Corbion N.V. : The Q3 update was a mixed bag, but € 35 TP and Outperform reiterated
>Q3 trading update a mix of positives and negatives - Although group sales and EBITDA came in higher than both our forecasts and consensus in Q3, the update included both strengths and weaknesses. The impact of higher costs and the consequential offsetting pricing initiatives were higher than expected, which led to Q3 sales being ahead of forecasts. Group EBITDA was stronger than expected, due to the strong performances of non-core and Incubator and despite the weakne...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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