Financials Imerys

Equities

NK

FR0000120859

Specialty Mining & Metals

Market Closed - Euronext Paris Other stock markets 11:38:30 2024-04-26 am EDT			5-day change	1st Jan Change
30.42 ^EUR	+2.22%		+2.56%	+6.81%

Apr. 12	Eramet: share price rises following Bercy measures	CF
Apr. 12	Imerys: share price stands out, bill in support	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,986	3,263	3,096	3,073	2,403	2,568	-	-
Enterprise Value (EV) ¹	4,674	4,838	4,547	4,739	3,521	4,050	3,919	3,924
P/E ratio	24.8 x	107 x	13.1 x	13.2 x	47.5 x	10.3 x	8.75 x	8.6 x
Yield	5.71%	2.97%	4.24%	10.6%	4.74%	5.01%	5.34%	5.88%
Capitalization / Revenue	0.69 x	0.86 x	0.71 x	0.72 x	0.63 x	0.67 x	0.64 x	0.61 x
EV / Revenue	1.07 x	1.27 x	1.04 x	1.11 x	0.93 x	1.05 x	0.97 x	0.94 x
EV / EBITDA	6.11 x	7.66 x	5.98 x	6.58 x	5.56 x	6.33 x	5.76 x	5.57 x
EV / FCF	20.5 x	17.5 x	22.1 x	103 x	16.5 x	27 x	34.7 x	27.3 x
FCF Yield	4.88%	5.71%	4.53%	0.97%	6.04%	3.7%	2.88%	3.67%
Price to Book	0.96 x	1.1 x	0.97 x	0.92 x	0.77 x	0.81 x	0.79 x	0.76 x
Nbr of stocks (in thousands)	79,248	84,400	84,726	84,553	84,368	84,434	-	-
Reference price ²	37.68	38.66	36.54	36.34	28.48	30.42	30.42	30.42
Announcement Date	2/12/20	2/18/21	2/16/22	2/16/23	2/21/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,354	3,799	4,383	4,282	3,794	3,860	4,022	4,193
EBITDA ¹	764.6	631.5	761	720	633	639.4	680.2	704.7
EBIT ¹	438.8	299	452	438.8	364.7	324.8	365.3	381.7
Operating Margin	10.08%	7.87%	10.31%	10.25%	9.61%	8.42%	9.08%	9.1%
Earnings before Tax (EBT) ¹	184.9	76.6	364	268.1	69.3	305.3	355.2	399
Net income ¹	121.2	30.1	240	237.2	51.3	265.8	298.3	304
Net margin	2.78%	0.79%	5.48%	5.54%	1.35%	6.89%	7.42%	7.25%
EPS ²	1.520	0.3600	2.790	2.760	0.6000	2.947	3.476	3.537
Free Cash Flow ¹	227.9	276.1	205.9	46	212.8	150	112.8	143.9
FCF margin	5.23%	7.27%	4.7%	1.07%	5.61%	3.89%	2.81%	3.43%
FCF Conversion (EBITDA)	29.81%	43.72%	27.06%	6.39%	33.62%	23.46%	16.59%	20.42%
FCF Conversion (Net income)	188.04%	917.28%	85.79%	19.39%	414.81%	56.43%	37.83%	47.34%
Dividend per Share ²	2.150	1.150	1.550	3.850	1.350	1.525	1.624	1.790
Announcement Date	2/12/20	2/18/21	2/16/22	2/16/23	2/21/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1
Net sales ¹	1,900	2,158	1,104	1,121	-	1,211	1,352	2,563	695	997	985.4	1,982	918	894	-	932
EBITDA	-	400.4	194	-	-	188.9	-	-	123	-	180	331	150	-	-	-
EBIT	132.1	223.2	-	-	228.8	-	-	292.7	-	-	-	217.9	-	-	146.8	-
Operating Margin	6.95%	10.34%	-	-	-	-	-	11.42%	-	-	-	10.99%	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	7/27/20	7/27/21	11/2/21	2/16/22	2/16/22	4/28/22	7/28/22	7/28/22	11/2/22	5/2/23	7/27/23	7/27/23	10/30/23	2/21/24	2/21/24	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,688	1,576	1,451	1,666	1,118	1,481	1,351	1,355
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.207 x	2.495 x	1.907 x	2.314 x	1.766 x	2.317 x	1.986 x	1.923 x
Free Cash Flow ¹	228	276	206	46	213	150	113	144
ROE (net income / shareholders' equity)	8.75%	5.56%	9.45%	8.7%	7.49%	8.63%	13.4%	10.6%
ROA (Net income/ Total Assets)	-	-	-	-	-	8.1%	8.3%	8.5%
Assets ¹	-	-	-	-	-	3,282	3,594	3,576
Book Value Per Share ²	39.00	35.30	37.70	39.60	37.00	37.40	38.70	40.00
Cash Flow per Share ²	6.470	6.550	6.410	5.260	7.030	6.210	-	-
Capex ¹	292	262	337	406	390	366	360	363
Capex / Sales	6.7%	6.9%	7.69%	9.48%	10.28%	9.49%	8.94%	8.65%
Announcement Date	2/12/20	2/18/21	2/16/22	2/16/23	2/21/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Imerys

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

30.42 EUR

Average target price

43.2 EUR

Spread / Average Target

+42.01%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Specialty Mining & Metals

	1st Jan change	Capi.
IMERYS	+6.81%	2.74B
SOUTHERN COPPER CORPORATION	+35.87%	90.41B
FREEPORT-MCMORAN INC.	+18.63%	72.53B
MINING AND METALLURGICAL COMPANY NORILSK NICKEL	-.--%	27.75B
JIANGXI COPPER COMPANY LIMITED	+48.73%	10.49B
SUMITOMO METAL MINING CO., LTD.	+24.16%	9.2B
BOLIDEN AB	+12.94%	8.86B
KOREA ZINC INC.	-8.73%	6.9B
WESTERN MINING CO.,LTD.	+44.50%	6.78B
JINDUICHENG MOLYBDENUM CO., LTD.	+23.28%	5.19B

Other Specialty Mining & Metals