Corbion N.V. : A profit warning with a silver lining - TP cut to € 33; Outperform reiterated
>Group sales in line, but adjusted EBITDA below expectations in Q2 2023 - Corbion reported sales in line with our forecast, but adjusted EBITDA below our and consensus forecasts in Q2 2023. Algae Ingredients reported an impressive sales performance, but Lactic Acid & Specialties’ sales fell short. Sustainable Food Solutions and non-core reported in-line sales. Adjusted EBITDA fell short in Sustainable Food Solutions and Lactic Acid & Specialties and was in line with f...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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