Imerys: the share price rises, Berenberg raises its target
June 03, 2024 at 09:19 am
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Imerys shares were one of the biggest risers on the SBF 120 index on Monday morning on the Paris Bourse, thanks to a positive note from Berenberg, which raised its target price for the stock.
In a note, the financial intermediary believes that the market is significantly undervaluing the quartz mine held by the Group in the United States, which it values at around 12 euros per share.
In its view, this joint venture, named 'The Quartz Corp' and equally controlled with Norsk Mineral, has demonstrated the continued strength of its business.
Berenberg expects Imerys to generate a net profit of 55 million euros from the project in the first quarter, i.e. 67% of its net profit, compared with 21 million euros in the same period last year.
Against this backdrop, the analyst has raised his price target from 40 to 45 euros, while maintaining his buy recommendation.
At 10:10 a.m., the share price was up 2.5%, while at the same time the SBF 120 index was up 0.3%.
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As a world leader in mineral specialties for the industry, Imerys offers high-added-value business solutions for a wide range of sectors, from process industries to consumer goods or construction products. The group actively mobilizes its knowledge of applications, technological expertise and materials science know how to provide high-end solutions that value its mineral resources, develop formulations or produce synthetic minerals. All these actions bring about essential properties to its customers' products and their performance such as refractoriness, toughness, conductivity, opacity, durability, purity, lightness, filtration, absorption, or hydrophobicity. Imerys is strongly committed to responsible developmentin particular, to contribute to the development of environmentally friendly products and processes. The activity is organized around 2 areas:
- Performance Minerals: the segment brings together three geographical business areas - Europe, Middle East and Africa (EMEA), America and Asia/Pacific (APAC). This segment encompasses functional additives that give unique properties to the products they compose. It serves the plastics, rubber, paint and coatings, filtration, ceramic materials, renewable energy, paper and cardboard, food, health and cosmetic industries;
- Materials and High Temperature Solutions: the segment, managed globally, brings together two business areas - High Temperature Solutions and Refractories, Abrasives & Construction. This segment facilitates production processes involving high temperatures. It serves the refractory, foundry, metals, abrasives and building chemicals markets.
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