IMERYS: Disappointing guidance on current net profit in 2019 | NEUTRAL vs. BUY | EUR51 vs. EUR54 (+12%)
IMERYS - NEUTRAL vs. BUY | EUR51 vs. EUR54 (+12%)Disappointing guidance on current net profit in 2019
Further volume deterioration in Q2, as expected
Operating margin down 120bps in Q2; poor but not surprising.
Current net profit should be down 10% this year – not expected.
Operating margin unsupportive this year. 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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