Corbion FIRST LOOK - CMD: € 55m savings program, holding on to PLA
A lot of info was released at the occasion of today's CMD, including better than expected 4Q23 results, a not so easy to read 2024 guidance (slightly less optimistic than our forecasts), a € 55m restructuring program (more than expected) and a strategic decision to hold onto PLA. We still appreciate Corbion for its leading position in lactic acid and consider valuation to be attractive. With balance sheet fears now largely over, we keep 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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