals and ingredients in the Netherlands, rest of Europe, the Middle East, Africa, North America, South America, and the Asia-Pacific.
Market Cap
EUR 4.7B
Pitch Price
EUR 76.38
Price Target
N/A
Dividend
2.25%
EV/EBITDA
11.72
P/E
21.86
EV/Sales
1.31
Sector
Trading Companies and Distributors
Category
turnaround
IMCD N.V. - $IMCD.AS
IMCD.AS: Largest independent specialty chemical distributor, down 63% from 2021 peak. Trading 14x P/E vs 10yr median 25x on cyclically depressed earnings. Over-earning normalized after 3yrs flat gross profit. Structurally higher conversion margins (42-43% vs 38% pre-pandemic) from scaled Americas/APAC ops. Organic growth ~6% + M&A ~8% historically; announced M&A adds ~7% FY26. Asset-light (2.5% capex/GP), 85% cash conversion, 15% ROCE. 3% dividend yield. Risks: tariff uncertainty, Chinese oversupply weighing on near-term growth. Target 20x P/E FY29 = high-teens IRR.
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