IMCD Anticipating a weak 4Q23, highlighting a cheaper alternative
In this note we highlight the increased premium of IMCD compared to Azelis and explain why this is not sustainable. While IMCD's stronger balance sheet and Shareholder structure justifies a premium, margin dynamics in APAC show that a discount is also justified. Furthermore, we adjust our FY23 numbers downwards given the ongoing weakness, especially in APAC and the Americas. Due to these adjustment our Target price declines from € 144 to € 140. Given the current valuation we adjust our recommendation from Accumulate to HOLD.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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