Tessenderlo Combined group with solid footing & generating significant firepower for growth
After a successful exchange offer resulted (finally) in a combination between Tessenderlo & Picanol, we estimate that this very diversified group will put to use the c. €200m annual FCF we forecast in the coming years mainly for further growth projects. Despite the tougher short term earnings momentum, we consider valuation attractive and resume coverage with an Accumulate rating and € 38 target price.Tessenderlo Group is engaged in providing solutions for food, agriculture, water management and use and re-use of natural resources. Co. has three operating segments: Agro, which is engaged in the production and marketing of crop nutrients (liquid crop fertilizers and Sulfate of Potash) and crop protection products; Bio-Valorization, which combines Co.'s activities in animal by-product processing, comprised of Akiolis (rendering, production and sales of proteins and fats) and PB Gelatins (production and sales of gelatins); and Industrial Solutions, with activities including the production and sales of plastic pipes systems and water treatment chemicals.
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