Corbion Feedback CMD
Below we list the key highlights from the CMD. We remind that Corbion announced new financial targets for 2026-2028 including a 3-6% organic sales growth target (KBCS 3.0%) and an 18% adjusted EBITDA margin target (KBCS 17%), vs a 16.3% margin YTD. The announced strategic review on PLA is no surprise and will most likely result in an exit of Corbion, while still remaining the lactic acid supplier to the buyer. Biochemicals will be de-emphasized, which will put the growth focus on food preservation and formulation, algal oils and Biomedical Polymers/Pharma. We continue to appreciate Corbion for its market leadership in lactic acid and growth opportunities within the existing portfolio. We continue to believe valuation is undemanding and we reiterate our Accumulate rating with € 26 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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