IMD is a $1.5bn global mining tech business that entered the ASX 200 in March despite mixed performance from its customers, the ASX, and global miners. The company provides advanced drilling optimisation products, cloud-connected rock knowledge sensors, and data analytics solutions to the minerals industry. In FY24, the company’s profit was $32.4mn, down slightly from the $35mn in FY23. However, in February, the stock popped higher after announcing earnings per share (EPS) in the 1H of 5.75c, well above expectations, although revenue of $211.9mn came in slightly below expectations – the mining tech company said its outlook for FY26 and beyond is positive.
- We like IMD as a business, and new highs look likely this year, but we see better alternatives elsewhere in the ASX.
MM is cautiously bullish towards IMD around $2.80
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