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Balchem Corp BCPC

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Morningstar’s Analysis

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Despite Disruptions From COVID-19, Balchem Reports Steady Profits in 2020; FVE Unchanged at $93

Andrew Lane Strategist

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.

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Company Profile

Business Description

Balchem manufactures ingredients, nutrients, and chemicals for a wide variety of industries, including human nutrition, animal nutrition, and oil & gas. The company offers a wide variety of product lines, with some highly customized and others commodity-oriented. After the 2014 acquisition of SensoryEffects, the human nutrition and health segment now generates the largest share of companywide revenue and profits.

52 Sunrise Park Road
New Hampton, NY, 10958
T +1 845 326-5600
Sector Basic Materials
Industry Specialty Chemicals
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 1,342