Although Balchem's Core Business Is a Steady Performer, the CM-AT Opportunity Injects Uncertainty
Balchem's encouraging fourth-quarter results closed out a year of record sales, earnings, and free cash flow. Revenue grew an impressive 8.2%, although adjusted operating margins were flat at 20.9%. Having updated our valuation model, our $89 per share fair value estimate and narrow moat rating are unchanged.Going forward, we forecast 3% organic revenue growth, with the primary growth driver being increased consumption of human-grade choline. Accordingly, the human nutrition and health segment ...
Balchem is engaged in the development, manufacture and marketing of specialty performance ingredients and products for the food, nutritional, feed, pharmaceutical, medical sterilization and industrial markets. The company has four reportable segments: Human Nutrition & Health, which provides human grade choline nutrients and mineral amino acid chelated products for nutrition wellness applications; Animal Nutrition & Health, which provides nutritional products in addition to basic choline chloride; Specialty Products, which provides ethylene oxide and propylene oxide; and Industrial Products, which provides certain derivatives of choline chloride, as well as manufactures and sells methylamines.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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