Imerys at 1-yr high on brighter 2023 end-market outlook, dividend proposal

Imerys SA

17/02/2023 09:19

** Shares in Imerys  IMTP.PA  rise 3.8% as the company
specialized in the production and processing of industrial
minerals turns more positive on 2023 outlook
    ** The company is confident the demand will gradually
recover in 2023 as it expects inflation and energy prices to
normalize 
    ** It also aims to generate organic growth of 3-5% annually
on average between 2023 and 2025 while delivering higher current
EBITDA margins
    ** "The market is reacting positively on the recovery of
end-markets in 2023 as envisaged by the management (vs a more
conservative view given by the management until Q3 22 result
announcement)," Sejal Varshney from AlphaValue says
    ** Varshney also points to the dividend of 3.85 euros per
share as positive news, as it represents a total distribution of
327 million euros ($347.96 million)
    ** Additionally, Imerys beat expectations on revenue and
current EBITDA, Varshney adds, while net profit was a miss,
impacted by goodwill impairment from ongoing disposals
    ** Imerys's FY revenue rises to 4.282 billion euros, while
current EBITDA is up at 720 million euros
    ** Stock is at its highest price in a year
($1 = 0.9398 euros)
 (Reporting by Piotr Lipinski)
 ((piotr.lipinski@tr.com))