CORBION: Bioplastic is fantastic CRBN NA
The announced construction of a second PLA JV plant significantly increases confidence in the growth potential of PLA for Corbion. At this stage, Corbion’s investment case offers a rather rare combination of earnings defensiveness on the back of its food preservation applications, leading growth prospects driven by LA/PLA and a top notch ESG profile. We have upgraded our forecasts to incorporate accelerated LA/PLA capacity expansions and raise our TP to € 49, while maintaining an Accumulate rating.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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