Corbion : EBITDA margin pressure of 500bp even worse than expected in Q3
>Strong top-line, but EBITDA below forecasts in Q3 2021 - On a group level, Corbion reported better than expected revenue growth, while EBITDA and EBITDA profitability were below expectations, the latter caused by the time lag between cost increases and product price increases. As such, Corbion reported a group EBITDA margin of 12.9% in Q3 2021, or 500bp lower than the profitability reported in Q3 2020. The PLA joint venture between Total and Corbion reported disappoi...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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