Tessenderlo Weaker earnings but Accumulate kept on solid FCF and attractive valuation
Weaker than expected 1H23 results and a lower than expected FY23 outlook have prompted us to lower our FY23 adjusted EBITDA forecasts by 13%. Despite the weaker earnings momentum, we still see significant value as demonstrated by our SOTP and DCF models. Furthermore the strong balance sheet with a slight net cash position gives Tessenderlo firepower for additional growth investments while maintaining the recently installed dividend policy. We maintain our 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.
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.