Imerys : A good Q2, forecasts raised and resolution of asbestos litigation at the beginning of 2022
>Q2 2021 EBITDA 15% above our estimates - Q2 2021 EBITDA at € 217.7m (+74.5%) vs ODDO BHF at € 189m (15% above). In H1, EBITDA was driven by volumes (+€ 139m) and the price mix effect (+€ 12m), despite a negative fixed/variable costs effect (-€ 37m) and negative forex (-€ 22m). The Q2 EBITDA margin was 19.8%, up 544bp after +130bp in Q1, +12bp in Q4 2020 and +4bp in Q3. Underlying net income in Q2 was € 85m (vs € 24m in Q2 2020), i.e. € 158.3m in H1.Q2 2021 sales...Imerys is engaged in the production and the processing of minerals. Co.'s operations can be divided into four business groups: Minerals for Ceramics, Refractories, Abrasives and Foundry (minerals mainly for floor tiles, sanitaryware, porcelain, mobile energy as well as high-temperature and abrasive industries); Performance and Filtration Minerals (plastics, rubber, coatings, sealants and adhesives, health, beauty and filtration of nutrition liquids); Pigments for Paper (filler and coating products for paper) and Materials and Monolithics (construction materials in clay and slate and monolithic products and solutions for high-temperature industries).
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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