Corbion FIRST LOOK: FY23 results & FY24 guidance in line with CMD statements
FY23 results were fully in line with the preliminary figures that were already released at the end of January, and also the earlier given FY24 guidance of at least 15% adjusted EBITDA growth for the Core operations excluding stranded costs linked to the Emulsifiers divestment was reiterated. Although the recent track record has been more volatile than expected, the strategic choices made and explained in the recent CMD (sticking to PLA, a disciplined investment approach on ao Algae, a much increased FCF focus) make sense in our opinion. We still appreciate Corbion for its leading position in lactic acid and consider valuation to be attractive. We maintain our Accumulate rating and € 26 target price.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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