IMCD GROUP : Good cost control
>1Q21 operating EBITA 7% above our forecast - On 29 April, IMCD reported 1Q21 results that were above market expectations. Operating EBITA of € 91m was up 28% yoy and 7% above our forecast (no consensus available). This was mainly driven by the conversion margin (operating EBITA / gross profit), which was up 570bps yoy and 240bps ahead of our forecast at 45.9%.Higher conversion margin in EMEA and Asia-Pacific - EMEA operating EBITA of € 44m was up 15%...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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