IMCD NV

Goldman Sachs added Solaria, Straumann, Scout24 and IMCD to its European Conviction List for October, while removing Naturgy, Norsk Hydro and Smith & Nephew, the broker said in a note dated Thursday. The broker did not give reasons for the removals, while its analysts cited improving earnings prospects, valuation and potential for stronger demand as reasons for the new additions. For Spanish renewable energy company Solaria, Goldman analyst Alberto Gandolfi said the market was underestimating improvements in the company's core solar business as pricing strengthens, and pointed to potential growth from data centres and energy storage. Straumann is expected to benefit from a recovery in sales, helped by improving inventories in China and stronger profit margins, analyst Richard Felton said, adding that the dental equipment maker's valuation was close to its lowest level in nearly a decade. For Swiss online marketplace Scout24, analyst Adam Berlin said new products could support growth in private subscribers, putting his estimates above market expectations, and he also sees potential for the company to return more cash to shareholders than expected. IMCD could be approaching a turning point in volumes, while its more specialised product mix should help prices hold up better than expected, analyst Suhasini Varanasi said. Goldman said additions to or removals from its Conviction Lists do not change its underlying investment ratings. Elsewhere, Goldman kept Swedish engineering group Trelleborg on the list with a Buy rating and saw 20% upside, cut its third-quarter 2026 sales estimate by 50 basis points and adjusted EBITA forecast by 140 basis points, and retained a buy rating on BMW following the automaker's Capital Markets Day, seeing 48% upside. The bank upgraded Iberdrola to buy from neutral and raised its price target by 19% to €25 from €21, upgraded AJ Bell to neutral from sell, and remained buy-rated on French steel tube maker Vallourec.

IMCD N.V. reported operating EBITA of EUR 285 million for the first half of 2026, an 8% increase on a constant currency basis. Revenue reached EUR 2,638 million, up 11% on a constant currency basis, while gross profit rose 7% to EUR 658 million. Free cash flow increased 29% to EUR 222 million, and cash earnings per share came in at EUR 3.18. The company completed acquisitions of Dong Yang FT in South Korea and Willows Ingredients in Ireland and the UK, and signed an agreement to acquire Merit Solution in Thailand.

IMCD has signed an agreement to acquire 100% of the shares in Merit Solution, a distributor of additives for the plastics and compounding industry in Thailand. Merit Solution generated revenues of approximately THB 406 million, or around EUR 10.7 million, in 2025 and operates with a team of 24 employees from its offices and laboratory in Bangkok. The acquisition is expected to strengthen IMCD's position as a comprehensive solution provider for the plastics and compounding market in Thailand and Southeast Asia. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2026.