Trumps reciprocal tariffs caused a massive blow to equity markets, following a pressured period of escalating trade wars. Retaliatory measures can further heavily damage market confidence, as seen Friday when China announced their 34% tarrif of US goods. International trade policies have never moved this erratic and untransparant, with uncertainty and volatility being the baseline for now. In this report we highlight the key stocks in our coverage relevant to this discussion.
Corbion published agenda for AGM Corbion has published its agenda for the upcoming Annual General Meeting of Shareholders (AGM) to be held on 14 May 2025. The full AGM agenda together with explanatory notes is available on Corbion's website under Investor relations --> Shareholder information --> Shareholder meetings. Attachment
Aalberts: Dividend and outlook better than expected. Ackermans & van Haaren: Anticipating an all-time-high result from core segments. Ageas: FY24 in line, strong capital, outlook for upsteams. AMG: Strong 4Q24 beat and 2025F guidance upgrade. CFE: Solid results and balance sheet, outlook weak. CMB.TECH: Cautious on outlook. Corbion: Not so sweet. CTP: Good results, 2025 outlook realistic. D'Ieteren: Boyd's Five-Year Goals. Exor: Ferrari €3bn ABB and €1bn SBB. Sofina: Further ...
FY24 adj EBITDA increased by 23% organically whilst being c 2% below our and consensus forecasts. FY25 guidance of >25% organic EBITDA growth seems close to CSS whilst being 6% above our forecasts. Although the recent track record has been more volatile than expected, the strategic choices made recently (sticking to PLA, a disciplined investment approach on Algae, a much increased FCF focus) make sense. We appreciate Corbion for its leading position in lactic acid and consider valuation to be st...
Corbion announces strong full-year results with sales growth, +25% Adjusted EBITDA improvement, and strong FCF; proposes +5% dividend increase Corbion, the Amsterdam-listed sustainable ingredients company that champions preservation through application of science, today publishes its results for the year ending 31 December 2024. Key highlights annual results 2024: Organic sales growth: +2.2% (Q4: +1.3%) Volume/mix: +5.2% (Q4: +2.9%)Price: -3.0% (Q4: -1.6%) Continue...
We revise our Corbion forecasts to account for the strength of the US dollar. Largely as a result of Corbion's c.80% exposure to the greenback, our 2025F and 2026F EBITDA forecasts rise by 6.6% and 6.0% respectively. Our EPS forecasts rise by a greater amount (c.12-13%) as we have also trimmed our depreciation charge. Although peer group valuations have declined since our last report, our 12-month target price rises from €15.00 to €17.00. However, we remain cautious on 4Q24 results as we believe...
We hosted our 28th ODDO BHF Forum in Lyon on 9 and 10 January 2025. In total, 210 companies made presentations over the two days. In addition to day 1 feedback (Link to the feedback of the first day), in the following note, we provide some initial feedback from the companies for the second day. The full final feedback, including sector conclusions, will be published later this week. As was the case for the first day, analysts judged that a majority of the companies had a rather neutral tone. Ou...
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