Tessenderlo Feedback Analyst & Asset Manager Day
Tessenderlo reiterated FY25 guidance at the occasion of its Investor event yesterday. We note that Luc Tack expressed his desire to become more strict in allocating capex, whilst in terms of activity portfolio there are no sacred cows and management asks themselves whether they are still the best owner of their businesses. The deal with Darling Ingredients on gelatin & collagen is progressing with deal closing probable in 2H26. We continue to appreciate Tessenderlo for its healthy FCF generation and solid balance sheet whilst we consider valuation to be attractive. We maintain our Accumulate rating and € 28 TP.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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