Strong organic growth in second half offset by lower margins for Croda; shares overvalued.
Narrow-moat Croda reported second-half results that were broadly in line with our expectations as better-than-expected organic growth was offset by lower margins. For the full year, organic growth was 4.6% over 2016 with a 6.9% increase in EBIT. We don’t expect to make any material changes to our fundamental long-term outlook. However, our GBX 3,430 fair value estimate will likely increase moderately due to the positive impact of U.S. tax reform and a lower pension deficit. At current levels, th...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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