Imerys is engaged in the production and the processing of minerals. Co.'s operations can be divided into four business groups: Minerals for Ceramics, Refractories, Abrasives and Foundry (minerals mainly for floor tiles, sanitaryware, porcelain, mobile energy as well as high-temperature and abrasive industries); Performance and Filtration Minerals (plastics, rubber, coatings, sealants and adhesives, health, beauty and filtration of nutrition liquids); Pigments for Paper (filler and coating products for paper) and Materials and Monolithics (construction materials in clay and slate and monolithic products and solutions for high-temperature industries).
  • TickerNK
  • ISINFR0000120859
  • ExchangeEuronext Paris
  • SectorMining
  • CountryFrance

Analysts

Sven Edelfelt ...
  • Virginie Rousseau

Imerys : Take what is necessary, not the minimum

>Q4 2019 operating income below expectations, but a good level of cash - Q4 2019 operating income was € 81m (-41.4%) vs € 90m for ODDO BHF and the consensus (10% below). In Q4, the drop in operating profit was more marked than in Q3 (-41%, after -20%). The margin was 8.0%, down 420bp in Q4 after -180bp in Q3. Over the year, operating profit totalled € 439m, 2% below expectations, down 21.9% (see table page 2). Recurring net income came to € 277m, down 22.4% (gui...

Sven Edelfelt ...
  • Virginie Rousseau

Imerys : Se satisfaire du nécessaire mais ne pas se contenter du minimum

>Résultat opérationnel T4 2019 en dessous mais bon niveau de cash - Le résultat opérationnel T4 2019 ressort à 81 M€ (-41.4%) vs ODDO BHF et le consensus à 90 M€ (soit 10% en dessous). Au T4, le recul du résultat opérationnel est plus marqué que celui observé au T3 (-41% après -20%). La marge ressort à 8,0% en baisse de 420 pb au T4 après -180 pb au T3. Sur l’année, le ROP atteint 439 M€ soit 2% en dessous des attentes en baisse de 21.9% (voir tableau en page 2)....

Baptiste Lebacq ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 02/13/2020

Coface successfully executed the industrial component of its Fit to Win strategic plan, with an improvement in risk management and operating efficiency. It will present its new plan on 25 February which should be in the same vein as its predecessor in terms of credit insurance, while the group should also want to develop its factoring business. The recent validation of its internal model has increased the group's financial flexibility and it will be able to maintain a favourable polic...

Eric Lemarie

IMERYS: Tough Q4. Outlook still uncertain. | SELL | EUR31(-25%)

IMERYS - SELL | EUR31(-25%) Tough Q4. Outlook still uncertain. FY current net profit consistent with the guidance A complicated Q4 last year Sell maintained

Baptiste Lebacq ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 13/02/2020

Coface a exécuté avec succès le volet industriel de son plan stratégique Fit to Win avec notamment une amélioration de la gestion des risques et de l’efficacité opérationnelle. Il présentera le 25 février son nouveau plan, qui devrait être dans la continuité en ce qui concerne l’assurance-crédit, alors que Coface devrait vouloir développer ses activités d’affacturage. La validation récente de son modèle interne a augmenté la flexibilité financière du groupe, qui pourra maintenir une p...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 20/01/2020 - RWE

RWE (Conserver) : Juge la compensation pour fermeture des centrales à charbon insuffisante Automobile : La France souhaite revoir les règles européennes sur les émissions de CO2 Salini Impregilo (Achat) : Emission de €250m à 7ans à 3,625%, rachat de €121m de l'obligation 2021 à 3,75% Zone Euro : Le taux d’inflation annuel de la zone euro s’est établi à 1,3% en décembre 2019 Renault (Conserver) : 3,8m véhicules vendus en 2019 (-3,4%) Iliad (Achat) : Lance l'offre publique de rachat d'actions de €1,4 md, financée par l'augmentation de capital réalisée...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 28/11/2019 - Atlantia- FR

Atlantia (Conserver) : Le gouvernement italien devrait prendre une décision la semaine prochaine sur la concession italienne Vienna Insurance (Achat) - 9M-19 : Résultat avant impôts de €376m (+6,8%) Deutsche Bank (Vente) : Cède un bloc d’actifs émergents d’une valeur nominal de £40mds Selecta (Achat) - Exercice 2018/19 : EBITDA de €198m (+11,4%) Loxam (Achat) - 9M-19 : EBITDA de €430m (+15,7%) Merlin Properties (Achat) : Emission d'une obligation de €500m 15Y ms+165pbs Imerys (Achat) : Pourrait céder ses filiales nord-américaines de talc ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 30/10/2019 - Fiat Chrysler Automobiles (Achat) – Peugeot (Achat) - EN

Fiat Chrysler Automobiles (O/P) - Peugeot (O/P): Confirm Merger Talks Unicaja Banco: Tier 2 10NC5 Bond Issue Santander (O/P) - 9M-19:  Revenues of €37.0bn (+2.8%) Deutsche Bank (U/P) - 9M-19: Net Loss of €4.1bn (vs Net Profit of €455m A Year Earlier) Pirelli (O/P) - 9M-19: EBITDA of €979m (+7.8%) Fresenius (M/P) - 9M-19: EBITDA of €4.5bn (+2.7%) Atos (O/P): Completes The Sale of Worldline and €500m Convertible Issue Stora Enso (O/P) - 9M-19: EBIT of €841m (-20.2%)

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 30/10/2019 - Fiat Chrysler Automobiles (Achat) – Peugeot (Achat) - FR

Fiat Chrysler Automobiles (Achat) – Peugeot (Achat) : Nouvelles discussions sur une fusion des deux groupes Unicaja Banco : Emission d'une obligation Tier 2 10NC5 Santander (Achat) - 9M-19 : PNB de €37,0 mds (+2,8%) Deutsche Bank (Vente) - 9M-19 : Perte nette de €4,1mds (RN de €455m un an avant) Pirelli (Achat) - 9M-19 : EBITDA de €979m (+7,8%) Fresenius (Conserver) - 9M-19 : EBITDA de €4,5 mds (+2,7%) Atos  (Achat) : Finalise la cession de Worldline et émission convertible de €500m Stora Enso (Achat) - 9M-19 : EBIT de €841m (-20...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 29/10/2019 - AT&T - EN

AT&T: Plans $5bn To $10bn Of Assets Disposal In 2020 Commerzbank (U/P) -Q3-19: Net Profit of €294m (+34.9%) Mediobanca (O/P) - Q1-19/20: Net Profit of €271m (+10.3%) Bharti Airtel (U/P): Postpones The Publication of Its Half Year Results Orange (Outperform: Hybrids) - 9M-19: EBITDA (After Leases) of €9.6bn (+0.6% LfL) Unibail-Rodamco-Westfield (M/P) - 9M-19: Revenues of €2.2bn (+17.7%) Imerys (O/P) - 9M-19: Current Operating Income of €358m (-15.7%) S&P Affirms RCI Banque's BBB Rating (O/P), the Outlook Remains Negative

Sven Edelfelt ...
  • Virginie Rousseau

Imerys : Take what is necessary, not the minimum

>Q4 2019 operating income below expectations, but a good level of cash - Q4 2019 operating income was € 81m (-41.4%) vs € 90m for ODDO BHF and the consensus (10% below). In Q4, the drop in operating profit was more marked than in Q3 (-41%, after -20%). The margin was 8.0%, down 420bp in Q4 after -180bp in Q3. Over the year, operating profit totalled € 439m, 2% below expectations, down 21.9% (see table page 2). Recurring net income came to € 277m, down 22.4% (gui...

Sven Edelfelt ...
  • Virginie Rousseau

Imerys : Se satisfaire du nécessaire mais ne pas se contenter du minimum

>Résultat opérationnel T4 2019 en dessous mais bon niveau de cash - Le résultat opérationnel T4 2019 ressort à 81 M€ (-41.4%) vs ODDO BHF et le consensus à 90 M€ (soit 10% en dessous). Au T4, le recul du résultat opérationnel est plus marqué que celui observé au T3 (-41% après -20%). La marge ressort à 8,0% en baisse de 420 pb au T4 après -180 pb au T3. Sur l’année, le ROP atteint 439 M€ soit 2% en dessous des attentes en baisse de 21.9% (voir tableau en page 2)....

Eric Lemarie

IMERYS: Tough Q4. Outlook still uncertain. | SELL | EUR31(-25%)

IMERYS - SELL | EUR31(-25%) Tough Q4. Outlook still uncertain. FY current net profit consistent with the guidance A complicated Q4 last year Sell maintained

Sven Edelfelt ...
  • Virginie Rousseau

Imerys : Prepare for the worst and hope for the best

>Q4 2019 preview: marked by the destocking effect - Q4 will likely mark a low point in volumes due to the destocking effect. We forecast a 9.2% decline in volumes in Q4 2019, after -6.9% in Q3 and -4.8% in Q2. Destocking accounts for the lion’s share of the acceleration in the decline in volumes, on our estimates. This should be accompanied by a possible restocking effect in Q1 2020. The price effect is expected to increase by 1.7%, in line with that observed in Q3. B...

Sven Edelfelt ...
  • Virginie Rousseau

Imerys : Se préparer au pire et espérer le meilleur

>Preview T4 2019 : sous le signe de l’effet déstockage - Le T4 devrait constituer un point bas en volume sous l’effet déstockage. Nous tablons sur un recul des volumes de 9.2% au T4 après -6.9% au T3 et -4.8% au T2. Le déstockage explique l’essentiel de l’accélération de la baisse des volumes, selon nous. Celui-ci devrait s’accompagner d’un possible effet restockage sur le T1 2020. L’effet prix est attendue en progression de 1.7% en ligne avec celui observé au T3. Rap...

1 director bought

A director at Imerys Sa bought 600 shares at 41.000EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board membe...

Baptiste Lebacq ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 02/13/2020

Coface successfully executed the industrial component of its Fit to Win strategic plan, with an improvement in risk management and operating efficiency. It will present its new plan on 25 February which should be in the same vein as its predecessor in terms of credit insurance, while the group should also want to develop its factoring business. The recent validation of its internal model has increased the group's financial flexibility and it will be able to maintain a favourable polic...

Baptiste Lebacq ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 13/02/2020

Coface a exécuté avec succès le volet industriel de son plan stratégique Fit to Win avec notamment une amélioration de la gestion des risques et de l’efficacité opérationnelle. Il présentera le 25 février son nouveau plan, qui devrait être dans la continuité en ce qui concerne l’assurance-crédit, alors que Coface devrait vouloir développer ses activités d’affacturage. La validation récente de son modèle interne a augmenté la flexibilité financière du groupe, qui pourra maintenir une p...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Khaled Ben Amor
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 02/10/2020

Scandic Hotels is the leading player in the Nordic hotel sector. The group boasts a broadly positive track record in terms of development and growth although its profitability continues to lag behind that of its peers. The outlook is fairly mixed and the lack of clear catalysts prompts us to take a cautious stance on the stock. We are initiating coverage with a Neutral rating and a target price of SEK 98. - Cf. equity report published today. - ...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Khaled Ben Amor
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 10/02/2020

Scandic est le leader de l’hôtellerie nordique. Le groupe est fort d’un track record globalement positif en termes de développement et de croissance même si la profitabilité reste en léger décalage par rapport aux pairs. Les perspectives à venir plutôt mitigées et le manque de catalyseurs francs nous poussent à être prudents sur le titre. Nous initions la valeur avec une recommandation Neutre et un objectif de cours de 98 SEK. Cf. étude publiée ce jour. - ...

Hana Maalej ...
  • Louis Boujard, CFA
  • Nicolas Thorez
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 01/23/2020

...

Thanks to a better fundamental star rating, IMERYS sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to IMERYS (FR), active in the Building Materials & Fixtures industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date November 5, 2019, the closing price was EUR 37.88 and its expected value was estimated at EUR 35.62.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MarketLine Department

Compagnie de Saint-Gobain - Strategy, SWOT and Corporate Finance Report

Summary Compagnie de Saint-Gobain - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Compagnie de Saint-Gobain (Saint-Gobain) is a construction and building products manufacturing company. Its product portfolio includes various types of glasses, ceramic tiles and related products, plastics, cast iron pipes and related products, home improvement materials, gypsum, in...

MarketLine Department

Wienerberger AG - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Wienerberger AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Wienerberger AG since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Hig...

Expert Corporate Governance Service (ECGS)

Imerys - AGM and EGM 10 May 2019

Since 4 May 2018, Conrad Keijzer, after having been Deputy Chief Executive Officer since 8 March 2018, has been Chief Executive Officer of the company, replacing Gilles Michel, who has retained the position of Chairman of the Board of Directors. The remuneration policy of the new Chief Executive Officer allows excessively generous amounts and the proposed amendments are inflationary in nature. The same applies to severance pay, which cannot also be supported (resolutions 4 and 6). Gilles Michel's remuneration as Chairman of the Board of Directors seems acceptable, however, as well as the exc...

Charles Pinel

Imerys - Assemblée Générale des actionnaires du 10 mai 2019

Depuis le 4 mai 2018, Conrad Keijzer, après en avoir été Directeur Général Délégué depuis le 8 mars 2018, est Directeur Général de la société en remplacement de Gilles Michel qui a conservé la Présidence du Conseil d'administration. La politique de rémunération du nouveau Directeur général permet des montants trop généreux et les modifications proposées ont un caractère inflationniste. Il en est de même des indemnités de départ qui ne pourront également pas être soutenues (résolutions 4 et 6). La rémunération de Gilles Michel en tant que Président du Conseil d'administration semble en revanc...

Imerys – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Charles Pinel

Proxy Report - 04/05/2018

Gilles Michel, CEO, will resign on the 4th of May, 2018. Conrad Keijzer, appointed as deputy Chief Executive Officer on March 8, 2018, will be designated as Chief Executive Officer of the Group. We welcome the separation of functions (resolutions 7 and 10). The Board will decide at its meeting on May 4, 2018 to coopt a new independent female member who is currently being selected. 2017 remuneration for Gilles Michel : The Company has made a concerted effort to improve transparency this year by disclosing performance criteria weightings and achievement rates for the bonus. However, given the l...

Charles Pinel

Proxy Report - 04/05/2018

Président-Directeur Général d'Imerys depuis 2011, Gilles Michel va prendre sa retraite à l'issue de la présente assemblée générale. Il conservera la présidence du conseil et Conrad Keijzer, désigné le 8 mars 2018 en qualité de Directeur général délégué, deviendra Directeur général. En raison de la séparation des fonctions de président du conseil et de Directeur général, nous recommandons l'approbation aux résolutions 7 et 10 (renouvellement du mandat de Gilles Michel et nomination de Conrad Keijzer). Par ailleurs, le Conseil a exprimé sa volonté de coopter, lors de sa réunion du 4 mai prochai...

Jérôme VINERIER

Short term view - IMERYS : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €52.05. The background trend would be questioned should prices rise above €64.70.

Jérôme VINERIER

Analyse court terme - IMERYS : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 52,05 €. La tendance de fond serait remise en cause en cas de franchissement de 64,70 €.

Jérôme VINERIER

Analyse court terme - IMERYS : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 52,05 €, puis 46,47 €. Le franchissement de 64,70 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - IMERYS : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €52.05, then €46.47. Passing €64.70 would question the continuation of the fall.

Jérôme VINERIER

Analyse moyen terme - IMERYS : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 52,20 €, puis 46,30 €. Le franchissement de 70,03 € remettrait en cause la suite de la baisse.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch