In-Line First Half Results for Croda; Maintaining FVE
We are maintaining Croda’s GBX 3,430 fair value estimate and narrow-moat rating after reviewing first-half results. Performance was broadly in line with our expectations across the core segments. First-half underlying growth was 3.8% over 2016 with a 4.4% increase in the core business. Adjusted operating profit increased 5.4% on the back of strong results in beauty actives, high-purity excipients, and synergies from the integration of Incotec. At current levels, shares look slightly overvalued. ...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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