Imerys SA (NK) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of Imerys SA stock €23.62, price €24.88, that is 5.1% below the price, quality 38 out of 100. Rating: fairly valued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.
How to read this chart
60‑month range €19.17 – €35.11 · fair‑value band €12.16 – €49.62 · the €24.88 price screens above the €23.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.
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Imerys S.A. engages in the supply of specialty minerals for various industries across Europe, the Middle East, Africa, Asia Pacific, and America.
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The company offers performance minerals, such as additives for plastics, paints and coatings, filtration and life sciences, ceramics, and building products; specialty minerals used as processing aids for extreme work conditions, including refractory, foundry, abrasives, and building chemistry; and graphite and carbon minerals for energy transition and mobile energy markets.
It also provides minerals, such as andalusite, ball clay, bentonite, calcium carbonate, carbon black, chamotte, diatomite, feldspar, fused alumina, graphite, halloysite, kaolin, lithium, mica, moler, mullite, perlite, quartz, talc, zeolite, zirconia, and wollastonite.
The company serves various markets, such as abrasives, advanced ceramics, animal care, batteries and fuel cells, building materials, ceramics, component manufacturing, cosmetics and personal care, crop production, food and beverage, health, pharmaceuticals and biotechnology, home care, infrastructure and utilities, investment casting, pulp and packaging, and rubber markets.
The company was incorporated in 1880 and is headquartered in Paris, France. Imerys S.A. is a subsidiary of Belgian Securities BV.
Stock analysis
Imerys SA (NK) currently trades at €24.88, while our model-based Fair Value estimate is €23.62, so the stock looks roughly fairly valued today (gap 5.4%).
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Valuation
Bull case: the Multiples group reads highest at a median of €15.44 per share, and 2 of the 13 models we run sit above the €24.88 price.
Bear case: the Earnings-Based group reads lowest at €5.69, and 11 of the 13 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €12.16 (bear) to €49.62 (bull), the price of €24.88 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 38/100 (below-average quality), in the Basic Materials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Imerys SA reported revenue of €3.4B in FY2025 versus €3.7B in FY2021, a compound −2.0%/yr. Reported net income was −€409M in FY2025.
Key figures
Market cap €2.2B Mid · P/E ex one-offs 14.4 · P/S ratio 0.63 · EPS (TTM) €1.46 · Dividend yield 3.0% · Net margin −12.1% · Return on equity −15.0% · Return on assets (EBIT) 3.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 21 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 30% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −42% fair-value upside, at −5%, NK screens cheaper than that median.
Fair Value models
Bear€12.16Fair Value €23.62Bull€49.62
Price €24.88 · Downside -5.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.6186 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCFn/a€4.30€15.1077
Growth DCFn/a€4.77€14.3675
5Y EBITDA Exit€12.27€30.29€54.1671
All 13 models by family
DCF Models
FCF DCFn/a€4.30€15.1077
5Y Revenue Exit€1.59€11.81€26.6964
5Y EBITDA Exit€12.27€30.29€54.1671
10Y Revenue Exitn/a€6.83€14.7864
10Y EBITDA Exit€6.41€17.95€30.4665
Earnings-Based
EPV€2.42€5.69€8.5069
Multiples
EV/EBIT€6.08€15.44€24.8161
EV/EBITDA€24.92€40.56€56.2166
EV/Revenue€2.33€12.77€23.2048
Asset-Based
NCAV (Graham)€5.22€6.99€10.4454
Growth DCF
Growth DCFn/a€4.77€14.3675
Rev-Margin DCF€1.59€12.22€25.1565
Economic Profit
ROIC Compounder€2.42€5.69€8.5069
The fair value above starts from this blend and is adjusted for a cyclical trough year.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.18/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−6.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−7.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.3%
Start year 2020 (pandemic). Over 10 years: −1.9% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.4%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
3.6% (2020) → 6.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+31.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +28.5% a year for the price and +0.6% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (39 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 756 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score38 · Bottom 25%
Fair Value upside−5.1% · Above median
Profitability
Return on assets−6.6% · Bottom 25%
Net margin (12 months)−12.5% · Bottom 25%
Operating margin (12 months)10.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)6.9% · Below median
Dividend yield (12 months)3.0% · Top 25%
Balance sheet
Debt / equity0.78× · Highest 25%
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Imerys SA Fair Value". https://www.fairvalue-calculator.com/stock/NK
Frequently asked questions
Is Imerys SA (NK) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of €23.62 versus a price of €24.88, about 5% lower (fairly valued).
What is the fair value of NK?
Our model-based fair value for Imerys SA is €23.62 (as of Nov 11, 2026), built from audited fundamentals. The current price: €24.88.
What is the quality score of NK?
Imerys SA has a Quality Score of 38/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Imerys SA (NK)?
Our model-based price target is the fair value of €23.62 (as of Nov 11, 2026) from 13 valuation models. Cautious scenario €12.16, optimistic scenario €49.62. It is a calculation from audited fundamentals, not an analyst target.
What is the Imerys SA stock forecast for 2026?
Our models put fair value at €23.62, about 5% lower versus a price of €24.88 (fairly valued). Cautious scenario €12.16, optimistic scenario €49.62. The calculation is refreshed regularly with new filings.
What is the revenue of Imerys SA (NK)?
Imerys SA reported trailing-twelve-month revenue of about €3.4B (latest available figure, as of Nov 11, 2026).
Does Imerys SA pay a dividend?
Imerys SA currently shows a dividend yield of 3.01% relative to its recent price (as of Nov 11, 2026).
How much is the dividend of Imerys SA (NK) and when is the ex-dividend date?
Imerys SA pays a dividend of €0.75 per share a year, a dividend yield of 3.0%. The last ex-dividend date was May 20, 2026. A dividend has been paid every year since at least 1990. The payout ratio is 51.4% of earnings. Free cash flow covers the dividend 0.84 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Imerys SA (NK)?
For today's price to be fair in a discounted-cash-flow model, Imerys SA would have to grow free cash flow by +31.3 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.3 % per year. As of Nov 11, 2026.
What discount rate (WACC) does the fair value of NK use?
Our models discount Imerys SA at 9.6 %: a base by market capitalisation (mid), damped by beta 0.73, country premium for France. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Imerys SA that is +31.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Imerys SA (NK) delivered so far?
Over the past 5 years revenue at Imerys SA grew -2.3 % a year. The price currently implies free-cash-flow growth of +31.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Imerys SA (NK) growing?
The median revenue growth in the sector is +8.7 % a year. That is the yardstick for the growth priced into Imerys SA (+31.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Imerys SA (NK)?
The free-cash-flow yield on the price is 2.48 %: that much free cash flow Imerys SA produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Imerys SA (NK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Imerys SA it is €23.62 per share (as of Nov 11, 2026), against a price of €24.88. It is the blended result of 13 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Imerys SA stock overvalued or undervalued in 2026?
As of Nov 11, 2026, NK trades above its calculated fair value: price €24.88, fair value €23.62, a gap of about −5% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NK?
No. The price is what the market pays today (€24.88); the fair value is what the company's own numbers justify (€23.62). For Imerys SA the two are €1.26 per share apart. That gap is exactly why we show both numbers side by side.
How much is Imerys SA worth?
The market values Imerys SA at about €2.2B (market capitalisation, as of Nov 11, 2026). Per share that is €24.88; our models calculate a fair value of €23.62 per share.
What do the bullish and bearish scenarios say about NK?
Our models span a range for Imerys SA: cautious scenario €12.16, base €23.62, optimistic €49.62 per share (as of Nov 11, 2026, price €24.88). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of NK?
The PEG ratio of Imerys SA is 1.95 (P/E divided by earnings growth, as of Nov 11, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Imerys SA (NK)?
Balance-sheet figures for Imerys SA (as of Nov 11, 2026): return on equity −15.0%, debt of 0.78 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is NK from its 52-week high?
Imerys SA trades at €24.88, about 8% below its 52-week high of €26.99 and 30% above the low of €19.17 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of €23.62 is for.
Which stocks are comparable to Imerys SA?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Air Products and Chemicals, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Imerys SA stock attractive at the current price?
The data as of Nov 11, 2026: price €24.88, calculated fair value €23.62 (−5%), Quality Score 38/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NK calculated?
We run Imerys SA through 13 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of €23.62 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.3% above its aggregate fair value. Imerys SA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Imerys SA (NK)?
The closing price on Nov 13, 2026 was €24.88. Our model-based fair value is €23.62, about 5% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Imerys SA right now?
The model range is unusually wide (€12.16 to €49.62). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Key figures of Imerys SA
How large is the market capitalisation of Imerys SA (NK)?
The market capitalisation of Imerys SA is €2.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Imerys SA (NK) excluding one-off items?
Excluding one-off items, the price-to-earnings ratio of Imerys SA is 14.4 (fiscal year 2025, the reported result was a loss, median at FY-end 17.1 (9 FY)).
What is the P/S ratio of Imerys SA (NK)?
The price-to-sales ratio of Imerys SA is 0.63 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Imerys SA (NK)?
Earnings per share at Imerys SA are €1.46. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Imerys SA (NK)?
The dividend yield of Imerys SA is 3.0% (payout 51.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Imerys SA (NK)?
The net margin of Imerys SA is −12.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Imerys SA (NK)?
The return on equity (ROE) of Imerys SA is −15.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Imerys SA (NK)?
On an EBIT basis the return on assets of Imerys SA is 3.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Imerys SA (NK)?
The operating margin of Imerys SA is 10.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Imerys SA (NK)?
Revenue at Imerys SA is growing +6.9% versus a year earlier (3y avg −7.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Imerys SA (NK)?
Earnings per share at Imerys SA are growing +1.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Imerys SA (NK) carry?
The net debt of Imerys SA is €1.9B (fiscal year 2025, ≈ 35.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 11, 2026