IMCD Lower 2024 estimates, 1H24 preview and comparison with Azelis
Given the weaker outlook we adjust our numbers for IMCD. Organic revenue forecasts decrease for FY24 from previously 2.3% growth y/y, to a contraction of 1.4% y/y. Our EBITA margin forecast for 2024 decreases from previously 11.8% to 11.0%. This due to the lower organic revenue growth, a very modest reduction in the gross profit margin and an increase in OpEx. Nevertheless, our DCF based valuation of € 140 per share remains intact, as the impact is only over the short term. We maintain our Hold 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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