Imerys: share price rises, Oddo BHF optimistic about quartz
January 24, 2024 at 04:38 am EST
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Imerys was by far the biggest riser on the SBF 120 early Wednesday morning, thanks to a positive note from analysts at Oddo BHF, who raised their price target on the stock.
At 10:20 a.m., shares in the group specializing in minerals for industry were up 9.5%, while the SBF index gained 0.6%.
In a research note published in the morning, Oddo analysts highlight the "bright" future ahead for Quartz Corporation, the joint venture Imerys created in 2011 with Norsk Mineral in the mining and processing of high-purity quartz.
This North Carolina-based mine is home to the world's highest-quality natural quartz for the semiconductor industry, high-temperature lamps, communications, precision optics, microelectronics and solar energy, analysts observe.
The research firm says it expects sales to double between 2023 and 2028, with operating margin (Ebitda) expected to rise from 55% in 2023 to 62% in 2026.
The valuation of Quartz Corporation should wake up the sleeping beauty, and for good this time", concludes Oddo, which has raised its target price from 55 to 67 euros to reflect the valuation of Quartz, while reiterating its 'outperform' opinion on the stock.
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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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