|Shares Out. (in M):||62||P/E||18.2||15.4|
|Market Cap (in $M):||5,481||P/FCF||18.2||15.4|
|Net Debt (in $M):||1,386||EBIT||590||670|
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Summary of Investment Thesis: (i) high margin business in a well-structured industry, provides mission critical ingredients/additives into attractive growing and defensive end markets of Personal Care, Pharma, Coatings, (ii) strong Board of Directors following 2019 proxy fight, (iii) new CEO Guillermo Novo took over in January 2020, brought in a new senior management team, successfully completed bottom line cost/operating turnaround (modeled on his experience at Air Products), now focused on reinvigorating top line growth both organically and via M&A, (iv) clean balance sheet, (v) strategic asset, previously reported acquisition target of Croda (CRDA LN)
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Investor day sets increased growth and margin targets; adhesive business sold; additional bolt-on acquisitions; company attracts strategic interest
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