Momentum Shifts Down in 2H for Croda, but Trends Remain Solid; Shares Overvalued
Narrow-moat Croda reported second-half EBIT of GBP 164 million, up 5% over 2017 and in line with consensus but slightly lower than our expectations. The shares traded down after the report as it appears the market was hoping for more growth. Second-half constant-currency growth in the core business was 2.8%, a downward shift from the strong 4.7% growth posted in the first half. Croda doesn’t really do guidance, so commentary on the outlook for 2019 was limited to "further progress." Our current ...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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