Corbion FIRST LOOK: Better than expected 2Q results, FY guidance maintained
2Q24 adj EBITDA came in 14% above our forecasts and 9% above consensus, reflecting ao an improving top line trend and efficiency improvement measures. FY24 guidance was maintained, although wording has changed following a reset of the 2023 base on the completion of the Emulsifiers divestment. Although the recent track record has been more volatile than expected, the strategic choices made recently (sticking to PLA, a disciplined investment approach on ao 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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