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.
|24Nov16 02:39||RNS||Holding(s) in Company|
|21Nov16 04:12||RNS||Director/PDMR Shareholding|
|11Nov16 03:01||RNS||Director/PDMR Shareholding|
|03Nov16 07:00||RNS||Trading update for the third quarter of 2016|
|02Nov16 02:59||RNS||Holding(s) in Company|
|01Nov16 11:19||RNS||Director/PDMR Shareholding|
|31Oct16 05:31||RNS||Holding(s) in Company|
Frequency of research reports
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 PLC (BLUR LN) | CRODA INTERNATIONAL PLC (CRDA LN) | DEVRO (DVO LN) | ELEMENTIS (ELM LN) | FENNER PLC (FENR LN) | FIRST DERIVATIVES PLC (FDP LN) | HARGREAVES SERVICES (HSP LN) | MINDS + MACHINES GROUP LTD (MMX LN) | NICHOLS (NICL LN) | SEPURA PLC (SEPU LN) | SUMMIT THERAPEUTICS PLC (SUMM LN)
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.
18 Apr 16
AMINO TECHNOLOGIES (AMO LN) | APPLIED GRAPHENE MATERIALS PLC (AGM LN) | BYOTROL PLC (BYOT LN) | CRODA INTERNATIONAL PLC (CRDA LN) | ELEMENTIS (ELM LN) | PLANT IMPACT PLC (PIM LN) | PLASTICS CAPITAL PLC (PLA LN) | REVOLYMER PLC (REVO LN) | SCAPA GROUP PLC (SCPA LN) | SPIRENT COMMUNICATIONS (SPT LN) | SYNTHOMER PLC (SYNT LN) | VERSARIEN PLC (VRS LN) | VICTREX (VCT LN) | ZOTEFOAMS (ZTF LN)
Innovate, specialise, integrate, globalise
01 Dec 16
Carclo has refocused investment in its established businesses (Technical Plastics and LED Technologies), where a differentiated offer and long-term relationships with customers provide good earnings visibility and more certainty of a return. This strategy delivered strong revenue and profits growth during H117. This growth appears set to continue, underpinned by long-term relationships with blue-chip customers. We leave our estimates and indicative valuation broadly unchanged and introduce our estimates for FY19.
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
30 Nov 16
Results have yet again beaten our forecasts and the management has now delivered the fourth consecutive year of earnings above expectations. The share price is up 41% over the last three months, and Treatt is steadily moving from commoditised sales to more value-added products. Its strategy of deep customer relationships is paying off, giving it a real competitive advantage and improving margins. The year finished strongly and momentum is due to continue in the traditionally seasonally weaker Q117. Our P&L forecasts are broadly maintained, but our fair value moves to 272p (from 240p) as a result of stronger cash flow.
N+1 Singer - Carclo - Trading in line; all divisions performing well
15 Nov 16
Trading remains positive with momentum strong in Plastics and LED. For those willing to look past the pension and dividend issues discussed previously (or for those who think bond yields will now start to help the situation), we feel that there is an attractive investment case at these levels (P/E of c.10x March 17). We remain at Buy.