Corbion : Downgraded to Neutral as positive newsflow looks set to stall
>We downgrade Corbion to Neutral from Outperform - Although we believe that the market overreacted to Corbion’s 2020 results and management’s outlook for 2021 and beyond, we downgrade our recommendation on Corbion to Neutral from Outperform. We conclude that with the most recent news on the debottlenecking of 50kt of production capacity in lactic acid (for € 65m), the capacity expansion trajectory is fixed and known for the coming years. This puts a natural cap on Cor...Corbion is an internationally operating company engaged in the development, production, sale and distribution of bakery supplies and food ingredients. Co. is engaged in the Bakery Supplies and Lactic Acid business. Co.'s operations are divided into two segments: Bakery operations and Lactic acid operations. Co.'s Bakery operations comprise the development, production and sale of bakery ingredients and products. Co.'s Lactic acid operations involve the production of lactic acid and lactic acid derivatives which are used in food, pharmaceutical and technical products. Co. operates mostly in Europe and North America. Co.'s brands are Waldkorn, Kate's cakes, Purac, Carel, MeisterMarken.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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