IMCD N.V. (IMCD.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-4.8%

€98.30

vs €103.20 price

Levered DCF

€76.82

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.99

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	21.02×	29.53×	30.26×	24.21×	53.49×	46.54×	37.77×	29.32×
P/B	2.24×	3.71×	5.12×	4.53×	7.59×	4.45×	4.71×	3.73×
P/S	0.96×	1.74×	1.99×	1.65×	3.23×	2.02×	1.52×	1.23×
EV / EBITDA	11.89×	15.98×	17.14×	14.05×	28.67×	23.69×	19.09×	16.09×
Gross margin	9.9%	25.4%	25.3%	24.9%	24.3%	23.3%	22.3%	22.5%
Operating margin	7.6%	9.0%	9.6%	10.0%	8.9%	6.9%	6.5%	6.8%
Net margin	4.6%	5.9%	6.6%	6.8%	6.0%	4.3%	4.0%	4.2%
Current ratio	1.73×	1.98×	1.75×	1.74×	1.34×	1.41×	1.41×	1.48×
Debt / equity	0.83×	0.78×	0.74×	0.43×	0.28×	0.55×	0.68×	0.61×
Interest coverage	3.48×	5.89×	8.64×	16.91×	16.85×	9.38×	7.4×	6.86×
Dividend yield	2.8%	1.6%	1.5%	1.2%	0.5%	0.8%	1.0%	1.1%
Payout ratio	58.4%	45.9%	46.2%	29.5%	28.0%	39.4%	39.0%	32.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.7%	12.6%	16.9%	18.7%	14.2%	9.6%	12.5%	12.7%
Return on invested capital	6.9%	7.5%	8.6%	10.7%	8.1%	6.1%	7.0%	7.3%
Return on assets	4.7%	5.7%	7.0%	8.6%	6.3%	4.4%	4.9%	5.1%
Free cash flow yield	6.6%	3.1%	4.3%	3.7%	1.6%	3.9%	3.8%	3.5%
Earnings yield	4.8%	3.4%	3.3%	4.1%	1.9%	2.1%	2.6%	3.4%
Enterprise value	€6B	€9.4B	€9.7B	€8.1B	€11.3B	€6.1B	€4.6B	€3.3B
Net debt / EBITDA	2.89×	2.04×	1.55×	0.87×	0.59×	2.02×	2.02×	1.91×
Cash conversion cycle (days)	87	84	77	78	80	73	75	83