Strong Organic Growth in 2H 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...
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