Imerys: a disappointing first quarter
(CercleFinance.com) - Imerys disappoints today, with its share - the bottom of the SBF 120 index, down 4.
1% at lunchtime, following quarterly accounts that were marked by a decline in its Q1 2018 operating margin.
The margin, which reached 12.8% in Q1 2018, is down 40 basis points, falling short of the market's estimates. FX factors also weighed over the period, even though sales, which were boosted by acquisitions, rose by 8.5% y-o-y to nearly 1.21 billion euros.
Lamenting accounts that have fallen short of its expectations, coupled with a slightly disappointing rise in volumes (+1.2%, against a +2.2% increase last year), due to adverse weather conditions in Europe and the US and to a lesser extent, negative calendar effects, Oddo has cut its target price for the share from 86 euros to 84 euros, while maintaining its "neutral" rating.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
1% at lunchtime, following quarterly accounts that were marked by a decline in its Q1 2018 operating margin.
The margin, which reached 12.8% in Q1 2018, is down 40 basis points, falling short of the market's estimates. FX factors also weighed over the period, even though sales, which were boosted by acquisitions, rose by 8.5% y-o-y to nearly 1.21 billion euros.
Lamenting accounts that have fallen short of its expectations, coupled with a slightly disappointing rise in volumes (+1.2%, against a +2.2% increase last year), due to adverse weather conditions in Europe and the US and to a lesser extent, negative calendar effects, Oddo has cut its target price for the share from 86 euros to 84 euros, while maintaining its "neutral" rating.
Copyright (c) 2018 CercleFinance.com. All rights reserved.