Introduction
We review Croda (OTCPK:COIHF) after its 20H1 results last week, one year after we assigned it a Neutral rating. Shares have gained 29.5% in this period (in U.K. pounds, including dividends), with about half of this taking place since June:
As described in our initiation article, Croda is a London-listed mid-cap specialty chemicals company that sells ingredients in Personal Care, Life Sciences and Performance Technology to companies globally:
Neutral Case Recap
Our Neutral rating in July 2019 recognised the high quality of Croda’s businesses, but also expected that its EBIT