IMCD N.V.

BATS-CHIXE:IMCDA Stock Report

Market Cap: €8.0b

IMCD Valuation

Is IMCDA 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-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: IMCDA (€139.7) is trading below our estimate of fair value (€174.65)

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

Key Valuation Metric

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

Key metric: As IMCDA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for IMCDA. This is calculated by dividing IMCDA's market cap by their current earnings.
What is IMCDA's PE Ratio?
PE Ratio28.4x
Earnings€280.84m
Market Cap€7.98b

Price to Earnings Ratio vs Peers

How does IMCDA's PE Ratio compare to its peers?

The above table shows the PE ratio for IMCDA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average27x
DPLM Diploma
46.3x15.7%UK£6.0b
HWDN Howden Joinery Group
17.7x6.0%UK£4.5b
BNZL Bunzl
23.7x7.0%UK£11.6b
RS1 RS Group
20.3x18.4%UK£3.4b
IMCDA IMCD
28.4x8.7%€8.0b

Price-To-Earnings vs Peers: IMCDA is expensive based on its Price-To-Earnings Ratio (28.4x) compared to the peer average (27x).

Price to Earnings Ratio vs Industry

How does IMCDA's PE Ratio compare vs other companies in the European Trade Distributors Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies10PE01020304050+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: IMCDA is expensive based on its Price-To-Earnings Ratio (28.4x) compared to the European Trade Distributors industry average (14.5x).

Price to Earnings Ratio vs Fair Ratio

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

IMCDA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio28.4x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate IMCDA's Price-To-Earnings Fair Ratio for valuation analysis.

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 IMCDA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€139.70
€160.80
+15.1%
14.9%€205.00€120.00n/a15
Nov ’25€151.75
€159.53
+5.1%
15.1%€205.00€120.00n/a15
Oct ’25€156.75
€159.87
+2.0%
15.3%€205.00€120.00n/a15
Sep ’25€148.20
€157.69
+6.4%
15.6%€205.00€120.00n/a15
Aug ’25€131.70
€155.95
+18.4%
15.2%€190.00€116.00n/a15
Jul ’25€129.53
€157.62
+21.7%
14.8%€190.00€116.00n/a15
Jun ’25n/a
€157.62
0%
14.8%€190.00€116.00n/a15
May ’25n/a
€158.23
0%
15.4%€200.00€116.00n/a15
Apr ’25n/a
€157.36
0%
16.0%€200.00€116.00n/a15
Mar ’25€140.68
€145.36
+3.3%
13.3%€178.00€116.00n/a15
Feb ’25€141.48
€144.76
+2.3%
13.0%€178.00€116.00n/a15
Jan ’25n/a
€143.59
0%
11.8%€175.00€116.00n/a15
Dec ’24n/a
€143.59
0%
11.8%€175.00€116.00n/a15
Nov ’24€111.88
€143.30
+28.1%
11.8%€175.00€115.00€151.7515
Oct ’24n/a
€147.77
0%
13.4%€185.00€116.00€156.7515
Sep ’24€125.10
€152.83
+22.2%
12.7%€185.00€116.00€148.2015
Aug ’24n/a
€160.38
0%
15.1%€200.00€116.00€131.7013
Jul ’24€128.00
€161.54
+26.2%
15.2%€200.00€116.00€129.5313
Jun ’24€142.90
€161.92
+13.3%
15.5%€205.00€116.00n/a13
May ’24€137.60
€162.75
+18.3%
16.9%€210.00€116.00n/a12
Apr ’24€151.10
€161.67
+7.0%
17.6%€210.00€116.00n/a12
Mar ’24€143.33
€157.31
+9.8%
17.6%€200.00€116.00€140.6813
Feb ’24€145.65
€157.31
+8.0%
17.6%€200.00€116.00€141.4813
Jan ’24n/a
€157.69
0%
17.4%€200.00€116.00n/a13
Dec ’23€139.70
€160.14
+14.6%
16.6%€200.00€116.00n/a12
Nov ’23n/a
€161.23
0%
14.8%€200.00€116.00€111.8812

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

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