Tessenderlo - Feeling the impact of lower prices and volumes
• The H1-23 EBITDA was -13% vs our and -12% vs consensus expectations, entirely due to Agro and Bio-Valorization.• FY23 outlook of lower yoy EBITDA is now expected to be -20 to -30%. We expect to significantly lower our 2023 estimates.• Expecting a negative share price reaction today we stick to Hold. Assuming also a cut in in our 2024 estimate, we will review our TP of EUR 36, which is SoP-based and includes a 20% conglomerate and liquidity discount.Tessenderlo Group is engaged in providing solutions for food, agriculture, water management and use and re-use of natural resources. Co. has three operating segments: Agro, which is engaged in the production and marketing of crop nutrients (liquid crop fertilizers and Sulfate of Potash) and crop protection products; Bio-Valorization, which combines Co.'s activities in animal by-product processing, comprised of Akiolis (rendering, production and sales of proteins and fats) and PB Gelatins (production and sales of gelatins); and Industrial Solutions, with activities including the production and sales of plastic pipes systems and water treatment chemicals.
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