Imerys falls on 'disappointing' 2024 guidance
30/07/2024 09:46
** Shares in Imerys IMTP.PA fall 3.4% after the French
minerals company's 2024 guidance came below expectations
** The group targets 2024 adjusted EBITDA of 670-690 mln
euros ($725-747 mln), missing company-compiled and Visible
Alpha's consensus (of 700 mln euros and 749 mln euros
respectively) according to ODDO BHF
** The broker now estimates Imerys's EBITDA at 689-739 mln,
vs 739 mln euros earlier, to reflect lowered expectations for
Quartz's contribution to 100 million from 150 million euros
** It says the "disappointing" guidance can be explained by
Quartz Corp's lower sales due to overproduction and high
inventory levels
** ODDO BHF keeps "outperform" rating but cuts PT to 61 from
67 euros
** Imerys' H1 adjusted EBITDA rose 11% to 384 mln euros
** Shares are one of the worst performers on France's SBF
120 .SBF120 index, on track for their worst day in three weeks
($1 = 0.9240 euros)
(Reporting by Olivier Cherfan)
((olivier.cherfan@thomsonreuters.com))