OTCPK:IMDZ.F

Stock Analysis Report

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Executive Summary

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


Snowflake Analysis

Adequate balance sheet with acceptable 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: IMDZ.F has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

IMDZ.F

3.5%

US Trade Distributors

1.6%

US Market


1 Year Return

n/a

IMDZ.F

-0.6%

US Trade Distributors

4.8%

US Market

Return vs Industry: Insufficient data to determine how IMDZ.F performed against the US Trade Distributors industry.

Return vs Market: Insufficient data to determine how IMDZ.F performed against the US Market.


Shareholder returns

IMDZ.FIndustryMarket
7 Day0%3.5%1.6%
30 Day0%0.9%2.3%
90 Day19.1%43.0%29.5%
1 Yearn/a1.3%-0.6%7.1%4.8%
3 Yearn/a20.4%14.6%37.1%28.1%
5 Yearn/a30.2%20.5%67.2%48.6%

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

No news available

Valuation

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

41.05x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: IMDZ.F ($85.4) is trading above our estimate of fair value ($56.59)

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


Price To Earnings Ratio

PE vs Industry: IMDZ.F is poor value based on its PE Ratio (40.7x) compared to the Trade Distributors industry average (15.7x).

PE vs Market: IMDZ.F is poor value based on its PE Ratio (40.7x) compared to the US market (16.4x).


Price to Earnings Growth Ratio

PEG Ratio: IMDZ.F is poor value based on its PEG Ratio (4x)


Price to Book Ratio

PB vs Industry: IMDZ.F is overvalued based on its PB Ratio (5.1x) compared to the US Trade Distributors industry average (1.3x).


Next Steps

Future Growth

How is IMCD forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

10.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: IMDZ.F's forecast earnings growth (10.2% per year) is above the savings rate (2.2%).

Earnings vs Market: IMDZ.F's earnings (10.2% per year) are forecast to grow slower than the US market (22.7% per year).

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

Revenue vs Market: IMDZ.F's revenue (4.4% per year) is forecast to grow slower than the US market (9.3% per year).

High Growth Revenue: IMDZ.F's revenue (4.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: IMDZ.F's Return on Equity is forecast to be low in 3 years time (15.6%).


Next Steps

Past Performance

How has IMCD performed over the past 5 years?

19.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: IMDZ.F has high quality earnings.

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


Past Earnings Growth Analysis

Earnings Trend: IMDZ.F's earnings have grown by 19.4% per year over the past 5 years.

Accelerating Growth: IMDZ.F's earnings growth over the past year (7.9%) is below its 5-year average (19.4% per year).

Earnings vs Industry: IMDZ.F earnings growth over the past year (7.9%) exceeded the Trade Distributors industry -9.5%.


Return on Equity

High ROE: IMDZ.F's Return on Equity (12.5%) is considered low.


Next Steps

Financial Health

How is IMCD's financial position?


Financial Position Analysis

Short Term Liabilities: IMDZ.F's short term assets (€916.2M) exceed its short term liabilities (€649.9M).

Long Term Liabilities: IMDZ.F's short term assets (€916.2M) exceed its long term liabilities (€671.5M).


Debt to Equity History and Analysis

Debt Level: IMDZ.F's debt to equity ratio (88.3%) is considered high.

Reducing Debt: IMDZ.F's debt to equity ratio has increased from 61.8% to 88.3% over the past 5 years.

Debt Coverage: IMDZ.F's debt is well covered by operating cash flow (22.8%).

Interest Coverage: IMDZ.F's interest payments on its debt are well covered by EBIT (7.5x coverage).


Balance Sheet


Next Steps

Dividend

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

1.07%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: IMDZ.F's dividend (1.08%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: IMDZ.F's dividend (1.08%) is low compared to the top 25% of dividend payers in the US market (4.49%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, IMDZ.F has been paying a dividend for less than 10 years.

Growing Dividend: IMDZ.F's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (43.7%), IMDZ.F's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: IMDZ.F's dividends in 3 years are forecast to be well covered by earnings (32.9% payout ratio).


Next Steps

Management

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

24.5yrs

Average management tenure


CEO

Piet Slikke (64yo)

25.5yrs

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 ($USD1.91M) is below average for companies of similar size in the US market ($USD7.32M).

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 Board25.5yrs€1.69m1.94% 96.6m
Hans J. Kooijmans
CFO & Member of Management Board24.5yrs€1.32m0.027% 1.4m
Olivier Champault
Director Advanced Materials & MD of France2.5yrsno datano data
Marcus Jordan
Director of Group Development & President of IMCD Holdings Americasno datano datano data

24.5yrs

Average Tenure

56yo

Average Age

Experienced Management: IMDZ.F's management team is seasoned and experienced (24.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Michel G. Plantevin
Independent Chairman of Supervisory Board3.67yrsno datano data
Janus Smalbraak
Independent Member of Supervisory Board4.17yrsno datano data
Stephan Nanninga
Independent Member of Supervisory Board2.17yrsno datano data
Arjan J. Kaaks
Independent Vice Chairman of Supervisory Board5.42yrsno datano data
Amy Hebert
Member of Supervisory Board0.17yrno datano data
Valerie Diele-Braun
Member of Supervisory Board0.17yrno datano data
Julia Van Lemke-Pears
Independent Member of Supervisory Board4.17yrsno datano data

3.7yrs

Average Tenure

53yo

Average Age

Experienced Board: IMDZ.F's board of directors are considered experienced (3.7 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 not been meaningfully diluted in the past year.


Top Shareholders

Company Information

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


Key Information

  • Name: IMCD N.V.
  • Ticker: IMDZ.F
  • Exchange: OTCPK
  • Founded: 1995
  • Industry: Trading Companies and Distributors
  • Sector: Capital Goods
  • Market Cap: €4.433b
  • Listing Market Cap: €4.984b
  • Shares outstanding: 52.48m
  • 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. sells, markets, and distributes specialty chemicals, and pharmaceutical and food ingredients in Europe, the Middle East, Africa, the Asia-Pacific, and the Americas. The company offers detergent surfactants, builders, rheology modifiers, solubilizers, and functional additives; excipients, active pharmaceutical ingredients, specialty solvents, process chemicals, and intermediates for formulation and chemical synthesis; and personal care products, such as color cosmetics, dental products, deodorants, fragrances, hair and skin care chemicals, and toiletries. It also provides additives, fillers, pigments, resins, and specialty solvents to the coatings, paints, construction, adhesives, and inks industries; food ingredients and flavors, and nutrition products; automotive, fuel and refinery, and industrial lubricant additives; and synthesis products, including additives, catalysts, intermediates, monomers, processing aids, reactive diluents, solvents, and surface active agents. In addition, the company offers additives, functional fillers, pigments, polymers, compounds, and masterbatches; and other products. IMCD N.V. was founded in 1995 and is headquartered in Rotterdam, the Netherlands. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/03 01:13
End of Day Share Price2020/05/06 00:00
Earnings2019/12/31
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.