After rain comes sunshine
The dynamics over the past months in the Specialty chemcial distribution market were different from market expectations. Therefore, we updated and fully alligned Azelis and IMCD. Given the weaker demand and large uncertainties in the short run, we performed a detailed analysis for both companies in 2H23 and 2024. Furthermore, we compare and allign the organic growth for both companies. We make slight adjustments to the Gross Profit, conversion and EBITA margin, making the comparison between the 2 companies very convenient. We explain why Azelis is our preferred pick over IMCD. Our adjustments result in a Target Price of € 28.4 for Azelis, reiterating our buy rating, while for IMCD our recommendation changes to an accumulate with a Target price of € 144.Adjustments 2023 and 2024
IMCD 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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