Imerys S.A.

LSE:0NPX Stock Report

Market Cap: €2.5b

Imerys Valuation

Is 0NPX 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 0NPX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0NPX (€29.43) is trading below our estimate of fair value (€39.59)

Significantly Below Fair Value: 0NPX is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0NPX?

Key metric: As 0NPX is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 0NPX. This is calculated by dividing 0NPX's market cap by their current revenue.
What is 0NPX's PS Ratio?
PS Ratio0.7x
Sales€3.67b
Market Cap€2.49b

Price to Sales Ratio vs Peers

How does 0NPX's PS Ratio compare to its peers?

The above table shows the PS ratio for 0NPX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.2x
BREE Breedon Group
1.1x6.1%UK£1.6b
RHIM RHI Magnesita
0.5x4.3%UK£1.5b
IBST Ibstock
2.1x9.0%UK£741.2m
MSLH Marshalls
1.3x4.2%UK£825.0m
0NPX Imerys
0.7x3.6%€2.5b

Price-To-Sales vs Peers: 0NPX is good value based on its Price-To-Sales Ratio (0.7x) compared to the peer average (1.2x).

Price to Sales Ratio vs Industry

How does 0NPX's PS Ratio compare vs other companies in the European Basic Materials Industry?

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

Price-To-Sales vs Industry: 0NPX 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 0NPX'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.

0NPX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.7x
Fair PS Ratio2.9x

Price-To-Sales vs Fair Ratio: 0NPX is good value based on its Price-To-Sales Ratio (0.7x) compared to the estimated Fair Price-To-Sales Ratio (2.9x).

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 0NPX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€29.43
€42.80
+45.4%
24.0%€61.00€33.00n/a5
Nov ’25€30.00
€42.80
+42.7%
24.0%€61.00€33.00n/a5
Oct ’25€28.94
€42.80
+47.9%
24.0%€61.00€33.00n/a5
Sep ’25€30.12
€44.00
+46.1%
22.2%€61.00€33.00n/a5
Aug ’25€30.40
€44.00
+44.7%
22.2%€61.00€33.00n/a5
Jul ’25€34.35
€45.20
+31.6%
26.3%€67.00€34.00n/a5
Jun ’25€35.65
€44.20
+24.0%
27.3%€67.00€34.00n/a5
May ’25€30.30
€43.40
+43.2%
29.4%€67.00€31.00n/a5
Apr ’25€31.59
€43.00
+36.1%
30.4%€67.00€31.00n/a5
Mar ’25€29.70
€43.80
+47.5%
30.3%€67.00€31.00n/a5
Feb ’25€30.59
€44.40
+45.2%
31.1%€67.00€29.00n/a5
Jan ’25€28.49
€42.00
+47.4%
24.4%€55.00€29.00n/a5
Dec ’24€26.65
€42.00
+57.6%
24.4%€55.00€29.00n/a5
Nov ’24€25.09
€43.40
+73.0%
20.1%€55.00€31.00€30.005
Oct ’24€28.03
€45.20
+61.3%
14.8%€55.00€36.00€28.945
Sep ’24€31.59
€46.80
+48.2%
15.8%€55.00€36.00€30.125
Aug ’24€31.51
€46.50
+47.6%
14.3%€55.00€40.00€30.404
Jul ’24€36.00
€50.67
+40.8%
12.6%€60.00€40.00€34.355
Jun ’24€33.34
€51.27
+53.8%
13.2%€60.00€40.00€35.655
May ’24€37.24
€52.80
+41.8%
10.3%€60.00€44.00€30.305
Apr ’24€39.80
€52.80
+32.7%
10.3%€60.00€44.00€31.595
Mar ’24€42.13
€52.80
+25.3%
10.3%€60.00€44.00€29.705
Feb ’24€39.06
€51.20
+31.1%
10.7%€56.00€41.00€30.595
Jan ’24€36.69
€51.20
+39.5%
10.7%€56.00€41.00€28.495
Dec ’23€37.90
€51.20
+35.1%
10.7%€56.00€41.00€26.655
Nov ’23€41.90
€51.40
+22.7%
10.0%€56.00€42.00€25.095

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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