olivLaw · European equity research
IMCD N.V. IMCD.AS
Netherlands · Euronext Amsterdam · ISIN NL0010801007 · Vertical: Listed companies from Netherlands
IMCD N.V. is a global distributor of specialty chemicals and ingredients, operating in dozens of countries with a professional-services structure. In 2024 the company expanded through acquisitions, completed a strategy review and set new emissions reduction targets, which makes it relevant for investors following M&A-led growth and the energy transition.
At the close of 05 Nov 2026, IMCD N.V. (IMCD.AS) stock was 103.35 EUR (−1.10% on the day), with market capitalisation 5.9 bn EUR, P/E 21.3 on diluted EPS of 4.86 EUR over the last 12 months, dividend yield 2.16%, beta 0.55, 52-week range 70.10–104.70 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 59.5
- strong (55–70)
- Bollinger (20, 2)
- 98.98 – 105.45
- in the upper half of the band · %B 0.68 · band width 6.3%
- SMA 50 / 200
- 98.88 / 90.76
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.44 / 1.33
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.3% | +0.4% | +4.9 pp | — |
| 3 months | +2.6% | −3.3% | +5.8 pp | — |
| 6 months | +7.7% | +4.0% | +3.7 pp | — |
| Year to date | +33.6% | +8.1% | +25.5 pp | — |
| 1 year | +16.4% | +10.7% | +5.7 pp | −0.2% |
| 3 years | −13.2% | +50.1% | −63.2 pp | +2.2% |
| 5 years | −46.7% | +43.6% | −90.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 24.3, median 29.5, max 30.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 4.6 bn | 4.4 bn | 4.7 bn |
| Revenue YoY | unavailable | −3.5% | +6.4% |
| Net income | 313.1 m | 292.3 m | 278.2 m |
| Net income YoY | unavailable | −6.6% | −4.8% |
| Diluted EPS | 5.49 | 5.13 | 4.86 |
| Diluted EPS YoY | unavailable | −6.6% | −5.3% |
| net % | 6.8% | 6.6% | 5.9% |
| Free cash flow | 288.0 m | 398.8 m | 265.1 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 525.4 m EUR
- Financial debt
- 1.7 bn EUR
- Net debt
- 1.2 bn EUR
- Equity
- 2.2 bn EUR
- Total assets
- 4.9 bn EUR
- Debt / equity
- 0.77x
- Current ratio
- 1.98x
- ROE
- 14.1%
- ROA
- 6.2%
- FCF margin
- 5.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.6 bn | 4.4 bn | 4.7 bn | esef· 06 Mar 2025verified |
| Operating income | 461.7 m | 428.5 m | 425.1 m | esef· 06 Mar 2025verified |
| Interest expense | 48.7 m | 60.6 m | 90.2 m | esef· 06 Mar 2025verified |
| Pre-tax income | 435.8 m | 403.1 m | 380.0 m | esef· 06 Mar 2025verified |
| Income tax | 122.8 m | 110.9 m | 101.8 m | esef· 06 Mar 2025verified |
| Net income | 313.1 m | 292.3 m | 278.2 m | esef· 06 Mar 2025verified |
| Diluted EPS | 5.49 | 5.13 | 4.86 | esef· 06 Mar 2025verified |
| Dividend per share | 1.62 | 2.37 | 2.23 | esef· 06 Mar 2025derived |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 222.0 m | 394.5 m | 525.4 m | esef· 06 Mar 2025verified |
| Receivables | 702.3 m | 732.0 m | 821.2 m | esef· 06 Mar 2025verified |
| Inventories | 622.1 m | 581.5 m | 722.1 m | esef· 06 Mar 2025verified |
| Current assets | 1.5 bn | 1.7 bn | 2.1 bn | esef· 06 Mar 2025verified |
| Property, plant & equipment, net | 113.3 m | 136.3 m | 145.4 m | esef· 06 Mar 2025verified |
| Goodwill | 1.4 bn | 1.6 bn | 1.9 bn | esef· 06 Mar 2025verified |
| Intangibles (excl. goodwill) | 554.6 m | 648.0 m | 736.2 m | esef· 06 Mar 2025verified |
| Total assets | 3.6 bn | 4.2 bn | 4.9 bn | esef· 06 Mar 2025verified |
| Short-term debt | 40.0 m | 0 | 299.9 m | esef· 06 Mar 2025verified |
| Long-term debt | 912.9 m | 1.3 bn | 1.4 bn | esef· 06 Mar 2025verified |
| Current liabilities | 890.3 m | 978.7 m | 1.0 bn | esef· 06 Mar 2025verified |
| Total liabilities | 2.0 bn | 2.4 bn | 2.7 bn | esef· 06 Mar 2025verified |
| Equity | 1.7 bn | 1.7 bn | 2.2 bn | esef· 06 Mar 2025verified |
| Shares outstanding at year end | 56.9 m | 57.0 m | 57.3 m | esef· 06 Mar 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 298.8 m | 420.0 m | 279.2 m | esef· 06 Mar 2025verified |
| Capex | 10.9 m | 21.2 m | 14.1 m | esef· 06 Mar 2025verified |
| Free cash flow | 288.0 m ≈ | 398.8 m ≈ | 265.1 m ≈ | esef· 06 Mar 2025derived |
| Investing cash flow | -255.4 m | -394.6 m | -387.9 m | esef· 06 Mar 2025verified |
| Financing cash flow | -20.0 k | 217.0 m | 247.1 m | esef· 06 Mar 2025verified |
| Dividends paid | 92.2 m | 135.1 m | 127.7 m | esef· 06 Mar 2025verified |
| Share repurchases | 13.3 m | 0 | — | esef· 05 Mar 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 65 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.9 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality78
- Returns58
- Balance sheet69
- Valuation51
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 30.32 – 143.33 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)75.35 – 143.33 (Mid 99.98)WACC 7.4% · starting FCFF 331.2 m EUR · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 7.6%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E51.30 – 124.74 (Mid 70.52)16 companies used · median multiple 14.5x · quartiles 10.6x – 25.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
- Dividend discount (DDM)30.32 – 41.35 (Mid 34.99)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Neutral profile · Score 65/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.4% | 73 (vs peers) | 17% |
| Net margin · Quality | 5.9% | 72 (vs peers) | 10% |
| FCF conversion · Quality | 95.3% | 93 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.7x | 49 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.0x | 98 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 21.3x | 48 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.5% | 56 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.2% | 31 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 48.1% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet69/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality78/100 · 3/3 factors with a value
- Returns58/100 · 2/2 factors with a value
- Valuation51/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
IMCD N.V. (IMCD.AS). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 4.7 bn EUR in 2024; YoY growth 6.4%; net margin 5.9%; ROE 14.1%.
The estimated value range is 51.30–124.74 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 70.52 EUR, the price of 103.35 EUR leaves a potential of -31.8% (value / price − 1) and a margin of safety of -46.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 65/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 10.4%
- Net margin: 5.9%
- FCF conversion: 95.3%
- Current ratio: 2.0x
- Payout ratio (FCF): 48.1%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| IMCD.ASImcd N.V. | 5.9 bn | 21.3 | 14.1% | 5.9% | +6.4% | +34% / −27% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for IMCD.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 62.26 Total return -38% · Per year -38% | 109.98 Total return 9% · Per year 9% | 165.52 Total return 63% · Per year 63% |
| 3 years | 62.78 Total return -34% · Per year -13% | 124.54 Total return 28% · Per year 9% | 205.47 Total return 108% · Per year 28% |
| 5 years | 63.29 Total return -30% · Per year -7% | 141.03 Total return 50% · Per year 8% | 255.05 Total return 164% · Per year 21% |
- Exit P/E± 31.14
- Net margin± 21.79
- Annual revenue growth± 17.57
- Annual dilution± 1.83
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
IMCD N.V. is a global distributor of specialty chemicals and ingredients, operating in dozens of countries with a professional-services structure. In 2024 the company expanded through acquisitions, completed a strategy review and set new emissions reduction targets, which makes it relevant for investors following M&A-led growth and the energy transition 1.
SWOT
Strengths
Weaknesses
- Heavy reliance on third-party logistics providers limits direct control over transport operations 1.
- Results can vary from period to period depending on macroeconomic conditions and the industries served 1.
- Emissions in the value chain, especially from purchased products, remain a major part of the carbon footprint 1.
Opportunities
Risks
- Macroeconomic conditionsmedium
Results are influenced by macroeconomic conditions and developments in the industries served, which can cause fluctuations between periods 1.
- Acquisitions and integrationmedium
The timing, scope and impact of acquisitions can influence results, and rapid integration of many new companies carries operational risk 1.
- Supplier and customer relationshipsmedium
The ability to maintain and expand commercial relationships and introduce new products is essential to results 1.
- Handling and distribution of chemicalshigh
Strict regulation and the risk of incidents in handling and transport could affect people, the environment and the licence to operate 1.
- Value chain emissionslow
Progress on the emissions target depends on supplier data and transport developments, factors the company only partly controls 1.
Investment thesis
What would need to be true (bull case)
- If acquisitions continue to be integrated effectively, the company could sustain growth and expand share in diversified segments 1.
- The asset-light model and healthy cash flow could support investment in digitalisation and sustainability 1.
- If demand in the industries served returns to a steady pace, organic results could keep growing 1.
What would break the thesis
What to watch
- Quarterly results and organic revenue developmentQ1 2027
- Pace and size of new acquisitions2027
- Progress toward the Scope 1 and 2 emissions reduction target2027
- Demand trends under tense geopolitical and macroeconomic conditionsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
IMCD distributes specialty chemicals and ingredients, operating as a professional-services firm with a flat structure where decisions are delegated locally. Its model is asset-light, and value comes from commercial partnerships with principal suppliers and customers as well as the technical expertise of its teams 1. The company organises its activity into business groups covering varied industries, from coatings and construction and lubricants to beauty and personal care 1.
The strategy described in the annual report rests on organic growth supported by targeted acquisitions, with digitalisation and sustainability presented as levers for growth. In 2024 the supervisory board gave particular attention to the strategy review and to evaluating M&A opportunities 1. The company says its geographic and sector diversification reduces risk 1.
A distinctive feature of the model is its shared culture and declared values, such as entrepreneurship, partnership and financial discipline, which are meant to help integrate newly acquired companies quickly 1. The risk management system is embedded in business processes and monitored by governing bodies and internal control 1.
Segments
Business groups
The company organises its activity into business groups serving different industries, from industrial sectors such as coatings and construction and lubricants to life sciences and personal care 1. This structure allows sector expertise and diversified demand, although the report does not give detailed figures for each group in this extract 1.
Logistics and technical operations
The company relies heavily on third-party logistics providers to move goods and uses technical laboratories for sustainable formulations and customer support 1. These activities are tied to its Sustainable Solutions programme and to safe handling and distribution of chemicals 1.
Market context
The market IMCD serves is fragmented and divides demand across varied geographic and industrial segments, so results depend on macroeconomic conditions and developments in particular industries 1. The company notes heightened volatility in customer demand amid geopolitical tensions, but considers its model resilient 1.
Demand in the industries served can vary from period to period, and the ability to maintain and expand commercial relationships, introduce new products and win new customers and suppliers influences results 1. If macroeconomic conditions worsen, pressure on volumes could affect the company's results 1.
Trends
- Geopolitical tensions and demand volatilityheadwind
The report describes difficult geopolitical and macroeconomic conditions, including heightened volatility in customer demand, yet the company reported solid results and healthy cash flow 1. If these tensions persist, they could limit volume growth in some regions 1.
- Consolidation through acquisitionstailwind
Acquisitions remained a driver of expansion, with the company integrating new businesses quickly and extending its presence across regions 1. Effective integration of new businesses, however, depends on culture and on retaining staff 1.
- Logistics decarbonisation and regulationmixed
Stricter rules on handling chemicals and rising stakeholder expectations make safety and sustainability more important 1. The company has set a target to reduce absolute Scope 1 and 2 emissions and aligned it with SBTi criteria 1.
- Digitalisation of distributiontailwind
Digital tools such as the online sales assistant are presented as levers for efficiency and commercial effectiveness 1. A favourable impact would depend on customers and suppliers adopting them 1.
Competitive position
The report describes competition with large chemical and ingredient producers, mainly for qualified talent, but does not name direct market competitors in the extract provided 1. The company's position depends on relationships with principal suppliers and on the technical expertise of its commercial teams 1.
The company's geographic and sector diversity is presented as protection against concentrating risk in a single market 1. Competitors are not named in the available source, so any detailed comparison should be made with other sources 1.
- Large specialty chemical and ingredient producers
The report says IMCD competes with such companies for talent, without naming them 1.
- Other regional distributors
The fragmented market suggests local distributors are present, though none are named in the source provided 1.
- Third-party logistics providers
Not direct competitors, but they influence the company's costs and emissions 1.
- Other technical ingredient service firms
Competition in the technical services area is not detailed in the source provided 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202406 Mar 2025
- Annual report 202305 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / IMCD N.V. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.