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IMCD

DB:INX
Snowflake Description

Adequate balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
INX
DB
€4B
Market Cap
  1. Home
  2. DE
  3. Capital Goods
Company description

IMCD N.V. sells, markets, and distributes specialty chemicals, and pharmaceutical and food ingredients in Europe, the Middle East, Africa, the Asia-Pacific, and the Americas. The last earnings update was 82 days ago. More info.


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INX Share Price and Events
7 Day Returns
2.7%
DB:INX
0.1%
DE Trade Distributors
0.3%
DE Market
1 Year Returns
40.1%
DB:INX
-16.2%
DE Trade Distributors
-11.6%
DE Market
INX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
IMCD (INX) 2.7% 5.6% 11.6% 40.1% 109.1% -
DE Trade Distributors 0.1% -8.6% 1% -16.2% -7.9% -10%
DE Market 0.3% -3.8% 2.5% -11.6% 10.1% 7.9%
1 Year Return vs Industry and Market
  • INX outperformed the Trade Distributors industry which returned -16.2% over the past year.
  • INX outperformed the Market in Germany which returned -11.6% over the past year.
Price Volatility
INX
Industry
5yr Volatility vs Market
Related Companies

INX Value

 Is IMCD undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of IMCD to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for IMCD.

DB:INX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.3%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:INX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Trade Distributors Unlevered Beta Simply Wall St/ S&P Global 0.91
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.908 (1 + (1- 25%) (17.46%))
1.018
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.02
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.018 * 5.96%)
6.3%

Discounted Cash Flow Calculation for DB:INX using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for IMCD is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:INX DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 6.3%)
2019 134.33 Analyst x3 126.38
2020 155.00 Analyst x3 137.18
2021 164.33 Analyst x3 136.83
2022 171.17 Est @ 4.16% 134.09
2023 176.28 Est @ 2.98% 129.91
2024 180.08 Est @ 2.16% 124.85
2025 182.92 Est @ 1.58% 119.31
2026 185.07 Est @ 1.17% 113.56
2027 186.71 Est @ 0.89% 107.78
2028 188.00 Est @ 0.69% 102.10
Present value of next 10 years cash flows €1,231.99
DB:INX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €188.00 × (1 + 0.23%) ÷ (6.3% – 0.23%)
€3,105.76
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €3,105.76 ÷ (1 + 6.3%)10
€1,686.68
DB:INX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €1,231.99 + €1,686.68
€2,918.67
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €2,918.67 / 52.45
€55.65
DB:INX Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:INX represents 0.99934x of ENXTAM:IMCD
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.99934x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 55.65 x 0.99934
€55.61
Value per share (EUR) From above. €55.61
Current discount Discount to share price of €75.95
= -1 x (€75.95 - €55.61) / €55.61
-36.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of IMCD is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for IMCD's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are IMCD's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:INX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €1.91
ENXTAM:IMCD Share Price ** ENXTAM (2019-05-21) in EUR €76
Germany Trade Distributors Industry PE Ratio Median Figure of 8 Publicly-Listed Trade Distributors Companies 14.48x
Germany Market PE Ratio Median Figure of 423 Publicly-Listed Companies 20.29x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of IMCD.

DB:INX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTAM:IMCD Share Price ÷ EPS (both in EUR)

= 76 ÷ 1.91

39.83x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • IMCD is overvalued based on earnings compared to the DE Trade Distributors industry average.
  • IMCD is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does IMCD's expected growth come at a high price?
Raw Data
DB:INX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 39.83x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
13%per year
Europe Trade Distributors Industry PEG Ratio Median Figure of 33 Publicly-Listed Trade Distributors Companies 1.68x
Germany Market PEG Ratio Median Figure of 272 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

DB:INX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 39.83x ÷ 13%

3.06x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • IMCD is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on IMCD's assets?
Raw Data
DB:INX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €14.99
ENXTAM:IMCD Share Price * ENXTAM (2019-05-21) in EUR €76
Germany Trade Distributors Industry PB Ratio Median Figure of 9 Publicly-Listed Trade Distributors Companies 1.34x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.79x
DB:INX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTAM:IMCD Share Price ÷ Book Value per Share (both in EUR)

= 76 ÷ 14.99

5.07x

* Primary Listing of IMCD.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • IMCD is overvalued based on assets compared to the DE Trade Distributors industry average.
X
Value checks
We assess IMCD's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Trade Distributors industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Trade Distributors industry average (and greater than 0)? (1 check)
  5. IMCD has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

INX Future Performance

 How is IMCD expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
13%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is IMCD expected to grow at an attractive rate?
  • IMCD's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • IMCD's earnings growth is expected to exceed the Germany market average.
  • IMCD's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:INX Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:INX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 13%
DB:INX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 8.1%
Germany Trade Distributors Industry Earnings Growth Rate Market Cap Weighted Average 7.8%
Europe Trade Distributors Industry Revenue Growth Rate Market Cap Weighted Average 4.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:INX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:INX Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 3,272 186 1
2021-12-31 3,140 209 161 6
2020-12-31 2,956 195 147 7
2019-12-31 2,808 166 132 6
DB:INX Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 2,389 114 100
2018-09-30 2,260 102 94
2018-06-30 2,131 90 88
2018-03-31 2,022 102 83
2017-12-31 1,912 114 77
2017-09-30 1,840 112 77
2017-06-30 1,768 110 76
2017-03-31 1,743 105 75
2016-12-31 1,718 100 73
2016-09-30 1,706 102 71
2016-06-30 1,693 104 69
2016-03-31 1,615 95 65

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • IMCD's earnings are expected to grow by 13% yearly, however this is not considered high growth (20% yearly).
  • IMCD's revenue is expected to grow by 8.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:INX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from IMCD Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:INX Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 3.07 3.37 2.66 4.00
2020-12-31 2.75 3.03 2.49 5.00
2019-12-31 2.51 2.69 2.31 4.00
DB:INX Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 1.91
2018-09-30 1.80
2018-06-30 1.68
2018-03-31 1.58
2017-12-31 1.47
2017-09-30 1.47
2017-06-30 1.46
2017-03-31 1.42
2016-12-31 1.39
2016-09-30 1.35
2016-06-30 1.31
2016-03-31 1.26

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • IMCD is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess IMCD's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
IMCD has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

INX Past Performance

  How has IMCD performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare IMCD's growth in the last year to its industry (Trade Distributors).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • IMCD has delivered over 20% year on year earnings growth in the past 5 years.
  • IMCD's 1-year earnings growth is less than its 5-year average (29.5% vs 36.2%)
  • IMCD's earnings growth has not exceeded the DE Trade Distributors industry average in the past year (29.5% vs 51%).
Earnings and Revenue History
IMCD's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from IMCD Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:INX Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 2,388.61 100.06 264.21
2018-09-30 2,259.89 94.15 249.58
2018-06-30 2,131.17 88.25 234.95
2018-03-31 2,021.66 82.76 222.09
2017-12-31 1,912.15 77.26 209.22
2017-09-30 1,840.10 76.83 200.23
2017-06-30 1,768.06 76.39 191.23
2017-03-31 1,743.03 74.67 187.26
2016-12-31 1,718.01 72.96 183.28
2016-09-30 1,705.65 70.91 179.31
2016-06-30 1,693.30 68.86 175.33
2016-03-31 1,615.40 65.35 169.12
2015-12-31 1,537.49 61.85 162.91
2015-09-30 1,464.54 57.32 155.43
2015-06-30 1,391.59 52.79 147.96
2015-03-31 1,386.23 34.29 145.68
2014-12-31 1,365.68 19.91 142.31
2014-09-30 1,349.78 5.82 142.38
2014-06-30 1,333.88 -8.27 142.45
2014-03-31 1,278.99 -3.24 137.59
2013-12-31 1,241.76 -5.39 135.53
2012-12-31 1,116.58 -17.82 120.34

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • IMCD has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • IMCD used its assets more efficiently than the DE Trade Distributors industry average last year based on Return on Assets.
  • IMCD has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess IMCD's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Trade Distributors industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
IMCD has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

INX Health

 How is IMCD's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up IMCD's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • IMCD is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • IMCD's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of IMCD's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from IMCD Company Filings, last reported 4 months ago.

DB:INX Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 786.35 695.88 85.16
2018-09-30 786.35 695.88 85.16
2018-06-30 739.29 574.46 68.22
2018-03-31 739.29 574.46 68.22
2017-12-31 729.18 552.09 61.38
2017-09-30 729.18 552.09 61.38
2017-06-30 713.57 453.23 54.12
2017-03-31 713.57 453.23 54.12
2016-12-31 722.06 455.26 56.50
2016-09-30 722.06 455.26 56.50
2016-06-30 680.80 483.60 65.34
2016-03-31 680.80 483.60 65.34
2015-12-31 653.83 495.54 56.55
2015-09-30 653.83 495.54 56.55
2015-06-30 637.52 480.45 47.06
2015-03-31 637.52 480.45 47.06
2014-12-31 530.81 326.98 59.97
2014-09-30 530.81 326.98 59.97
2014-06-30 -65.19 892.61 45.07
2014-03-31 -63.52 876.30 46.02
2013-12-31 -67.05 863.40 38.10
2012-12-31 -49.65 758.49 33.86
  • IMCD's level of debt (88.5%) compared to net worth is high (greater than 40%).
  • IMCD had negative shareholder equity 5 years ago, it is now positive therefore their debt level has improved.
  • Debt is not well covered by operating cash flow (16.4%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.2x coverage).
X
Financial health checks
We assess IMCD's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. IMCD has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

INX Dividends

 What is IMCD's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.05%
Current annual income from IMCD dividends. Estimated to be 1.4% next year.
If you bought €2,000 of IMCD shares you are expected to receive €21 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • IMCD's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • IMCD's dividend is below the markets top 25% of dividend payers in Germany (3.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:INX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Germany Trade Distributors Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 2.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:INX Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 1.19 1.00
2021-12-31 1.18 6.00
2020-12-31 1.07 7.00
2019-12-31 0.95 7.00
DB:INX Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-01 0.800 1.132
2019-02-28 0.800 1.159
2018-03-02 0.620 1.061
2017-05-10 0.550 1.080
2016-03-16 0.440 1.124
2015-03-11 0.200 0.610

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, IMCD has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but IMCD only paid a dividend in the past 4 years.
Current Payout to shareholders
What portion of IMCD's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.2x coverage).
X
Income/ dividend checks
We assess IMCD's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can IMCD afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. IMCD has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

INX Management

 What is the CEO of IMCD's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Piet Slikke
COMPENSATION €1,502,000
AGE 62
TENURE AS CEO 24.3 years
CEO Bio

Mr. Pieter C.J. van der Slikke, also known as Piet, has been Chief Executive Officer and Member of Management Board of IMCD N.V. since 1995. Mr. Slikke serves as the Chief Executive Officer at IMCD Group B.V. for IMCD Australia Limited, IMCD Malaysia SDN BHD and IMCD Benelux B.V. Mr. Slikke served as a Member of Board of Management at IMCD Group BV. He served as a Director of IMCD Group B.V. He started his career as an attorney at law at the law firm De Brauw Blackstone Westbroek in 1981 and practiced law in The Hague, Amsterdam and New York. In 1988 Mr Van der Slikke became General Counsel of Rotterdam-based Dutch conglomerate Internatio-Müller and in 1993 he was appointed as Group Director. As of 1995, when Internatio-Müller aggregated a number of chemical distribution businesses into a single division. He holds a law degree from the University of Groningen .

CEO Compensation
  • Piet's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Piet's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the IMCD management team in years:

23.3
Average Tenure
57
Average Age
  • The average tenure for the IMCD management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Piet Slikke

TITLE
CEO & Member of Management Board
COMPENSATION
€2M
AGE
62
TENURE
24.3 yrs

Hans J. Kooijmans

TITLE
CFO & Member of Management Board
COMPENSATION
€1M
AGE
57
TENURE
23.3 yrs

Gabriele Bonomi

TITLE
Managing Director of Italy & Business Director of Personal Care
AGE
56

Frank Schneider

TITLE
Director of Coatings & Construction and MD of Germany
AGE
59

Olivier Champault

TITLE
President of IMCD France & Business Group Director of Advanced Materials
AGE
51
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the IMCD board of directors in years:

3
Average Tenure
52
Average Age
  • The tenure for the IMCD board of directors is about average.
Board of Directors

Michel G. Plantevin

TITLE
Chairman of Supervisory Board
AGE
62
TENURE
2.5 yrs

Arjan J. T. Kaaks

TITLE
Vice Chairman of Supervisory Board
AGE
52
TENURE
4.3 yrs

Stephan Nanninga

TITLE
Member of Supervisory Board
AGE
61
TENURE
1 yrs

Janus Smalbraak

TITLE
Member of Supervisory Board
AGE
51
TENURE
3 yrs

Julia Van Lemke-Pears

TITLE
Member of Supervisory Board
AGE
50
TENURE
3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess IMCD's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. IMCD has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

INX News

Simply Wall St News

INX Company Info

Description

IMCD N.V. sells, markets, and distributes specialty chemicals, and pharmaceutical and food ingredients in Europe, the Middle East, Africa, the Asia-Pacific, and the Americas. The company offers detergent surfactants, builders, rheology modifiers, solubilizers, and functional additives; excipients, active pharmaceutical ingredients, specialty solvents, process chemicals, and intermediates for formulation and chemical synthesis; and personal care products, such as color cosmetics, dental products, deodorants, fragrances, hair and skin care chemicals, and toiletries. It also provides additives, fillers, pigments, resins, and specialty solvents to the coatings, paints, construction, adhesives, and inks industries; food ingredients and flavors, and nutrition products; automotive, fuel and refinery, and industrial lubricant additives; and synthesis products, including additives, catalysts, intermediates, monomers, processing aids, reactive diluents, solvents, and surface active agents. In addition, the company offers additives, functional fillers, pigments, polymers, compounds, and masterbatches; and other products. IMCD N.V. was founded in 1995 and is headquartered in Rotterdam, the Netherlands.

Details
Name: IMCD N.V.
INX
Exchange: DB
Founded: 1995
€3,985,866,588
52,445,613
Website: http://www.imcdgroup.com
Address: IMCD N.V.
Wilhelminaplein 32,
Rotterdam,
Zuid-Holland, 3072 DE,
Netherlands
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTAM IMCD Ordinary Shares Euronext Amsterdam NL EUR 27. Jun 2014
OTCPK IMDZ.F Ordinary Shares Pink Sheets LLC US USD 27. Jun 2014
DB INX Ordinary Shares Deutsche Boerse AG DE EUR 27. Jun 2014
LSE 0QVU Ordinary Shares London Stock Exchange GB EUR 27. Jun 2014
BATS-CHIXE IMCDA Ordinary Shares BATS 'Chi-X Europe' GB EUR 27. Jun 2014
Number of employees
Current staff
Staff numbers
2,799
IMCD employees.
Industry
Trading Companies and Distributors
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/21 22:18
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/15
Last earnings filing: 2019/02/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.