Maintaining the vein of Imerys turbo calls: +68% | Photo credits: Imerys
This Thursday morning, as part of our section on derivatives, we return to turbo calls without code expiry 973PS backed by Imerys shares, offered for purchase on January 6.
The title has climbed 12% since the purchase of the products, driven in particular by the idea of a rotation of the group’s asset portfolio. Indeed, Imerys is seeking to adorn itself with a greener image and rumors of the sale of the High Temperature Solutions activity, which nevertheless represents nearly 20% of the group’s turnover, are rife.
The profitability of these activities aimed at markets with a high carbon footprint (steel, foundry, cement, petrochemicals) is markedly lower than in the group’s other major division: Performance Minerals posted an EBITDA margin (gross exploitation) by around 20%, almost twice as much. Refocusing on these activities therefore guarantees the prospect of a leverage effect on margins for the group.
The recommended products are currently benefiting from 68%. We are keeping the position until February 17, pending the annual results.
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