Corbion - CMD: less sales growth, more EBITDA and FCF
For the coming years Corbion continues to see strong EBITDA growth and is focusing on FCF which should bring down leverage. However, volume/mix growth is targeted at 2-6%, CSS and we are at the high of this range. Q4 sales came in below expectations, but EBITDA and FCF above resulting in a lower than expected leverage. On balance, some mixed feelings, but at this stage bringing down the leverage is key. Buy maintained. Corbion is part of our preference listCorbion is an internationally operating company engaged in the development, production, sale and distribution of bakery supplies and food ingredients. Co. is engaged in the Bakery Supplies and Lactic Acid business. Co.'s operations are divided into two segments: Bakery operations and Lactic acid operations. Co.'s Bakery operations comprise the development, production and sale of bakery ingredients and products. Co.'s Lactic acid operations involve the production of lactic acid and lactic acid derivatives which are used in food, pharmaceutical and technical products. Co. operates mostly in Europe and North America. Co.'s brands are Waldkorn, Kate's cakes, Purac, Carel, MeisterMarken.
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