Corbion Ambitious growth profile which is getting more balanced
Corbion's Strategy Update revealed not only upgraded sales targets for the period 2023-2025, but also ambitious annual adjusted EBITDA growth targets of 15-20%, above our +12% forecast. More importantly, growth is not depending only on PLA, given the upgraded growth ambitions for Sustainable Foods Solutions and the commercial momentum behind Algae Ingredients. We still appreciate Corbion for the combination of an intrinsically defensive food ingredients business, a market leading technology position (lowest cost lactic acid producer with the gypsum free technology soon to be rolled out), above average longer term growth potential that PLA still offers and a top notch ESG profile. We maintain our Accumulate rating and € 38 target price.Corbion 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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