Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CRODA INTERNATIONAL PLC. We currently have 14 research reports from 1 professional analysts.
|23Mar17 15:27||RNS||Director/PDMR Shareholding|
|20Mar17 17:45||RNS||Annual Financial Report|
|16Mar17 15:45||RNS||Director/PDMR Shareholding|
|13Mar17 14:20||RNS||Director/PDMR Shareholding|
|10Mar17 16:39||RNS||Director/PDMR Shareholding|
|09Mar17 16:53||RNS||Director/PDMR Shareholding|
|09Mar17 09:50||RNS||Director/PDMR Shareholding|
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Research reports on
CRODA INTERNATIONAL PLC
CRODA INTERNATIONAL PLC
N+1 Singer - MS - Chemicals - International exposure and strong balance sheets underpin sector confidence
27 Jun 16
In the wake of the EU referendum result, our view of the UK chemicals sector remains relatively upbeat. The companies we cover (Croda, Elementis, Scapa, Synthomer, Victrex, Zotefoams) generally have limited domestic exposure and plenty to gain on transactional and/or translational FX exposure. The main beneficiary of FX is Victrex, where as a rule of thumb, we would expect a 10% sterling devaluation to increase Group PBT by 10%, all else being equal. An isolated period of disruption/ contraction in the UK could therefore be comfortably managed by most. Given that some commentators are now also worried about a destabilising effect on the rest of the EU, which could trigger euro weakness, it may make sense to favour those companies with a more balanced international footprint. We therefore highlight Elementis positively, given its high percentage of US sales, but would apply more caution to Synthomer, which has the most European exposure (c.80% of profits last year). Balance sheets are robust and dividend yields high, particularly Elementis and Victrex, which have ongoing special dividend programmes.
Consumer and FX bright spots lifting the gloom
17 May 16
Our recent sector report (18th April) highlighted multiple headwinds facing the sector in H116: a subdued and recently downgraded global growth outlook; oil price volatility and a still-falling rig count; the potential for a hard landing in China; the Brexit vote and its implications for sterling. Nevertheless, we expect this to be a positive year for the UK sector, a view reinforced by recent commentary from all the stocks under our coverage. Our BUY ratings are Croda, Victrex and Zotefoams and we are positive on both Elementis and Scapa (both Corporate).
Continued margin progress offsets mixed sales trends
27 Apr 16
Croda’s Q1 update reaffirms full year profit expectations as continued margin enhancement and mix offsets somewhat sluggish underlying sales trends. Reported sales increased by 7.7% (+9.8% in the three core sectors) and by 0.4% on an underlying basis. Profit growth in Q1 was achieved through a good performance in consumer markets and innovation driving margins (New and Protected Products +8.0%). Operating margins increased by 60 basis points. Despite pockets of good growth (Asia, Europe, NPP), underlying sales trends have been held back by North America, where export customers have been impacted by the stronger dollar, and Latin America, given challenges in that region. Despite this, we continue to expect a year of good progress and remain at BUY. NB shares remain cum-div the 100p special.
27 Apr 16
blur Group (BLUR LN) Enterprise-focus whilst tightly controlling cash | Croda International (CRDA LN) Continued margin progress offsets mixed sales trends | Devro (DVO LN) In line AGM update with positive China news | Elementis (ELM LN) Full year guidance maintained amid signs of stability | Fenner (FENR LN) Expectations unchanged | First Derivatives (FDP LN) Strategic partnership with Thomson Reuters | Hargreaves Services (HSP LN) Strategic repositioning; aspirations outlined | Minds + Machines Group (MMX LN) Transitioning to a pure-play registry business | Nichols (NICL LN) Reassuring AGM update with trading cited as in line | Sepura (SEPU LN) Confirms €17m EBITDA, in talks to secure appropriate capital structure | Summit Therapeutics (SUMM LN) Clearance to expand PhaseOut DMD to sites in the US
It’s a bug’s life
18 Apr 16
Byotrol is an Aim-listed anti-microbial play which floated in 2005 and underwent reorganisation, including appointing experienced new management, in Q4 2013. We had an initial presentation from the company on its trading statement on 25th February and look forward to learning more. Byotrol’s USP is in developing and commercialising hygiene products with IP protection and superior characteristics, especially in terms of long-lasting action. Byotrol addresses the B2B market in areas like surface sanitisers in food retail (eg used in 560 M&S stores), food production and hospital healthcare (in trial with NHS/ISS) - all areas with clear regulatory drivers and high profile problems like MRSA. Key initiatives which could transform the group include: seeking US EPA registration for surface care and a marketing/development agreement with Solvay. In the B2C market, Byotrol has a number of existing products.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
Small Cap Breakfast
03 Mar 17
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19 Dec 16
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