Corbion : Too much focus on EBITDA margin; raised to Outperform
>Upgrade to Outperform ahead of results on 25 February - Corbion is set to report its 2021 results on 25 February at 07:00. In Core operations we forecast organic sales growth of 14.6% and EBITDA profitability of 13.3%, in line with both guidance and consensus. Corbion’s share price is close to a 12-month low, and we think the market is focusing too much on EBITDA margins and too little on EBITDA, the latter being only moderately impacted by higher costs when netted 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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