Corbion N.V. : Positive newsflow over the past days; € 29 TP and Outperform reiterated
>Emulsifiers sold for a good price; holding on to PLA because of good prospects - Corbion’s positive newsflow started with the announcement of the sale of the emulsifiers unit for € 253m, lowering the pro forma financial leverage to 2.4x in 2023, from 3.1x in 2022. At its strategy update meeting, Corbion aired its decision to hold on to another disposal candidate, its 50% stake in the PLA joint venture. With long-term prospects unchanged, according to Corbion, we unde...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.
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