Corbion - Sales missing, EBITDA in line, PLA reviewed
Q3-23 sales clearly missed expectations due to weaker prices and volumes. Guidance on EBITDA growth lowered, but no reason to change estimates.More importantly, Corbion anticipates to present its strategy end of January and will review its position in PLA. Disposal of Emulsifiers not this year.Buy maintained. TP unchanged at 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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