Tessenderlo FIRST LOOK: Feedback analyst & asset manager day
At the occasion of its analyst & asset manager day in Ham, Tessenderlo reiterated its FY guidance of a flat adjusted EBITDA in FY24, which is about 32% below the peak year of FY22. The net cash position allows to pursue share buybacks, although management made it clear they would prefer to grow the company via additional investments (both organic and inorganic). Tessenderlo is a very diversified group with limited synergies between the various operations. Despite the limited liquidity and difficult earnings momentum, we consider valuation to be clearly attractive and reiterate our Accumulate rating and € 34 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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