Moat Category Reinvestment Moat	Fair Value Estimate –	Price  $61.03	Enterprise Value $8.7bn
Moat Type Switching Costs – Integration	Economic Moat Narrow	Stewardship Rating –	Market Cap $7.9bn

What does it do

Croda is a British speciality chemicals company with 60% of sales generated outside Europe. The company has four segments: personal care, life sciences, performance technologies, and industrial chemicals. Personal care produces speciality and active ingredients for cosmetics and skin/hair care. The life sciences business manufactures products for healthcare and agrochemicals. Performance technologies produces additives for industrial products. Industrial chemicals largely sells byproducts from the other business lines.

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