Kepler resumes IMCD at 'buy' on risk-reward skewed to upside

IMCD

06/12/2024 12:25

** Kepler Cheuvreux resumes coverage of Dutch specialty
chemicals maker IMCD  IMCD.AS  with a "guy" rating, citing 'a
moment of opportunity' as risk-reward is again skewed to the
upside
    ** Kepler highlights IMCD's market leadership supported by a
19% annual total shareholder return since its IPO in 2014 and
its high barriers to entry in a fragmented industry
    ** Following a two-year period of organic EBITA
consolidation and below-average shareholder returns, Kepler sees
risk-reward skewed to the upside
    ** It flags organic growth which is set to accelerate and
more short-term headroom for EPS-enhancing M&A activity
    ** Kepler sets PT at EUR 179, an about 26% upside to IMCD's
current share price
    ** Out of 17 analysts that cover IMCD, nine rate the stock
"strong buy"/"buy, ​seven "hold" and one "sell"

 (Reporting by Johan Bodinier)
 ((Johangeorgesroger.bodinier@thomsonreuters.com))