Corbion FIRST LOOK: slightly better than expected 1Q EBITDA, FY guidance kept
1Q24 results were slightly better than expected with Core adj EBITDA +0.7% organically vs -2% expected. FY24 guidance of at least 15% adj. EBITDA growth for the Core operations was reiterated. PLA sales have turned upwards and a € 20m share buyback and € 0.1 special dividend has been announced following the sale of Emulsifiers. 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 in our opinion. We appreciate Corbion for its leading position in lactic acid and consider valuation to be attractive. We maintain our Accumulate 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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