Imerys : Energy costs dampen any hopes of an upward revision to the consensus
>EBITDA in line with our estimates - Q3 2021 EBITDA came in at € 194m (+17.7%) vs ODDO BHF at € 195m (in line). In Q3, volumes continued to grow at a sustained rate in a context of strong upsurges in energy costs. Although Imerys has strong pricing power, the group has not yet been able to fully pass it on. The Q3 EBITDA margin was 17.6%, down 45bp after an increase of +544bp in Q2 and +130bp in Q1. Underlying net income in Q3 was € 75m (vs € 44m in Q3 2020), i.e. € 2...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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