Depreciating British Pound Boosts Croda's Results, but Underlying Performance Remains Strong
After reviewing Croda's full-year 2016 results, we are maintaining our narrow moat rating and GBX 3,100 fair value estimate. The company reported a 12.9% year-over-year increase in adjusted operating profit to GBP 298 million, in line with our estimate for GBP 295 million. Reported results are significantly skewed by the depreciating British pound and the acquisition of Incotec. On an underlying basis, 2016 sales declined 1.6% and adjusted operating profit increased 2.1% year over year. With a 2...Croda International creates, makes, and sells specialty chemicals. Co.'s sales, marketing and research activities are organized into four global market sectors: Personal Care, which focuses on ingredients for skin, hair, sun protection and color cosmetic products; Life Sciences, which comprises of three complementary businesses: Health Care, Crop Protection, and Seed Enhancement; Performance Technologies, which targets technologies in Smart Materials and Energy Technologies and continues to develop its presence in Home Care and Water Treatment; and Industrial Chemicals, which is a sector based on selling co-streams, developing niche industrial applications and undertaking toll processing.
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