Ingevity Corporation

DB:IGX Stock Report

Market Cap: €1.7b

Ingevity Valuation

Is IGX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of IGX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IGX (€47.5) is trading below our estimate of fair value (€99.1)

Significantly Below Fair Value: IGX is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IGX?

Key metric: As IGX is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for IGX. This is calculated by dividing IGX's market cap by their current revenue.
What is IGX's PS Ratio?
PS Ratio1.2x
SalesUS$1.48b
Market CapUS$1.77b

Price to Sales Ratio vs Peers

How does IGX's PS Ratio compare to its peers?

The above table shows the PS ratio for IGX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.8x
WCH Wacker Chemie
0.6x5.2%€3.5b
ACT AlzChem Group
1.1x7.5%€606.5m
2NF Syensqo
1.1x4.2%€7.5b
EVK Evonik Industries
0.5x2.2%€8.2b
IGX Ingevity
1.2x2.3%€1.8b

Price-To-Sales vs Peers: IGX is expensive based on its Price-To-Sales Ratio (1.2x) compared to the peer average (0.8x).

Price to Sales Ratio vs Industry

How does IGX's PS Ratio compare vs other companies in the DE Chemicals Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
2HRA H&R GmbH KGaA
0.1x3.0%US$132.56m
NSAK OTI Greentech
0.03xn/aUS$594.62k
B7Y Byotrol
0.04xn/aUS$246.97k
No more companies available in this PS range
IGX 1.2xIndustry Avg. 1.0xNo. of Companies4PS00.40.81.21.62+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: IGX is expensive based on its Price-To-Sales Ratio (1.2x) compared to the European Chemicals industry average (1x).

Price to Sales Ratio vs Fair Ratio

What is IGX's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

IGX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.2x
Fair PS Ratio0.5x

Price-To-Sales vs Fair Ratio: IGX is expensive based on its Price-To-Sales Ratio (1.2x) compared to the estimated Fair Price-To-Sales Ratio (0.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst IGX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€47.50
€45.51
-4.2%
13.6%€53.33€36.78n/a4
Nov ’25€38.40
€45.51
+18.5%
13.6%€53.33€36.78n/a4
Oct ’25€34.64
€43.29
+25.0%
14.9%€52.09€35.92n/a5
Sep ’25€36.08
€44.49
+23.3%
13.9%€53.10€36.62n/a5
Aug ’25€40.18
€48.19
+19.9%
13.3%€57.46€41.70n/a5
Jul ’25€40.34
€53.65
+33.0%
4.5%€57.75€51.23n/a5
Jun ’25€44.20
€58.49
+32.3%
20.1%€84.26€50.92n/a6
May ’25€46.86
€54.32
+15.9%
24.5%€85.43€46.00n/a7
Apr ’25€44.60
€52.07
+16.8%
25.1%€83.97€45.22n/a7
Mar ’25€42.20
€52.07
+23.4%
25.1%€83.97€45.22n/a7
Feb ’25€40.40
€48.89
+21.0%
28.9%€83.27€39.35n/a7
Jan ’25€42.80
€49.33
+15.3%
28.5%€83.36€39.39n/a7
Dec ’24€35.20
€49.76
+41.4%
29.2%€84.98€40.15n/a7
Nov ’24€37.80
€60.48
+60.0%
25.9%€90.18€42.72€38.407
Oct ’24€45.00
€61.40
+36.4%
20.1%€86.33€49.98€34.647
Sep ’24€49.40
€61.40
+24.3%
20.1%€86.33€49.98€36.087
Aug ’24€58.00
€69.17
+19.3%
25.3%€98.47€50.15€40.187
Jul ’24€53.50
€67.99
+27.1%
26.5%€99.04€50.44€40.347
Jun ’24€44.00
€70.15
+59.4%
26.1%€100.44€51.15€44.207
May ’24€64.00
€88.09
+37.6%
13.5%€107.04€73.19€46.867
Apr ’24€64.50
€90.15
+39.8%
12.6%€108.74€74.35€44.607
Mar ’24€76.50
€92.05
+20.3%
12.3%€109.73€75.03€42.207
Feb ’24€75.00
€90.04
+20.0%
14.7%€107.10€71.40€40.406
Jan ’24€66.00
€89.72
+35.9%
15.6%€107.29€68.70€42.806
Dec ’23€74.00
€93.51
+26.4%
16.0%€114.42€73.27€35.206
Nov ’23€68.00
€92.26
+35.7%
18.3%€113.56€67.93€37.806

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

Stanmore Resources

AU$2.8b

Engages in the exploration, development, production, and sale of metallurgical coal in Australia.

S0D

AU$1.91

7D

4.9%

1Y

-15.5%

Tokuyama

JP¥196.7b

Produces and sells various chemical products in Japan.

TBT

JP¥16.60

7D

5.7%

1Y

14.5%

Arkema

€5.7b

Manufactures and sells specialty chemicals and advanced materials worldwide.

V1S

€74.55

7D

-4.4%

1Y

-19.9%