Corbion - Key figures in line, dividend raised
Key figures were in line with the preliminary results published on Jan-31. Main surprise therefore came from the 9% increase in dividend. Wording in outlook is slightly different from Jan-31, but the message is the same. We expect to marginally increase our core EBITDA estimates. Buy reiterated, TP maintained at EUR 28.Corbion 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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