Corbion Conference call feedback
Below are the highlights from the conference call. We remind that 3Q Core adjusted EBITDA came in below expectations with FY guidance lowered to the low end of the 15-20% growth range. A strategic review on PLA is initiated as well as a restructuring program. Overall, we still appreciate Corbion for the combination of an intrinsically defensive food ingredients business and a market leading technology position (gypsum free LA soon being rolled out), whilst still seeing growth beyond PLA (like in Algae, Biomedical and adjacencies within the food ingredients space). We maintain our Accumulate rating, but given the uncertainty on the PLA outlook we lowered our target price this morning from € 30 to € 26.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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