Imerys: H1 2018 operating profit below expectations
Imerys: (NEUTRAL, Fair Value EUR80 (+16%))H1 2018 operating profit below expectations
Imerys has reported revenues roughly in line with expectations, up 5.3% at EUR2311m. However, current operating profit, up 4.7% lfl at EUR284m, stands 5% below our estimates, penalised by some production issues in a new industrial site in Namibia and negative currencies effect of 30bps. Most recent acquisitions contribution is still limited, with modest contribution from bolt-ons and synergies from Kerneos still on a ramp-up phase. In that context, we week our Neutral unchanged.
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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