I’m looking for an undervalued growth share to put into my ISA, but I don’t plan on buying more Rolls-Royce. The FTSE100 The aerospace engineer has had another tumultuous month after full-year numbers again topped forecasts. The stock is up 87% in one year and 1,187% in five years. It was a spectacular turnaround, but with a price-to-earnings ratio of 65, expectations seem too high to me today.

This leaves me looking for another candidate for recovery. It’s effortless to forget that Rolls-Royce once knelt and then roared. There are other blue chips still struggling with the bruises. One of them is what stands out The international company Croda (LSE: CRDA), a specialty chemicals group whose share price is around 50% lower than it was five years ago.

Finally climbing

Croda was caught by Covid. Sales increased as customers stockpiled key chemicals, then declined as they worked through excess inventory.

The latest annual results, published on February 24, show that this process is now complete. Sales for the year to December rose 6.6% to £1.7 billion on a constant currency basis, while adjusted EBITDA rose 7.1% to £397 million. Management warned that trading conditions remain uncertain, with geopolitical tensions, US tariffs and currency fluctuations evident.

Shares are still down 5% for the year, but are up 11% in February. A month later, they were enjoying the lift JPMorgan increased the price target to P4,000 from P3,600. At a share price of 3,127p, this represents a potential upside of 28%. JPMorgan believes the earnings cuts are largely over and recent investments can fuel growth.

Chance of FTSE 100 rebound

Croda operates in niche markets including consumer products, life sciences and industrial ingredients, where technical expertise and long customer relationships can create pricing power. This can assist protect margins as demand improves. The group also invests heavily in higher-value and sustainability-oriented products.

Another highlight is the dividend record. Croda has been increasing its payouts for more than three decades, including during its recent troubles. In fact, over the last five years, shareholder payouts have grown at an average of just over 4% per year. The progressive yield has now increased to 3.7%. This consistency suggests that resilience is at the heart of the business. Rolls-Royce, on the other hand, scrapped dividends entirely before returning to normal operations.

Great price-earnings ratio

Croda is not a bargain purchase. The price-to-earnings ratio is 21.7. This is more than I expected considering the recent struggles. The risk remains. A slower global economy may reduce demand in key end markets such as cosmetics and pharmaceuticals. Raw material costs and exchange rate changes can reduce margins.

Recent capital expenditures and acquisitions must translate into higher sales and cash generation. If this doesn’t materialize, investors may leave again.

Overall, Croda looks like a credible recovery play for investors prepared to take a long-term view. It will almost certainly not replicate the fireworks seen in the Rolls-Royce. But I think it’s worth considering in the long term. I see three other FTSE 100 stocks halving in the last five years: Maintain, JD sports fashion AND easyJet. I check them too. I see a lot of rebuilding potential beyond Rolls-Royce.