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Share Price:
Up 7,192.00p
Change Today:
30.00p
Market Cap:
10,251m
Sector:
Chemicals

Citi ups rating on Croda following Iberchem deal

By Abigail Townsend

Date: Friday 20 Nov 2020

LONDON (ShareCast) - (Sharecast News) - Citi has upgraded Croda International to a 'buy' following the chemicals group's €820m acquisition of Spain's Iberchem.
The UK firm, which has secured a contract to supply ingredients for Pfizer's Covid-19 vaccine, announced on Wednesday that it had agreed to buy the fragrances firm, a specialist in emerging markets, from its private equity owners.

Citi said the deal was a "step change".

Analyst Mubasher Chaudhry said: "The deal, we think, provides Croda with access to the fastest-growing regions within the fragrance space, the ability to realise significant revenue synergies through cross-selling, and an opportunity to partake in what is a rapidly consolidating industry.

"Double digit growth in life sciences, increased markets to growing in personal care, and a strong balance sheet to support inorganic growth presents a compelling investment case."

Around 83% of Iberchem sales are in emerging markets.

As at 0935 GMT, shares in Croda were ahead nearly 2% at 6,358.0p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

CRDA Market Data

Currency UK Pounds
Price 7,192.00p
Change Today 30.00p
52 Week High 7,230.00p
52 Week Low 5,124.00p
Volume 36,436
Shares Issued 142.54m
Market Cap 10,251m

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What The Brokers Say

Strong Buy 7
Buy 0
Neutral 7
Sell 0
Strong Sell 3
Total 17
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

CRDA Dividends

  Latest Previous
  Final Interim
Ex-Div 06-May-21 20-Aug-20
Paid 04-Jun-21 01-Oct-20
Amount 51.50p 39.50p

Trades for 22-Jun-2021

Time Volume / Share Price
14:54 104 @ 7,192.00p
14:54 4 @ 7,192.00p
14:54 20 @ 7,192.00p
14:54 4 @ 7,192.00p
14:53 25 @ 7,192.00p

CRDA Key Personnel

Chair Anita Frew