Tessenderlo : Setting a low bar
>2H20 EBITDA 2% ahead of consensus - On 25 March, Tessenderlo reported 2H20 results that were above market expectations. EBITDA of € 133m was up 8% yoy and 2% above consensus (company-compiled). This number contained a negative one-off of € 7.0m in Bio-valorization relating to inventory write-offs. Correcting for this, EBITDA was € 140m, up 14% yoy and 7% above consensus. The beat was driven by Bio-valorization and Industrial Solutions, which was partly offset by Agro...Tessenderlo Group is engaged in providing solutions for food, agriculture, water management and use and re-use of natural resources. Co. has three operating segments: Agro, which is engaged in the production and marketing of crop nutrients (liquid crop fertilizers and Sulfate of Potash) and crop protection products; Bio-Valorization, which combines Co.'s activities in animal by-product processing, comprised of Akiolis (rendering, production and sales of proteins and fats) and PB Gelatins (production and sales of gelatins); and Industrial Solutions, with activities including the production and sales of plastic pipes systems and water treatment chemicals.
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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