Corbion Strategy update shows increased focus, upgrade to BUY
Corbion's BRIGHT 2030 strategy update revealed an increasing focus on clean label Food Ingredients, Nutrition and Biomedical Polymers/Pharma. Biochemicals are being de-prioritized and the strategic ownership review on PLA will most likely result in an exit. Financial targets include a 3-6% annual organic sales growth target and a c 2pp increase in the adjusted EBITDA margin by 2028. A disciplined approach on capex is expected to result in an average 8% FCF yield in the coming years with a strengthening balance sheet that creates room to give excess cash flow back to shareholders. Corbion remains a global powerhouse in lactic acid with sizeable growth opportunities. With valuation clearly discounted vs other ingredient peers, we upgrade from Accumulate to BUY while maintaining our € 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.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.