Solid Start to 2018 in the Core Business for Croda; Shares Overvalued
We are maintaining Croda’s GBX 3,800 fair value estimate and narrow moat rating after reviewing the company’s first-quarter trading update. At current levels, the shares are overvalued. Constant-currency sales in the core business were up 4% in the first quarter over 2017, or 2.6% including the industrial chemicals business. However, reported sales declined due to currency headwinds.Personal care delivered very strong 7.6% constant-currency growth over 2017. Demand was strong across all three ...
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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