Jefferies Raises Estimates on Quaker Chemical

Jefferies is out with its report today on Quaker Chemical KWR, raising estimates. In a note to clients, Jefferies writes, "Quaker has purchased the remaining 60% interest in TecniQuimia Mexicana for $10.5m. This deal values the affiliate at an estimated $19.5m, or 5.5x 2010E EBITDA, and should be roughly $0.02 accretive in 2011. We are maintaining 2011E EPS of $3.25, given offsetting raw material pressure and one-time acquisition costs, but raising 2012E by $0.10 to $3.75." Jefferies maintains a $51 PT on KWR. Shares of KWR closed Wednesday at $44.36, up 0.70% from Tuesday's close.