Corbion N.V. : Handling the super inflation well; € 40 TP and Outperform maintained
>Despite massive price increases, volume effects negligible - Corbion’s H1 2022 update not only showed material beats in sales and EBITDA, it also illustrated that, despite marked price increases (price/mix was 25.7% in Q2 2022), volume implications were very limited (volumes increased 0.8% in Q2 2022). Both Corbion’s core and non-core operations beat our estimates and consensus for sales and EBITDA in Q2 2022.Material price increases were put through in...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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