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Investing.com - Deutsche Bank (ETR:DBKGn) upgraded IMCD NV (AS:IMCD) from Hold to Buy and raised its price target to EUR136.00 from EUR126.00 on Wednesday.
The upgrade reflects Deutsche Bank’s view that IMCD offers "growth at a reasonable price" and that the recent de-rating undervalues the company’s long-term performance record.
Deutsche Bank highlighted IMCD’s impressive 16-year track record, noting the company experienced only one year of EBITA decline in 2023, following what the bank described as "2022 over-earning." The firm pointed out that IMCD’s current EBITA is more than ten times greater than it was in 2009.
The bank also emphasized IMCD’s organic EBITA growth, which has averaged 10.3% from 2016 to 2024, with only three years of organic decline during this period.
According to Deutsche Bank, these strong fundamentals have translated into robust total shareholder returns of approximately 15% per annum over ten years, outperforming even top industry performers like Givaudan and Air Liquide (OTC:AIQUY), while consistently generating value based on IMCD’s ROCE (Return on Capital Employed).
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