Imerys | BUY, EUR80 | 2018 likely to be a year of transition
We set up a one-day road-show in Paris on 3rd May. While we remain positive for the mid-term in view of a gradual portfolio adjustment towards more dynamic businesses, we suspect 2018 will be a year of transition with a new CEO, a decision concerning the clay tiles business and the full extent of operating margin pressure. This weighs on short term visibility in our view. Combined with a lower FV, we downgrade to Neutral.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).
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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