Corbion FIRST LOOK: 3Q EBITDA +44%, FY guidance upped but still looks cautious
3Q24 adj EBITDA jumped by 44% and was c. 4% above our estimate and 5% above consensus, supported by cost savings and an acceleration of organic growth. FY adj EBITDA growth guidance is upped from >18% to 22-25% which seems conservative with our and consensus forecasts even higher (at +30% and +28%). Although the recent track record has been more volatile than expected, the strategic choices made recently (sticking to PLA, a disciplined investment approach on Algae, a much increased FCF focus) make sense. We appreciate Corbion for its leading position in lactic acid and consider valuation to be attractive. Accumulate & € 26 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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