Rankings Transport & logistics IMCD
IMCD
77
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- ROIC−4
- Quality of growth−4
- Margin−2
Strengths
- Cash flow+2
How the score is built
From 100 to 77, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 103.25 EUR
- Median analyst target
- 120.50 EUR
- Upside to median
- +16.7%
- Analysts
- 14
- Target range
- 75.00 – 150.00 EUR
- 52-week change
- +14%
- P/E (trailing)
- 26.5
- Forward P/E
- 16.6
- PEG
- 1.64
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−11 of −30
- −4ROICROIC 8.0% is now equal to WACC (8.0%) and has fallen every year from 13.5% in 2022 (11.0% in 2023, 9.8% in 2024, 8.3% in 2025); the acquisitions earn a worse return than the core business.
- −4Quality of growthRevenue has grown from EUR 4.62bn (2022) to 4.97bn TTM, but reported EPS has fallen from 5.49 to EUR 3.90; in H1 2026 only 2 percentage points of gross profit growth was organic vs 5 from acquisitions – bigger, not stronger.
- −2MarginOperating margin 8.1% TTM vs 10.4% in 2022 and net margin 4.6% vs 6.8%; the gross margin is stable around 25%, so the pressure lies in costs and acquisition amortisation.
- −1Capital allocationThe dividend has been cut from EUR 2.37 (2022) to EUR 1.81, share count has risen 1.1% in a year, and acquisitions of EUR 437m in 2025 are partly debt-funded.
Price
Today's multiples against the company's own history and its peers. · 3 findings−4 of −35
- −1Multiples vs own historyForward P/E 15.3 vs 21.2–24.9 in 2022–24 and 12.8 at the end of 2025; EV/EBITDA 13.2 vs 12.1–19.6 in 2022–25. At the low end, but the stock has risen about 25% in 2026 from the bottom, and the old premium was built on a ROIC that no longer exists.
- −2PeersEV/EBITDA 13.2 vs Brenntag's 9.7 and forward P/E 15.3 vs 14.0, even though ROIC is now only slightly higher (8.0% vs 7.3%); the premium to the largest competitor remains.
- −1Absolute price levelTrailing P/E 24.7 and EV/EBIT 18.1 on reported figures; FCF yield about 6.5% at market cap EUR 5.7bn and EUR 1.56bn net debt.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−6 of −35
- −2DebtNet debt of EUR 1.56bn, 3.0x EBITDA vs 1.8x in 2022; current ratio fell from 1.74 to 1.35 in half a year and quick ratio 0.85.
- −2AmericasAmericas revenue fell 4% to EUR 736.8m and operating EBITA 16% to EUR 70.0m in H1 2026, after a 2025 with falling revenue in the region.
- −2Execution and management changeOperational EBITA fell 6% to EUR 498m in 2025 despite 5% revenue growth; CEO Valerie Diele-Braun left in April 2025 for personal reasons, and the share fell about 45% in 2025.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Cash flowFCF rose 29% to EUR 222m in H1 2026 and cash EPS to EUR 3.18 (2.94); the dividend (EUR 107m TTM) is less than a third of FCF (EUR 370m TTM).
Caveats
What the score does not capture, or where the data is weak.
The forward P/E and analysts' EPS are 'cash EPS' (before amortisation of acquired intangibles): EUR 5.19 in 2025 vs reported 3.68, so the forward P/E (15.3) and trailing P/E (24.7) are not comparable. Stockanalysis' share count shows +1.1% in a year; the cause (e.g. a stock dividend or acquisition payment) has not been checked, and there are no buybacks in the cash flow. Customer concentration, insider trading and supplier dependence (large chemical makers can take distribution in-house) have not been examined. Chemical distribution does not fit the industry list (placed under Transport & logistics as a distributor; alternatively Commodities & uranium as other chemicals). Q3 trading update in October.
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