Analyst Note| Andrew Lane |
In 2020, Balchem performed quite well given unexpected fluctuations in end market demand due to the COVID-19 pandemic. The company reported adjusted EBITDA margins just shy of 25% for the fourth consecutive year, turning in another year of healthy free cash flow. Having updated our valuation model, our fair value estimate is unchanged at $93 per share. Our narrow-moat rating also remains intact.