IMCD Appreciate the specialty
Currently, IMCD is trading at a very attractive valuation offering a great entry point in the (specialty) chemical distribution market. Recent developments and sector rotations resulted in an oversold stock, whereby people seem to have forgotten that IMCD is a specialty chemical distributor. The concerns of lower demand in the short term are justified. In the long run will they benefit from structural trends, robust revenue growth and margin improvements. These dynamics result in a DCF valuation of € 156. Given the robust upside we initiate with a BUY rating.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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