Lowering Lonza's FVE to CHF 210 After Announced Divestiture of Water-Care Business
Lonza's full-year results were slightly ahead of our expectations, with 9% organic sales growth and adjusted EBIT margin of 21%. With the announced divestiture of the water-care business (expected to close in the first quarter of fiscal 2019), the company's results do not include discontinued operations from water care, but the results do include the first full year of contribution from the Capsugel acquisition. After adjusting our model for the sale of the water-care business and slightly highe...Lonza supplies services and products that range from active pharmaceutical ingredients and stem-cell therapies to drinking water sanitizers, from vitamin B compounds and organic personal care ingredients to agricultural products, and from industrial preservatives to microbial control solutions. Co. operates in two segments: Lonza Pharma & Biotech, which clusters all of Co.'s offerings for pharmaceutical markets, focuses on providing custom development, custom manufacturing, cell therapy, viral therapeutics and bioscience solutions; and Lonza Specialty Ingredients, which includes offerings in its consumer care, agro ingredients, industrial solutions, wood protection and water treatment.
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