Imerys S.A. (NK.PA) 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

-44.7%

€13.83

vs €25.00 price

Levered DCF

€4.19

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.16

Distress zone

Rating

C+

Overall 2 / 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	-4.96×	-25.18×	46.69×	12.98×	12.87×	104.49×	24.63×	5.95×
P/B	0.78×	0.73×	0.77×	0.92×	0.97×	1.1×	0.96×	1.03×
P/S	0.6×	0.66×	0.63×	0.72×	0.84×	0.84×	0.68×	0.72×
EV / EBITDA	7.17×	10.76×	10.16×	8×	7.62×	9.91×	7.8×	26.43×
Gross margin	26.9%	66.8%	61.5%	31.1%	64.9%	66.0%	65.8%	67.3%
Operating margin	6.6%	7.7%	2.8%	9.7%	7.9%	3.6%	5.2%	-1.9%
Net margin	-12.1%	-2.6%	1.4%	5.5%	6.6%	0.8%	2.8%	12.2%
Current ratio	2.46×	2×	1.79×	1.74×	1.68×	1.64×	1.59×	2.16×
Debt / equity	0.86×	0.58×	0.76×	0.69×	0.64×	0.75×	0.76×	0.68×
Interest coverage	1.9×	4.01×	2.63×	10.92×	7.97×	2.93×	4.07×	-1.91×
Dividend yield	6.1%	4.8%	13.7%	4.3%	3.2%	0.6%	5.7%	4.9%
Payout ratio	-30.2%	-120.5%	643.9%	55.4%	40.6%	58.5%	140.3%	29.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-15.7%	-2.9%	1.6%	7.1%	7.5%	1.0%	3.9%	17.4%
Return on invested capital	4.1%	4.8%	0.2%	4.3%	3.4%	1.0%	2.3%	-1.4%
Return on assets	-6.6%	-1.4%	0.7%	3.0%	3.2%	0.4%	1.6%	7.4%
Free cash flow yield	2.6%	4.6%	8.5%	1.5%	5.9%	8.7%	6.8%	8.2%
Earnings yield	-20.2%	-4.0%	2.1%	7.7%	7.8%	0.9%	4.1%	16.8%
Enterprise value	€3.8B	€3.7B	€4.2B	€4.7B	€4.6B	€4.7B	€4.7B	€4.7B
Net debt / EBITDA	3.34×	3.75×	4.33×	2.82×	2.44×	3.21×	2.83×	7.54×
Cash conversion cycle (days)	110	155	150	90	112	134	138	151