The official Imerys website. (photo credit: / L. Grassin)
Imerys recorded by far the largest increase in the SBF 120 early Wednesday morning thanks to a favorable rating from Oddo BHF analysts, who raised their price target on the stock.
At 10:20 a.m., the share of the group of mineral specialties for industry climbed 9.5% while the SBF index gained 0.6%.
In a research note published this morning, Oddo analysts highlight the ‘bright’ future that lies ahead for Quartz Corporation, the joint venture that Imerys created in 2011 with Norsk Mineral in the field of extraction and processing of high purity quartz.
This North Carolina mine is home to the world’s highest quality natural quartz for use in the semiconductor industry, high temperature lamps, communications, precision optics, microelectronics and solar power, observe analysts.
The research firm says it is counting on a doubling of its turnover between 2023 and 2028, with an operating margin (Ebitda) which should increase according to it from 55% in 2023 to 62% in 2026.
‘The valuation of the Quartz Corporation should wake up the sleeping beauty and for good this time’, concludes Oddo, who raises his price target from 55 to 67 euros to reflect the valuation of quartz, while reiterating his ‘outperformance’ opinion on the value.