Tessenderlo - No triggers for outperformance
• Following last week's disappointing H1-23 trading update, we have lowered our FY23 and FY24 REBITDA estimates by -11% and -8% respectively. This is mainly due to Agro (lower fertilizer prices/volumes) and Bio-valorization (lower fat prices).• Our 2024E SOTP now arrives at EUR 33 p/s (was EUR 36), which includes a 20% conglomerate, liquidity and minority discount. • We see no triggers for outperformance and therefore stick to Hold.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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