IMCD

OTCPK:IMCD.Y

Snowflake Description

Adequate balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

IMCD.Y

OTCPK

€4B

Market Cap

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Last updated 2019/10/28 01:09

Company description

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IMCD.Y Share Price and Events

7 Day Returns

OTCPK:IMCD.Y

3.7%

US Trade Distributors

1.4%

US Market

1 Year Returns

OTCPK:IMCD.Y

18.9%

US Trade Distributors

12.6%

US Market

IMCD.Y Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
IMCD (IMCD.Y)	0%	0%	0%	-	-	-
US Trade Distributors	3.7%	7.7%	7.3%	18.9%	44.7%	22.6%
US Market	1.4%	1.8%	-0.8%	12.6%	39.2%	43%

1 Year Return vs Industry and Market

No trading data on IMCD.Y.
No trading data on IMCD.Y.

Price Volatility

IMCD.Y

Industry

5yr Volatility vs Market

Related Companies

Sorry, no analysis for IMCD's competitors could be found in our database.

Value

Is IMCD undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

Here we compare the current share price of IMCD to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.

Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for IMCD.

OTCPK:IMCD.Y Discounted Cash Flow Data Sources
Data Point	Source	Value
Valuation Model		2 Stage Free Cash Flow to Equity
Levered Free Cash Flow	Average of 8 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	9%
Perpetual Growth Rate	10-Year US Government Bond Rate	2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:IMCD.Y
Data Point	Calculation/ Source	Result
Risk-Free Rate	10-Year US Govt Bond Rate	2.7%
Equity Risk Premium	S&P Global	6%
Trade Distributors Unlevered Beta	Simply Wall St/ S&P Global	0.92
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 0.922 (1 + (1- 25%) (21.74%))	1.049
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	1.05
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = 2.73% + (1.049 * 5.96%)	8.98%

Discounted Cash Flow Calculation for OTCPK:IMCD.Y using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for IMCD is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

OTCPK:IMCD.Y DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (EUR, Millions)	Source	Present Value Discounted (@ 8.98%)
2020	152.00	Analyst x3	139.48
2021	159.33	Analyst x3	134.16
2022	165.48	Est @ 3.85%	127.85
2023	171.30	Est @ 3.52%	121.44
2024	176.92	Est @ 3.28%	115.09
2025	182.43	Est @ 3.12%	108.90
2026	187.90	Est @ 3%	102.92
2027	193.39	Est @ 2.92%	97.20
2028	198.92	Est @ 2.86%	91.74
2029	204.54	Est @ 2.82%	86.56
Present value of next 10 years cash flows			€1,125.00

OTCPK:IMCD.Y DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₉ × (1 + g) ÷ (Discount Rate – g) = €204.54 × (1 + 2.73%) ÷ (8.98% – 2.73%)	€3,361.87
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = €3,361.87 ÷ (1 + 8.98%)¹⁰	€1,422.69

OTCPK:IMCD.Y Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = €1,125.00 + €1,422.69	€2,547.69
Equity Value per Share (EUR)	= Total value / Shares Outstanding = €2,547.69 / 52.45	€48.58

OTCPK:IMCD.Y Discount to Share Price
	Calculation	Result
Non-primary Listing Adjustment Factor	1 share in OTCPK:IMCD.Y represents 0.64071x of ENXTAM:IMCD (This could be a different class, a depositary receipt, a different currency, or all of these things.)	0.64071x
Value per Share (Listing Adjusted, USD)	= Value per Share (EUR) x Listing Adjustment Factor = € 48.58 x 0.64071	$31.12
Value per share (USD)	From above.	$31.12
Current discount	Discount to share price of $44.85 = -1 x ($44.85 - $31.12) / $31.12	-44.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

The current share price of IMCD is above its future cash flow value.

Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.

PRICE RELATIVE TO MARKET

We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for IMCD's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

Are IMCD's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

OTCPK:IMCD.Y PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2019-06-30) in EUR	€2.11
ENXTAM:IMCD Share Price **	ENXTAM (2019-07-30) in EUR	€70
United States of America Trade Distributors Industry PE Ratio	Median Figure of 39 Publicly-Listed Trade Distributors Companies	17.4x
United States of America Market PE Ratio	Median Figure of 2,947 Publicly-Listed Companies	17.8x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of IMCD.

OTCPK:IMCD.Y PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= ENXTAM:IMCD Share Price ÷ EPS (both in EUR) = 70 ÷ 2.11	33.19x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

IMCD is overvalued based on earnings compared to the US Trade Distributors industry average.
IMCD is overvalued based on earnings compared to the United States of America market.

Price based on expected Growth

Does IMCD's expected growth come at a high price?

Raw Data

OTCPK:IMCD.Y PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	33.19x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts	10.8%per year
United States of America Trade Distributors Industry PEG Ratio	Median Figure of 31 Publicly-Listed Trade Distributors Companies	1.16x
United States of America Market PEG Ratio	Median Figure of 2,051 Publicly-Listed Companies	1.49x

*Line of best fit is calculated by linear regression .

OTCPK:IMCD.Y PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 33.19x ÷ 10.8%	3.08x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

IMCD is poor value based on expected growth next year.

Price based on value of assets

What value do investors place on IMCD's assets?

Raw Data

OTCPK:IMCD.Y PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2019-06-30) in EUR	€15.51
ENXTAM:IMCD Share Price *	ENXTAM (2019-07-30) in EUR	€70
United States of America Trade Distributors Industry PB Ratio	Median Figure of 52 Publicly-Listed Trade Distributors Companies	1.69x
United States of America Market PB Ratio	Median Figure of 5,044 Publicly-Listed Companies	1.72x

OTCPK:IMCD.Y PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= ENXTAM:IMCD Share Price ÷ Book Value per Share (both in EUR) = 70 ÷ 15.51	4.51x

* Primary Listing of IMCD.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

IMCD is overvalued based on assets compared to the US Trade Distributors industry average.

Value checks

We assess IMCD's value by looking at:

Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
Is the PE ratio less than the market average, and/ or less than the Trade Distributors industry average (and greater than 0)? (2 checks)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the Trade Distributors industry average (and greater than 0)? (1 check)

Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

How is IMCD expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!

10.8%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is IMCD expected to grow at an attractive rate?

IMCD's earnings growth is expected to exceed the low risk savings rate of 2.7%.

Growth vs Market Checks

IMCD's earnings growth is positive but not above the United States of America market average.
IMCD's revenue growth is positive but not above the United States of America market average.

Annual Growth Rates Comparison

Raw Data

OTCPK:IMCD.Y Future Growth Rates Data Sources
Data Point	Source	Value (per year)
OTCPK:IMCD.Y Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts	10.8%
OTCPK:IMCD.Y Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts	5%
United States of America Trade Distributors Industry Earnings Growth Rate	Market Cap Weighted Average	12.8%
United States of America Trade Distributors Industry Revenue Growth Rate	Market Cap Weighted Average	4.6%
United States of America Market Earnings Growth Rate	Market Cap Weighted Average	14.5%
United States of America Market Revenue Growth Rate	Market Cap Weighted Average	7.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations

Raw Data

OTCPK:IMCD.Y Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (3 months ago)	See Below
Future Estimates	Average of up to 8 Analyst Estimates (S&P Global)	See Below

All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:IMCD.Y Future Estimates Data
Date (Data in EUR Millions)	Revenue	Cash Flow	Net Income *	Avg. No. Analysts
2022-12-31	3,258		167	1
2021-12-31	2,981	205	147	7
2020-12-31	2,848	194	137	8
2019-12-31	2,726	175	121	8
2019-10-28

OTCPK:IMCD.Y Past Financials Data
Date (Data in EUR Millions)	Revenue	Cash Flow	Net Income *
2019-06-30	2,636	139	111
2019-03-31	2,512	127	105
2018-12-31	2,389	114	100
2018-09-30	2,260	102	94
2018-06-30	2,131	90	88
2018-03-31	2,022	102	83
2017-12-31	1,912	114	77
2017-09-30	1,840	112	77
2017-06-30	1,768	110	76
2017-03-31	1,743	105	75
2016-12-31	1,718	100	73
2016-09-30	1,706	102	71

*GAAP earnings excluding extraordinary items.

High Growth Checks

IMCD's earnings are expected to grow by 10.8% yearly, however this is not considered high growth (20% yearly).
IMCD's revenue is expected to grow by 5% yearly, however this is not considered high growth (20% yearly).

Past and Future Earnings per Share

The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.

Raw Data

OTCPK:IMCD.Y Past and Future Earnings per Share
Data Point	Source	Value
Past Financials	Company Filings (3 months ago)	See Below
Future Estimates	Average of up to 8 Analyst Estimates (S&P Global)	See Below

All data from IMCD Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:IMCD.Y Future Estimates Data
Date (Data in EUR Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2022-12-31
2021-12-31	2.82	2.88	2.75	4.00
2020-12-31	2.60	2.86	2.47	5.00
2019-12-31	2.30	2.55	2.18	5.00
2019-10-28

OTCPK:IMCD.Y Past Financials Data
Date (Data in EUR Millions)	EPS *
2019-06-30	2.11
2019-03-31	2.01
2018-12-31	1.91
2018-09-30	1.80
2018-06-30	1.68
2018-03-31	1.58
2017-12-31	1.47
2017-09-30	1.47
2017-06-30	1.46
2017-03-31	1.42
2016-12-31	1.39
2016-09-30	1.35

*GAAP earnings excluding extraordinary items.

Performance in 3 years

In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.

IMCD is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).

Future performance checks

We assess IMCD's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
Is the Return on Equity in 3 years expected to be over 20%? (1 check)

Some of the above checks will fail if the company is expected to be loss making in the relevant year.
IMCD has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

How has IMCD performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.

Past earnings growth

Below we compare IMCD's growth in the last year to its industry (Trade Distributors).

Past Earnings growth analysis

We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.

IMCD has delivered over 20% year on year earnings growth in the past 5 years.
IMCD's 1-year earnings growth is less than its 5-year average (25.4% vs 28%)
IMCD's earnings growth has exceeded the US Trade Distributors industry average in the past year (25.4% vs 0.9%).

Earnings and Revenue History

IMCD's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.

Raw Data

All data from IMCD Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:IMCD.Y Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions)	Revenue	Net Income *	G+A Expenses
2019-06-30	2,636.35	110.63	289.89
2019-03-31	2,512.48	105.34	277.05
2018-12-31	2,388.61	100.06	264.21
2018-09-30	2,259.89	94.15	249.58
2018-06-30	2,131.17	88.25	234.95
2018-03-31	2,021.66	82.76	222.09
2017-12-31	1,912.15	77.26	209.22
2017-09-30	1,840.10	76.83	200.23
2017-06-30	1,768.06	76.39	191.23
2017-03-31	1,743.03	74.67	187.26
2016-12-31	1,718.01	72.96	183.28
2016-09-30	1,705.65	70.91	179.31
2016-06-30	1,693.30	68.86	175.33
2016-03-31	1,615.40	65.35	169.12
2015-12-31	1,537.49	61.85	162.91
2015-09-30	1,464.54	57.32	155.43
2015-06-30	1,391.59	52.79	147.96
2015-03-31	1,386.23	34.29	145.68
2014-12-31	1,365.68	19.91	142.31
2014-09-30	1,349.78	5.82	142.38
2014-06-30	1,333.88	-8.27	142.45
2014-03-31	1,278.99	-3.24	137.59
2013-12-31	1,241.76	-5.39	135.53
2012-12-31	1,116.58	-17.82	120.34

*GAAP earnings excluding extraordinary items.

Performance last year

We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.

IMCD has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
IMCD used its assets less efficiently than the US Trade Distributors industry average last year based on Return on Assets.
IMCD has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).

Past performance checks

We assess IMCD's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the Trade Distributors industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)

The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
IMCD has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

How is IMCD's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up IMCD's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

IMCD is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
IMCD's cash and other short term assets cover its long term commitments.

Balance sheet

This treemap shows a more detailed breakdown of IMCD's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.

Assets

Liabilities and shares

The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.

High level of physical assets or inventory.
Debt is covered by short term assets, assets are 1.2x debt.

Historical Debt

Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.

Raw Data

All data from IMCD Company Filings, last reported 3 months ago.

OTCPK:IMCD.Y Past Debt and Equity Data
Date (Data in EUR Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2019-06-30	813.60	797.99	114.44
2019-03-31	813.60	797.99	114.44
2018-12-31	786.35	695.88	85.16
2018-09-30	786.35	695.88	85.16
2018-06-30	739.29	574.46	68.22
2018-03-31	739.29	574.46	68.22
2017-12-31	729.18	552.09	61.38
2017-09-30	729.18	552.09	61.38
2017-06-30	713.57	453.23	54.12
2017-03-31	713.57	453.23	54.12
2016-12-31	722.06	455.26	56.50
2016-09-30	722.06	455.26	56.50
2016-06-30	680.80	483.60	65.34
2016-03-31	680.80	483.60	65.34
2015-12-31	653.83	495.54	56.55
2015-09-30	653.83	495.54	56.55
2015-06-30	637.52	480.45	47.06
2015-03-31	637.52	480.45	47.06
2014-12-31	530.81	326.98	59.97
2014-09-30	530.81	326.98	59.97
2014-06-30	-65.19	892.61	45.07
2014-03-31	-63.52	876.30	46.02
2013-12-31	-67.05	863.40	38.10
2012-12-31	-49.65	758.49	33.86

IMCD's level of debt (98.1%) compared to net worth is high (greater than 40%).
IMCD had negative shareholder equity 5 years ago, it is now positive therefore their debt level has improved.
Debt is not well covered by operating cash flow (17.4%, less than 20% of total debt).
Interest payments on debt are well covered by earnings (EBIT is 10.5x coverage).

Show me more healthy companies in the Trade Distributors industry

Financial health checks

We assess IMCD's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)

Full details on the Health part of the Simply Wall St company analysis model.

Dividends

What is IMCD's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.

Annual Dividend Income

1.14%

Current annual income from IMCD dividends. Estimated to be 1.43% next year.

If you bought $2,000 of IMCD shares you are expected to receive $23 in your first year as a dividend.

Dividend Amount

Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?

IMCD's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
IMCD's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).

Annualized Historical and Future Dividends

It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.

Raw Data

OTCPK:IMCD.Y Annualized Past and Future Dividends
Data Point	Source	Value
Past Annualized Dividend Yield	S&P Global Market Data	See Below
Past Dividends per Share	Company Filings/ Annualized Dividend Payments	See Below
Future Dividends per Share Estimates	Average of up to 8 Analyst Estimates (S&P Global)	See Below
United States of America Trade Distributors Industry Average Dividend Yield	Market Cap Weighted Average of 15 Stocks	2.6%
United States of America Market Average Dividend Yield	Market Cap Weighted Average of 1939 Stocks	2.4%
United States of America Minimum Threshold Dividend Yield	10th Percentile	0.8%
United States of America Bottom 25% Dividend Yield	25th Percentile	1.5%
United States of America Top 25% Dividend Yield	75th Percentile	3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:IMCD.Y Future Dividends Estimate Data
Date (Data in €)	Dividend per Share (annual)	Avg. No. Analysts
2022-12-31	1.15	1.00
2021-12-31	1.08	7.00
2020-12-31	1.00	8.00
2019-12-31	0.90	8.00
2019-10-28

OTCPK:IMCD.Y Past Annualized Dividends Data
Date (Data in €)	Dividend per share (annual)	Avg. Yield (%)
2019-03-01	0.800	1.117
2019-02-28	0.800	1.159
2018-03-02	0.620	1.061
2017-05-10	0.550	1.080
2016-03-16	0.440	1.124
2015-03-11	0.200	0.610

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Whilst dividend payments have been stable, IMCD has been paying a dividend for less than 10 years.
Dividend payments have increased, but IMCD only paid a dividend in the past 5 years.

Current Payout to shareholders

What portion of IMCD's earnings are paid to the shareholders as a dividend.

Dividends paid are well covered by earnings (2.6x coverage).

Future Payout to shareholders

Dividends after 3 years are expected to be well covered by earnings (3.3x coverage).

Income/ dividend checks

We assess IMCD's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
How sustainable is the dividend, can IMCD afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

Full details on the Dividends part of the Simply Wall St company analysis model.

Management

What is the CEO of IMCD's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.

CEO

Piet Slikke

COMPENSATION	€1,502,000
AGE	63
TENURE AS CEO	24.8 years

CEO Bio

Mr. Pieter C.J. van der Slikke, also known as Piet, has been Chief Executive Officer and Member of Management Board of IMCD N.V. since 1995. Mr. Slikke serves as the Chief Executive Officer at IMCD Group B.V. for IMCD Australia Limited, IMCD Malaysia SDN BHD and IMCD Benelux B.V. Mr. Slikke served as a Member of Board of Management at IMCD Group BV. He served as a Director of IMCD Group B.V. He started his career as an attorney at law at the law firm De Brauw Blackstone Westbroek in 1981 and practiced law in The Hague, Amsterdam and New York. In 1988 Mr Van der Slikke became General Counsel of Rotterdam-based Dutch conglomerate Internatio-Müller and in 1993 he was appointed as Group Director. As of 1995, when Internatio-Müller aggregated a number of chemical distribution businesses into a single division. He holds a law degree from the University of Groningen .

CEO Compensation

Piet's compensation has been consistent with company performance over the past year, both up more than 20%.
Piet's remuneration is lower than average for companies of similar size in United States of America.

Management Team Tenure

Average tenure and age of the IMCD management team in years:

23.8

Average Tenure

Average Age

The average tenure for the IMCD management team is over 5 years, this suggests they are a seasoned and experienced team.

Average tenure and age of the IMCD board of directors in years:

3.4

Average Tenure

Average Age

The tenure for the IMCD board of directors is about average.

3.4 yrs

Who owns this company?

Recent Insider Trading

No 3 month open market individual insider trading information.

Recent Insider Transactions

Announced	Type	Name	Entity	Role		Start	End	Shares	Max Price ($)	Value ($)

Management checks

We assess IMCD's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

IMCD N.V. sells, markets, and distributes specialty chemicals, and pharmaceutical and food ingredients in Europe, the Middle East, Africa, the Asia-Pacific, and the Americas. The company offers detergent surfactants, builders, rheology modifiers, solubilizers, and functional additives; excipients, active pharmaceutical ingredients, specialty solvents, process chemicals, and intermediates for formulation and chemical synthesis; and personal care products, such as color cosmetics, dental products, deodorants, fragrances, hair and skin care chemicals, and toiletries. It also provides additives, fillers, pigments, resins, and specialty solvents to the coatings, paints, construction, adhesives, and inks industries; food ingredients and flavors, and nutrition products; automotive, fuel and refinery, and industrial lubricant additives; and synthesis products, including additives, catalysts, intermediates, monomers, processing aids, reactive diluents, solvents, and surface active agents. In addition, the company offers additives, functional fillers, pigments, polymers, compounds, and masterbatches; and other products. IMCD N.V. was founded in 1995 and is headquartered in Rotterdam, the Netherlands.

Details

Name:	IMCD N.V.
Ticker:	IMCD.Y
Exchange:	OTCPK
Founded:	1995
Market Cap:	€4,070,961,311
Shares outstanding:	52,445,613
Website:	http://www.imcdgroup.com
Address:	IMCD N.V. Wilhelminaplein 32, Rotterdam, Zuid-Holland, 3072 DE, Netherlands

Listings

Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
ENXTAM	IMCD	Ordinary Shares	Euronext Amsterdam	NL	EUR	27. Jun 2014
OTCPK	IMDZ.F	Ordinary Shares	Pink Sheets LLC	US	USD	27. Jun 2014
DB	INX	Ordinary Shares	Deutsche Boerse AG	DE	EUR	27. Jun 2014
LSE	0QVU	Ordinary Shares	London Stock Exchange	GB	EUR	27. Jun 2014
BATS-CHIXE	IMCDA	Ordinary Shares	BATS 'Chi-X Europe'	GB	EUR	27. Jun 2014
OTCPK	IMCD.Y	ADR	Pink Sheets LLC	US	USD	10. May 2016

Number of employees

Current staff

2,822

IMCD employees.

Industry

Industry:	Trading Companies and Distributors
Sector:	Capital Goods

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/10/28 01:09
End of day share price update:	2019/07/30 00:00
Last estimates confirmation:	2019/10/22
Last earnings filing:	2019/08/16
Last earnings reported:	2019/06/30
Last annual earnings reported:	2018/12/31

All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

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