ChemChina's offer for Syngenta looks like a more than fair price.
Narrow-moat Syngenta reported first-quarter sales numbers that were generally in line with our expectations. Sales were 1% lower year over year, with volumes flat and pricing down a tick. Management also reiterated its 2017 guidance for low-single-digit sales growth and improvement in EBITDA margin. We've maintained our forecast for 2.3% sales growth in 2017 and EBITDA margin expansion of nearly 100 basis points versus 2016. Our fair value estimates for Syngenta change to $93 per ADR from $92 du...
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