Initiating Coverage of Croda With a Narrow Moat Rating and GBX 3,100 Fair Value Estimate
We are initiating coverage of Croda International with a narrow moat rating and a fair value estimate of GBX 3,100. We also assign an Exemplary stewardship rating, based on the company’s strong track record of acquisitions and a clear strategic priority for maintaining a high return on invested capital. Our fair value estimate implies a price/earnings ratio of 21 times and an enterprise value/EBITDA ratio of 13 times, based on 2017 estimates. At current levels, shares look fairly valued.Croda ...
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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