Tailwinds From Depreciating British Pound Reach Gale-Storm Levels for Croda; Raising FVE
After reviewing Croda’s first-quarter trading update, we are maintaining our narrow moat rating but increasing our fair value estimate to GBX 3,430 from GBX 3,100 due to a higher-than-expected impact from the depreciating British pound and the time value of money. Beyond 2017, our forecasts assume a constant currency. At current levels, shares look overvalued.First-quarter revenue increased by 19.1% compared with the prior-year period, owing primarily to currency effects. However, on a constan...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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