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IMCD NV (IMCD.AS) Stock Fundamental Analysis

AMS:IMCD - Euronext Amsterdam - NL0010801007 - Common Stock - Currency: EUR

148.85  -0.8 (-0.53%)

Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to IMCD. IMCD was compared to 16 industry peers in the Trading Companies & Distributors industry. IMCD scores excellent on profitability, but there are some minor concerns on its financial health. IMCD is showing excellent growth while it is valued at reasonable prices. Keep and eye on this one!


Dividend Valuation Growth Profitability Health

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8

1. Profitability

1.1 Basic Checks

In the past year IMCD was profitable.
IMCD had a positive operating cash flow in the past year.
Each year in the past 5 years IMCD has been profitable.
IMCD had a positive operating cash flow in each of the past 5 years.
IMCD.AS Yearly Net Income VS EBIT VS OCF VS FCFIMCD.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M

1.2 Ratios

IMCD has a better Return On Assets (6.26%) than 81.25% of its industry peers.
With an excellent Return On Equity value of 16.05%, IMCD belongs to the best of the industry, outperforming 87.50% of the companies in the same industry.
The Return On Invested Capital of IMCD (9.24%) is better than 87.50% of its industry peers.
The Average Return On Invested Capital over the past 3 years for IMCD is in line with the industry average of 8.61%.
Industry RankSector Rank
ROA 6.26%
ROE 16.05%
ROIC 9.24%
ROA(3y)7.32%
ROA(5y)6.27%
ROE(3y)16.62%
ROE(5y)14.39%
ROIC(3y)9.51%
ROIC(5y)8.4%
IMCD.AS Yearly ROA, ROE, ROICIMCD.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15

1.3 Margins

Looking at the Profit Margin, with a value of 6.19%, IMCD belongs to the top of the industry, outperforming 93.75% of the companies in the same industry.
IMCD's Profit Margin has improved in the last couple of years.
The Operating Margin of IMCD (9.02%) is better than 87.50% of its industry peers.
In the last couple of years the Operating Margin of IMCD has grown nicely.
Looking at the Gross Margin, with a value of 22.37%, IMCD is in the better half of the industry, outperforming 62.50% of the companies in the same industry.
IMCD's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 9.02%
PM (TTM) 6.19%
GM 22.37%
OM growth 3Y11.28%
OM growth 5Y7.14%
PM growth 3Y14.97%
PM growth 5Y9.36%
GM growth 3Y3.32%
GM growth 5Y2.55%
IMCD.AS Yearly Profit, Operating, Gross MarginsIMCD.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15 20

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4

2. Health

2.1 Basic Checks

IMCD has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
The number of shares outstanding for IMCD remains at a similar level compared to 1 year ago.
IMCD has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, IMCD has a worse debt to assets ratio.
IMCD.AS Yearly Shares OutstandingIMCD.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M 40M 50M
IMCD.AS Yearly Total Debt VS Total AssetsIMCD.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B 4B

2.2 Solvency

IMCD has an Altman-Z score of 3.63. This indicates that IMCD is financially healthy and has little risk of bankruptcy at the moment.
The Altman-Z score of IMCD (3.63) is better than 68.75% of its industry peers.
IMCD has a debt to FCF ratio of 5.02. This is a neutral value as IMCD would need 5.02 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 5.02, IMCD is in the better half of the industry, outperforming 75.00% of the companies in the same industry.
IMCD has a Debt/Equity ratio of 0.71. This is a neutral value indicating IMCD is somewhat dependend on debt financing.
IMCD's Debt to Equity ratio of 0.71 is on the low side compared to the rest of the industry. IMCD is outperformed by 62.50% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.71
Debt/FCF 5.02
Altman-Z 3.63
ROIC/WACC1.43
WACC6.48%
IMCD.AS Yearly LT Debt VS Equity VS FCFIMCD.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B

2.3 Liquidity

IMCD has a Current Ratio of 1.38. This is a normal value and indicates that IMCD is financially healthy and should not expect problems in meeting its short term obligations.
The Current ratio of IMCD (1.38) is worse than 68.75% of its industry peers.
IMCD has a Quick Ratio of 1.38. This is a bad value and indicates that IMCD is not financially healthy enough and could expect problems in meeting its short term obligations.
IMCD has a worse Quick ratio (0.88) than 75.00% of its industry peers.
Industry RankSector Rank
Current Ratio 1.38
Quick Ratio 0.88
IMCD.AS Yearly Current Assets VS Current LiabilitesIMCD.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B

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7

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 10.57% over the past year.
Measured over the past years, IMCD shows a very strong growth in Earnings Per Share. The EPS has been growing by 21.23% on average per year.
Looking at the last year, IMCD shows a very strong growth in Revenue. The Revenue has grown by 23.80%.
The Revenue has been growing by 14.91% on average over the past years. This is quite good.
EPS 1Y (TTM)10.57%
EPS 3Y24.2%
EPS 5Y21.23%
EPS Q2Q%2.86%
Revenue 1Y (TTM)23.8%
Revenue growth 3Y13.03%
Revenue growth 5Y14.91%
Sales Q2Q%9.8%

3.2 Future

The Earnings Per Share is expected to grow by 15.07% on average over the next years. This is quite good.
Based on estimates for the next years, IMCD will show a quite strong growth in Revenue. The Revenue will grow by 9.81% on average per year.
EPS Next Y85.49%
EPS Next 2Y28.3%
EPS Next 3Y18.62%
EPS Next 5Y15.07%
Revenue Next Year35.8%
Revenue Next 2Y15.63%
Revenue Next 3Y12.03%
Revenue Next 5Y9.81%

3.3 Evolution

The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
IMCD.AS Yearly Revenue VS EstimatesIMCD.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2032 2B 4B 6B
IMCD.AS Yearly EPS VS EstimatesIMCD.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2032 2 4 6 8

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4

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 40.67, the valuation of IMCD can be described as expensive.
IMCD's Price/Earnings ratio is in line with the industry average.
IMCD's Price/Earnings ratio indicates a valuation a bit more expensive than the S&P500 average which is at 28.47.
IMCD is valuated rather expensively with a Price/Forward Earnings ratio of 24.71.
Compared to the rest of the industry, the Price/Forward Earnings ratio of IMCD is on the same level as its industry peers.
IMCD's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 92.74.
Industry RankSector Rank
PE 40.67
Fwd PE 24.71
IMCD.AS Price Earnings VS Forward Price EarningsIMCD.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

The rest of the industry has a similar Enterprise Value to EBITDA ratio as IMCD.
IMCD's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 24.36
EV/EBITDA 19.44
IMCD.AS Per share dataIMCD.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60

4.3 Compensation for Growth

IMCD's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
The excellent profitability rating of IMCD may justify a higher PE ratio.
A more expensive valuation may be justified as IMCD's earnings are expected to grow with 18.62% in the coming years.
PEG (NY)0.48
PEG (5Y)1.92
EPS Next 2Y28.3%
EPS Next 3Y18.62%

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3

5. Dividend

5.1 Amount

IMCD has a Yearly Dividend Yield of 1.48%. Purely for dividend investing, there may be better candidates out there.
IMCD's Dividend Yield is comparable with the industry average which is at 2.77.
IMCD's Dividend Yield is slightly below the S&P500 average, which is at 2.28.
Industry RankSector Rank
Dividend Yield 1.48%

5.2 History

On average, the dividend of IMCD grows each year by 30.76%, which is quite nice.
Dividend Growth(5Y)30.76%
Div Incr Years1
Div Non Decr Years1
IMCD.AS Yearly Dividends per shareIMCD.AS Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 0.5 1 1.5 2

5.3 Sustainability

45.45% of the earnings are spent on dividend by IMCD. This is a bit on the high side, but may be sustainable.
IMCD's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP45.45%
EPS Next 2Y28.3%
EPS Next 3Y18.62%
IMCD.AS Yearly Income VS Free CF VS DividendIMCD.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M
IMCD.AS Dividend Payout.IMCD.AS Dividend Payout, showing the Payout Ratio.IMCD.AS Dividend Payout.PayoutRetained Earnings

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IMCD NV

AMS:IMCD (2/5/2025, 10:36:16 AM)

148.85

-0.8 (-0.53%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryTrading Companies & Distributors
Earnings (Last)11-08 2024-11-08/bmo
Earnings (Next)N/A N/A
Inst Owners77.76%
Inst Owner ChangeN/A
Ins Owners1.76%
Ins Owner ChangeN/A
Market Cap8.80B
Analysts76.52
Price Target167.76 (12.7%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.48%
Yearly Dividend2.37
Dividend Growth(5Y)30.76%
DP45.45%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0.25%
PT rev (3m)3.54%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)-3.22%
EPS NY rev (3m)-3.22%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0.37%
Revenue NY rev (3m)0.37%
Valuation
Industry RankSector Rank
PE 40.67
Fwd PE 24.71
P/S 1.94
P/FCF 24.36
P/OCF 22.29
P/B 5.03
P/tB N/A
EV/EBITDA 19.44
EPS(TTM)3.66
EY2.46%
EPS(NY)6.02
Fwd EY4.05%
FCF(TTM)6.11
FCFY4.11%
OCF(TTM)6.68
OCFY4.49%
SpS76.81
BVpS29.6
TBVpS-12.77
PEG (NY)0.48
PEG (5Y)1.92
Profitability
Industry RankSector Rank
ROA 6.26%
ROE 16.05%
ROCE 12.81%
ROIC 9.24%
ROICexc 9.94%
ROICexgc 62.85%
OM 9.02%
PM (TTM) 6.19%
GM 22.37%
FCFM 7.96%
ROA(3y)7.32%
ROA(5y)6.27%
ROE(3y)16.62%
ROE(5y)14.39%
ROIC(3y)9.51%
ROIC(5y)8.4%
ROICexc(3y)10.37%
ROICexc(5y)9.11%
ROICexgc(3y)35.62%
ROICexgc(5y)31.19%
ROCE(3y)14.83%
ROCE(5y)13.21%
ROICexcg growth 3Y11.12%
ROICexcg growth 5Y-5.62%
ROICexc growth 3Y13.71%
ROICexc growth 5Y1.54%
OM growth 3Y11.28%
OM growth 5Y7.14%
PM growth 3Y14.97%
PM growth 5Y9.36%
GM growth 3Y3.32%
GM growth 5Y2.55%
F-Score5
Asset Turnover1.01
Health
Industry RankSector Rank
Debt/Equity 0.71
Debt/FCF 5.02
Debt/EBITDA 2.31
Cap/Depr 26.41%
Cap/Sales 0.74%
Interest Coverage 9.66
Cash Conversion 73.54%
Profit Quality 128.61%
Current Ratio 1.38
Quick Ratio 0.88
Altman-Z 3.63
F-Score5
WACC6.48%
ROIC/WACC1.43
Cap/Depr(3y)24.01%
Cap/Depr(5y)24.7%
Cap/Sales(3y)0.62%
Cap/Sales(5y)0.63%
Profit Quality(3y)101.73%
Profit Quality(5y)125.63%
High Growth Momentum
Growth
EPS 1Y (TTM)10.57%
EPS 3Y24.2%
EPS 5Y21.23%
EPS Q2Q%2.86%
EPS Next Y85.49%
EPS Next 2Y28.3%
EPS Next 3Y18.62%
EPS Next 5Y15.07%
Revenue 1Y (TTM)23.8%
Revenue growth 3Y13.03%
Revenue growth 5Y14.91%
Sales Q2Q%9.8%
Revenue Next Year35.8%
Revenue Next 2Y15.63%
Revenue Next 3Y12.03%
Revenue Next 5Y9.81%
EBIT growth 1Y-8.54%
EBIT growth 3Y30.18%
EBIT growth 5Y21.4%
EBIT Next Year22.35%
EBIT Next 3Y12.97%
EBIT Next 5Y11.88%
FCF growth 1Y152.61%
FCF growth 3Y21.37%
FCF growth 5Y30.38%
OCF growth 1Y150.15%
OCF growth 3Y21.88%
OCF growth 5Y29.74%