Imerys Valuation

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: NK (€29.52) is trading below our estimate of fair value (€40.49)

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


Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for NK. This is calculated by dividing NK's market cap by their current revenue.
What is NK's PS Ratio?
PS Ratio0.7x
Sales€3.67b
Market Cap€2.49b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for NK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.1x
VCT Vicat
0.4x4.0%€1.6b
ERA ERAMET
0.5x7.9%€1.5b
RBT Robertet
2.5x5.6%€1.9b
VRLA Verallia Société Anonyme
0.9x1.7%€3.0b
NK Imerys
0.7x3.6%€2.5b

Price-To-Sales vs Peers: NK is good value based on its Price-To-Sales Ratio (0.7x) compared to the peer average (1.1x).


Price to Sales Ratio vs Industry

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

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

Price-To-Sales vs Industry: NK 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 NK'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.

NK PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.7x
Fair PS Ratio1.5x

Price-To-Sales vs Fair Ratio: NK is good value based on its Price-To-Sales Ratio (0.7x) compared to the estimated Fair Price-To-Sales Ratio (1.5x).


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 NK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€29.52
€42.80
+45.0%
24.0%€61.00€33.00n/a5
Nov ’25€29.74
€42.80
+43.9%
24.0%€61.00€33.00n/a5
Oct ’25€28.52
€42.80
+50.1%
24.0%€61.00€33.00n/a5
Sep ’25€30.30
€44.00
+45.2%
22.2%€61.00€33.00n/a5
Aug ’25€30.40
€44.00
+44.7%
22.2%€61.00€33.00n/a5
Jul ’25€34.06
€45.20
+32.7%
26.3%€67.00€34.00n/a5
Jun ’25€35.76
€44.20
+23.6%
27.3%€67.00€34.00n/a5
May ’25€30.28
€43.40
+43.3%
29.4%€67.00€31.00n/a5
Apr ’25€31.58
€43.00
+36.2%
30.4%€67.00€31.00n/a5
Mar ’25€29.74
€43.80
+47.3%
30.3%€67.00€31.00n/a5
Feb ’25€30.52
€44.40
+45.5%
31.1%€67.00€29.00n/a5
Jan ’25€28.48
€42.00
+47.5%
24.4%€55.00€29.00n/a5
Dec ’24€26.76
€42.00
+57.0%
24.4%€55.00€29.00n/a5
Nov ’24€24.92
€43.40
+74.2%
20.1%€55.00€31.00€29.745
Oct ’24€28.00
€45.20
+61.4%
14.8%€55.00€36.00€28.525
Sep ’24€31.42
€46.80
+48.9%
15.8%€55.00€36.00€30.305
Aug ’24€31.40
€46.50
+48.1%
14.3%€55.00€40.00€30.404
Jul ’24€35.70
€50.67
+41.9%
12.6%€60.00€40.00€34.065
Jun ’24€33.38
€51.27
+53.6%
13.2%€60.00€40.00€35.765
May ’24€37.24
€52.80
+41.8%
10.3%€60.00€44.00€30.285
Apr ’24€39.80
€52.80
+32.7%
10.3%€60.00€44.00€31.585
Mar ’24€42.00
€52.80
+25.7%
10.3%€60.00€44.00€29.745
Feb ’24€39.24
€51.20
+30.5%
10.7%€56.00€41.00€30.525
Jan ’24€36.34
€51.20
+40.9%
10.7%€56.00€41.00€28.485
Dec ’23€37.90
€51.20
+35.1%
10.7%€56.00€41.00€26.765
Nov ’23€41.88
€51.40
+22.7%
10.0%€56.00€42.00€24.925

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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