Corbion FIRST LOOK: 1Q Core EBITDA +18.5% organ., FY guidance slightly raised
1Q23 Core adj EBITDA jumped by 18.5% organically to € 41.6m which was slightly better than consensus and above KBCS forecasts. FY organic core adj EBITDA growth guidance was raised to the upper end of the 15-20% range. We still appreciate Corbion for the combination of an intrinsically defensive food ingredients business, a market leading technology position (gypsum free LA soon being rolled out), above average LT growth potential (driven by PLA) and a top notch ESG profile. Accumulate and 38 TP kept.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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