IMCD - Growth normalizing after exceptional period
Azelis and IMCD are going through several quarters of negative organic growth, after an exceptionally strong streak of positive growthWe believe the structural growth drivers are intact, and margins will remain resilient, but we modestly trim our estimates to reflect a larger than expected impact of destockingWe cut our TP for Azelis from EUR 28 to EUR 25 (13% upside) and for IMCD from EUR 170 to EUR 135 (40% upside). We upgrade Azelis from Hold to Buy and remain on Hold for IMCD. Dip in growth after high-growth period, recovery from 2024 onwardsAfter 6 quarters of stellar performance, organic growthIMCD Group is a specialty chemicals group based in the Netherlands. Co. is engaged in the sale, marketing and distribution of specialty chemicals and food ingredients globally. Co.'s business groups are Detergents, Pharma, Personal Care, Coatings, Food & Nutrition, Lubricants, Synthesis, Plastics and others. Co.'s product offering includes additives, antioxidants, extracts, preservatives, acids, lubricants, oils, softeners, wax, components for oral, topical and vaccine drug formulations, fragrances, pigments, solvents, resins, flavors, herbs and spices, surface active agents, and fillers, among others. Co. maintains offices and warehouses in Europe, Asia Pacific, Africa, the USA and Brazil.
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