IMCD Short-term revisions in light of the uncertainty
In this note we adjust our numbers to reflect the increased uncertainty which results in lower organic growth for FY25 and FY26. While the Gross Profit margin remained robust, OpEx was well above expectations across all regions. Due to these dynamics we lower our forecasted FY25 EBITA by 6% to € 548m. Furthermore, we dive into the divergence with Azelis as this stood out in 1Q25. Our adjustments result in a lower valuation of € 147 per share. Given the upside we maintain our Accumulate recommendation.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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