Corbion When the going gets tough, the tough get going
We welcome the decision to stick to the PLA business and continue to see growth potential ahead for PLA. The recent CMD put forward a disciplined approach, whereby a combination of growth in algae and biomedical polymers should, in combination with a sizeable restructuring program, yield solid EBITDA growth by 2025. Admittedly 2024 results will be impacted by stranded costs from the Emulsifiers divestment, which importantly takes away the balance sheet concerns. Although the recent track record has been more volatile than expected, the strategic direction makes 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.
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.