Imerys S.A.

DB:IY4 Stock Report

Market Cap: €2.4b

Imerys Valuation

Is IY4 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • 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 IY4 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IY4 (€28.44) is trading below our estimate of fair value (€38.47)

Significantly Below Fair Value: IY4 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IY4?

Key metric: As IY4 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for IY4. This is calculated by dividing IY4's market cap by their current revenue.
What is IY4's PS Ratio?
PS Ratio0.7x
Sales€3.67b
Market Cap€2.42b

Price to Sales Ratio vs Peers

How does IY4's PS Ratio compare to its peers?

The above table shows the PS ratio for IY4 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.5x
STO3 Sto SE KGaA
0.4x1.8%€706.9m
HEI Heidelberg Materials
1x3.9%€21.3b
TKA thyssenkrupp
0.07x1.1%€2.4b
LXS LANXESS
0.3x2.8%€2.0b
IY4 Imerys
0.7x3.4%€2.4b

Price-To-Sales vs Peers: IY4 is expensive based on its Price-To-Sales Ratio (0.7x) compared to the peer average (0.5x).

Price to Sales Ratio vs Industry

How does IY4's PS Ratio compare vs other companies in the European Basic Materials Industry?

0 CompaniesPrice / SalesEstimated GrowthMarket Cap
IY4 0.7xIndustry Avg. 1.0xNo. of Companies9PS00.61.21.82.43+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: IY4 is good value based on its Price-To-Sales Ratio (0.7x) compared to the European Basic Materials industry average (1x).

Price to Sales Ratio vs Fair Ratio

What is IY4'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.

IY4 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.7x
Fair PS Ratio1.3x

Price-To-Sales vs Fair Ratio: IY4 is good value based on its Price-To-Sales Ratio (0.7x) compared to the estimated Fair Price-To-Sales Ratio (1.3x).

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 IY4 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€28.58
€42.40
+48.4%
23.9%€61.00€33.00n/a5
Nov ’25€29.68
€42.80
+44.2%
24.0%€61.00€33.00n/a5
Oct ’25€29.76
€42.80
+43.8%
24.0%€61.00€33.00n/a5
Sep ’25€29.94
€44.00
+47.0%
22.2%€61.00€33.00n/a5
Aug ’25€31.42
€44.00
+40.0%
22.2%€61.00€33.00n/a5
Jul ’25€34.00
€45.20
+32.9%
26.3%€67.00€34.00n/a5
Jun ’25€36.00
€44.20
+22.8%
27.3%€67.00€34.00n/a5
May ’25€31.00
€43.40
+40.0%
29.4%€67.00€31.00n/a5
Apr ’25€31.14
€43.00
+38.1%
30.4%€67.00€31.00n/a5
Mar ’25€29.30
€43.80
+49.5%
30.3%€67.00€31.00n/a5
Feb ’25€30.68
€44.40
+44.7%
31.1%€67.00€29.00n/a5
Jan ’25€28.18
€42.00
+49.0%
24.4%€55.00€29.00n/a5
Dec ’24€26.82
€42.00
+56.6%
24.4%€55.00€29.00n/a5
Nov ’24€25.12
€43.40
+72.8%
20.1%€55.00€31.00€29.685
Oct ’24€28.22
€45.20
+60.2%
14.8%€55.00€36.00€29.765
Sep ’24€31.60
€46.80
+48.1%
15.8%€55.00€36.00€29.945
Aug ’24€31.64
€46.50
+47.0%
14.3%€55.00€40.00€31.424
Jul ’24€36.00
€50.67
+40.8%
12.6%€60.00€40.00€34.005
Jun ’24€33.28
€51.27
+54.1%
13.2%€60.00€40.00€36.005
May ’24€37.06
€52.80
+42.5%
10.3%€60.00€44.00€31.005
Apr ’24€39.36
€52.80
+34.1%
10.3%€60.00€44.00€31.145
Mar ’24€42.18
€52.80
+25.2%
10.3%€60.00€44.00€29.305
Feb ’24€38.04
€51.20
+34.6%
10.7%€56.00€41.00€30.685
Jan ’24€36.64
€51.20
+39.7%
10.7%€56.00€41.00€28.185
Dec ’23€38.12
€51.20
+34.3%
10.7%€56.00€41.00€26.825
Nov ’23€41.72
€51.40
+23.2%
10.0%€56.00€42.00€25.125

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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