Corbion FIRST LOOK: 1Q EBITDA +58%, guidance of >25% EBITDA growth kept
Corbion announced much better than expected 1Q results, with adjusted EBITDA up 58% and about 20% better than our forecast and 23% above consensus. Whilst 1Q results were partly aided by phasing, Corbion reiterated FY25 guidance of >25% adj EBITDA growth. We appreciate Corbion for its leading position in lactic acid and consider valuation to be attractive. We maintain our Accumulate rating and € 26 TP.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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