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NGVT

Ingevity

$85.15

-5.32 (-5.88%)

05:58
12/10/18
12/10
05:58
12/10/18
05:58

Ingevity to acquire Capa caprolactone division of Perstorp Holding AB

Ingevity announced it has reached an agreement with Perstorp Holding AB to acquire the Capa caprolactone division of Perstorp in a cash transaction valued at approximately approximately $675M. The acquisition is subject to certain regulatory approvals and other customary closing conditions, and Ingevity expects to close on the transaction late in the first quarter of 2019. Capa expects revenues of approximately approximately $175M and adjusted earnings before interest, taxes, depreciation and amortization of approximately approximately $60M for the 2018 fiscal year, representing adjusted EBITDA margins in the mid-30s percent range. The acquisition is expected to be immediately accretive to Ingevity's earnings in the first full year. Ingevity will include the business in the company's Performance Chemicals segment and report revenues as "Engineered Polymers."

NGVT Ingevity
$85.15

-5.32 (-5.88%)

10/19/18
JEFF
10/19/18
NO CHANGE
Target $115
JEFF
Buy
Ingevity valuation reasonable after 10% pullback, says Jefferies
Jefferies analyst Daniel Rizzo sees a "reasonable" valuation on Ingevity with the stock down 10% in the past month. The analyst attributes the selloff to concerns of slower auto production and a decline in TOR spot prices in China. However, U.S. TOR prices remain stable, and any auto deceleration "should be masked by the step-change in worldwide fuel vapor emission standards," Rizzo tells investors in a research note titled "Secular Growth Should Shine In A Choppy Macro Environment." The analyst keeps a Buy rating on Ingevity with a $115 price target.
10/02/18
BREN
10/02/18
DOWNGRADE
Target $110
BREN
Hold
Ingevity downgraded to Hold from Buy at Berenberg
Berenberg analyst Paretosh Misra downgraded Ingevity to Hold and lowered his price target for the shares to $110 from $115. The spot price weakness in fatty acids and gum rosin commodities may hurt pricing in parts of the Performance Chemicals business, Misra tells investors in a research note. With the stock up 47% year-to-date, the analyst now sees a more balanced risk/reward.
08/16/18
LOOP
08/16/18
NO CHANGE
Target $98
LOOP
Hold
Ingevity management confident and bullish at investor meeting, says Loop Capital
Loop Capital analyst Chris Kapsch says his investor meeting with Ingevity saw the management sounding "confident and bullish", anticipating good growth in its Performance Materials segment where visibility for the next 3-4 years is "very good". The analyst cites the impact of the "China VI regulations not only going forward as expected in 2020, but also seeing early adoption", and also anticipates the segment margins to continue to expand through 2022 given the "prospective volume growth, operating leverage, and favorable mix". Kapsch keeps his Hold rating and $98 price target on Ingevity, noting that its fundamental backdrop reflects the stock valuation.
07/26/18
OPCO
07/26/18
NO CHANGE
Target $100
OPCO
Outperform
Ingevity price target raised to $100 from $90 at Oppenheimer
Oppenheimer analyst Ian Zaffino raised his price target for Ingevity to $100 from $90 after the company delivered better than expected Q2 results, helped by continued robust organic growth, favorable price/mix, and strong productivity. The analyst reiterates an Outperform rating on the shares.

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