TESSENDERLO - Solid FY21 performance, Agro outlook somewhat uncertain. Quid end game? TESB BB
FY21 results were solid while the FY22 outlook is a bit uncertain for Agro which needs to find alternative MOP sourcing given sanctions imposed on Russia & Belarus. Interesting is that a potential bid on Tessenderlo from Picanol starts to come within the latter’s financial reach, certainly when assuming that the chances for a second T-Power unit have significantly diminished. Taking into account the solid FCF generation and attractive valuation, we maintain our Accumulate rating and € 43 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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