Corbion - Q2 missing, guidance lowered to our estimate
• Q2 results missed expectations, primarily due to lower volumes in its two largest segments. Sales and EBITDA guidance lowered, which we consider as disappointing but not entirely unexpected by the market. • Based on the Q2 results and guidance we expect to marginally lower our estimates. • We maintain our Buy, but cut our 12m TP from EUR 38 to EUR 32Corbion 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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