Initiating Coverage of Narrow-Moat Balchem With $79 Fair Value Estimate
We are initiating coverage of Balchem with a $79 fair value estimate and a narrow moat rating. Balchem manufactures ingredients, nutrients, and chemicals for a wide variety of end markets, including human nutrition, animal nutrition, and industrial applications. The company’s narrow moat stems from strong customer switching costs. To a lesser extent, intangible assets and efficient scale are also at play, although they only apply to the company’s specialty products operations. Balchem maintains ...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.
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