ENXTAM:IMCD

Stock Analysis Report

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Executive Summary

IMCD N.V. markets, sells, and distributes specialty chemicals, and pharmaceutical and food ingredients in Europe, Turkey, Africa, the Asia-Pacific, and the Americas. More Details


Snowflake Analysis

Adequate balance sheet with questionable track record.

Share Price & News

How has IMCD's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: IMCD is less volatile than 75% of Dutch stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: IMCD's weekly volatility (4%) has been stable over the past year.


Market Performance


7 Day Return

3.2%

IMCD

0.04%

NL Trade Distributors

2.2%

NL Market


1 Year Return

42.0%

IMCD

18.1%

NL Trade Distributors

0.2%

NL Market

Return vs Industry: IMCD exceeded the Dutch Trade Distributors industry which returned 18.1% over the past year.

Return vs Market: IMCD exceeded the Dutch Market which returned 0.2% over the past year.


Shareholder returns

IMCDIndustryMarket
7 Day3.2%0.04%2.2%
30 Day5.5%9.2%14.8%
90 Day16.9%9.9%12.0%
1 Year43.6%42.0%19.7%18.1%2.6%0.2%
3 Year102.7%96.0%41.3%31.4%10.3%-0.9%
5 Year227.5%209.4%87.2%65.2%43.8%18.0%

Long-Term Price Volatility Vs. Market

How volatile is IMCD's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is IMCD undervalued compared to its fair value and its price relative to the market?

51.07x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: IMCD (€103.15) is trading above our estimate of fair value (€69.23)

Significantly Below Fair Value: IMCD is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: IMCD is poor value based on its PE Ratio (50.2x) compared to the XE Trade Distributors industry average (18.5x).

PE vs Market: IMCD is poor value based on its PE Ratio (50.2x) compared to the Dutch market (24.3x).


Price to Earnings Growth Ratio

PEG Ratio: IMCD is poor value based on its PEG Ratio (3.7x)


Price to Book Ratio

PB vs Industry: IMCD is overvalued based on its PB Ratio (6.4x) compared to the XE Trade Distributors industry average (1.4x).


Next Steps

Future Growth

How is IMCD forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

13.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: IMCD's forecast earnings growth (13.5% per year) is above the savings rate (0.4%).

Earnings vs Market: IMCD's earnings (13.5% per year) are forecast to grow slower than the Dutch market (28.3% per year).

High Growth Earnings: IMCD's earnings are forecast to grow, but not significantly.

Revenue vs Market: IMCD's revenue (6.8% per year) is forecast to grow slower than the Dutch market (9.9% per year).

High Growth Revenue: IMCD's revenue (6.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: IMCD's Return on Equity is forecast to be low in 3 years time (13.9%).


Next Steps

Past Performance

How has IMCD performed over the past 5 years?

14.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: IMCD has high quality earnings.

Growing Profit Margin: IMCD's current net profit margins (4%) are lower than last year (4.2%).


Past Earnings Growth Analysis

Earnings Trend: IMCD's earnings have grown by 14.2% per year over the past 5 years.

Accelerating Growth: IMCD's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: IMCD had negative earnings growth (-2.5%) over the past year, making it difficult to compare to the Trade Distributors industry average (-8.2%).


Return on Equity

High ROE: IMCD's Return on Equity (12.7%) is considered low.


Next Steps

Financial Health

How is IMCD's financial position?


Financial Position Analysis

Short Term Liabilities: IMCD's short term assets (€946.2M) exceed its short term liabilities (€678.8M).

Long Term Liabilities: IMCD's short term assets (€946.2M) exceed its long term liabilities (€668.5M).


Debt to Equity History and Analysis

Debt Level: IMCD's debt to equity ratio (94.3%) is considered high.

Reducing Debt: IMCD's debt to equity ratio has increased from 75.4% to 94.3% over the past 5 years.

Debt Coverage: IMCD's debt is well covered by operating cash flow (21.7%).

Interest Coverage: IMCD's interest payments on its debt are well covered by EBIT (8.2x coverage).


Balance Sheet


Next Steps

Dividend

What is IMCD current dividend yield, its reliability and sustainability?

0.86%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: IMCD's dividend (0.87%) isn’t notable compared to the bottom 25% of dividend payers in the Dutch market (1.87%).

High Dividend: IMCD's dividend (0.87%) is low compared to the top 25% of dividend payers in the Dutch market (4.93%).


Stability and Growth of Payments

Stable Dividend: IMCD is not paying a notable dividend for the Dutch market, therefore no need to check if payments are stable.

Growing Dividend: IMCD is not paying a notable dividend for the Dutch market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: IMCD is not paying a notable dividend for the Dutch market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of IMCD's dividend in 3 years as they are not forecast to pay a notable one for the Dutch market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

24.8yrs

Average management tenure


CEO

Piet Slikke (64 yo)

25.83yrs

Tenure

€1,693,000

Compensation

Mr. Pieter C.J. van der Slikke, also known as Piet, has been Chief Executive Officer and Member of Management Board of IMCD N.V. since 1995. Mr. Slikke serves as the Chief Executive Officer at IMCD Group B...


CEO Compensation Analysis

Compensation vs Market: Piet's total compensation ($USD2.02M) is about average for companies of similar size in the Dutch market ($USD2.78M).

Compensation vs Earnings: Piet's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Pieter C.J. van Slikke
CEO & Member of Management Board25.83yrs€1.69m1.79%
€ 106.7m
Hans J. Kooijmans
CFO & Member of Management Board24.83yrs€1.32m0.025%
€ 1.5m
Olivier Champault
Director Advanced Materials & MD of France2.83yrsno datano data
Marcus Jordan
Director of Group Development & President of IMCD Holdings Americasno datano datano data

24.8yrs

Average Tenure

56yo

Average Age

Experienced Management: IMCD's management team is seasoned and experienced (24.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Michel G. Plantevin
Independent Chairman of Supervisory Board4yrsno datano data
Janus Smalbraak
Independent Member of Supervisory Board4.5yrsno datano data
Stephan Nanninga
Independent Member of Supervisory Board2.5yrsno datano data
Arjan J. Kaaks
Independent Vice Chairman of Supervisory Board5.67yrsno datano data
Amy Hebert
Member of Supervisory Board0.50yrno datano data
Valerie Diele-Braun
Member of Supervisory Board0.50yrno datano data

3.3yrs

Average Tenure

53.5yo

Average Age

Experienced Board: IMCD's board of directors are considered experienced (3.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 8.4%.


Top Shareholders

Company Information

IMCD N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: IMCD N.V.
  • Ticker: IMCD
  • Exchange: ENXTAM
  • Founded: 1995
  • Industry: Trading Companies and Distributors
  • Sector: Capital Goods
  • Market Cap: €5.966b
  • Shares outstanding: 56.87m
  • Website: https://www.imcdgroup.com

Number of Employees


Location

  • IMCD N.V.
  • Wilhelminaplein 32
  • Rotterdam
  • Zuid-Holland
  • 3072 DE
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
IMCDENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURJun 2014
INXDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 2014
IMCDABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJun 2014
0QVULSE (London Stock Exchange)YesOrdinary SharesGBEURJun 2014
IMDZ.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJun 2014
IMCD.YOTCPK (Pink Sheets LLC)ADRUSUSDMay 2016

Biography

IMCD N.V. markets, sells, and distributes specialty chemicals, and pharmaceutical and food ingredients in Europe, Turkey, Africa, the Asia-Pacific, and the Americas. The company offers surfactants, builder...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/30 20:30
End of Day Share Price2020/11/30 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.