Imerys, Thursday, June 23, 2022 The biggest drop in SRD in the middle of the session-June 23, 20212 12:17



(-4.19% to 28.80 euros)

Construction-related stocks, a sector considered cyclical, will be punished for fear of a recession in Europe.


Key Point

-The world’s number one industrial mineral created over 100 years ago.

-Sales of € 3.8 billion refocus on two businesses: Performance Minerals (57%) and Hot Minerals (43%)-Europe-Middle East and Africa 48%, North America 29%, Asia Pacific Is 23% balanced;

-Revenue by final market: Construction 35%, Consumption 23%, Industry 13%, Steel 12%, Paper 10%, Automobile 7%.

-A business model aimed at maintaining the number one position in the world (75% of activity) and promoting mineral solutions based on two key benefits.

-Capital jointly managed by Desmarais and Frère’s family (53.91% of shares and 67.67% of voting rights) and Blue Crest (4.86% of shares, 6.02% of voting rights), a 12-member board of directors Patrick Kron is the chair and Alessandro Daza is the general manager.

-A solid balance sheet. The debt rating is “investment-qualified” at € 1.51 billion, down to 51% of shareholders’ equity and high cash, to nearly € 2 billion.


-2019-2022 “ Connect & Shape” Strategic Plan: Growth and Profitability: Accelerate Growth, Save 100 Million Euros, Increase Operating Profit by 200 bp / Capital Allocation: Investment of 300-350 Million Euros, 15% Internal Profitability / Dividend: Consistent with increased net recurring profit.

-Innovation strategy protected by 2,150 patents and 4,000 trademarks: Industry with the launch of 70 mineral solutions focused on energy conversion and / or reduction of GHG emissions under the “I-Cube” program / Dynamic excellence.

-The “Sustain Agility” Environmental Strategy, clearly expressed around impact control, biodiversity and site rehabilitation, and climate change, featuring regular achievement of goals: Biodiversity and Rehabilitation Program Completed in 2021 100% / Evaluation of “Sustainable Solutions” “New 50%” Product in 2022 / 36% reduction in CO2 emissions compared to sales in 2030 / Launch


A “sustainable” loan for May 2021.

-Continued portfolio remodeling after disposal of Kaolin activity in North America and strong financial capacity for external growth.

-Ability to push price increases.

Integration in construction chemistry

Construction chemistry makes it possible to decarbonize cement and concrete carbon dioxide emissions by dividing them into three or four. Therefore, Saint-Gobain chose to develop in this business. The global market for this business is estimated at 60-70 billion euros. In 2021, he led two major acquisitions in this area and competed with world leader Sika. After buying France’s Chryso (formerly Materis’ concrete and cement additive) for € 1 billion, the world leader in building materials bought an American listed on NASDAQ’s GCP Applied Technologies for € 2 billion. For Swiss Seeka, we acquired the MBCC Group with a corporate value of € 5.2 billion. The latter is much larger than GCP and has sales of € 2.7 billion, while the new acquisition of Saint-Gobain in the United States is € 1 billion.