Corbion - Sales missing, EBITDA beating, SBB+spec div
Q1-23 sales missed expectations but the key KPI, volume mix was in line. EBITDA beat by 3% thanks to a very strong performance in Human & Health. Corbion maintained its guidance, but announced a EUR 20m share buyback and EUR 0.10 special dividend. Despite this extra cash-out it maintained the leverage guidance, illustrating company's confidence on cash generation. We reiterate our Buy rating and TP of EUR 28Corbion 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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