Oppenheimer's Takeaway from Ingevity Corp (NGVT) Management Meetings
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Oppenheimer analyst Ian Zaffino reiterated an Outperform rating and $85.00 price target on Ingevity Corp (NYSE: NGVT) after hosting management for a series of investor meetings. Management believes it can grow topline MSD/HSD organically over the next 3–5 years. To do so, it will increase utilization rates in Chemicals through alternative feedstocks, make needed investments in CAPA, capitalize on the increased demand created by new Auto regulations and pursue Methane-capture.
The analyst stated "Over the next five years, we estimate NGVT will generate over $1B of cash, which could be used for tuck-in M&A, modest growth capex (e.g., $100–150M), debt paydown and share repurchases. Separately, NGVT announced the appointment of Mary Dean Hall as EVP and CFO, effective 4/19. Hall was most recently the SVP, CFO and Treasurer of Quaker Houghton and has deep experience in chemicals and industrials."
Shares of Ingevity Corp closed at $74.04 yesterday.
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