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Oct 27 2022, 13:15 IST/BST
Foods
Corbion Q3 results – continued growth driven by pricing
- Sectors : Foods
- Companies : Treatt plc | Givaudan | DSM-Firmenich | Kerry Group | Symrise
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| DSM-Firmenich | OUTPERFORM | 09/10/20 | Neutral | 13/02/20 | 12430c |
| Givaudan | OUTPERFORM | 24/03/20 | Neutral | 21/06/12 | 303600chf |
| Kerry Group | OUTPERFORM | 30/06/09 | N/A | N/A | 9000c |
| Symrise | OUTPERFORM | 24/03/20 | Neutral | 15/01/19 | 10485c |
| Treatt plc | NEUTRAL | 08/04/21 | N/A | N/A | 665p |
DAVY VIEW
Corbion’s Q3 update reflects continued growth across its core business activities, driven by ongoing price increases in its Food Solutions and Lactic Acid platforms. The third quarter decline in Lactic Acid volumes (c.-21%) is linked to “current weakness in PLA market”. Adjusted EBITDA was ballasted by greater pricing and cost mix improvements. Full year outlook remains positive, with FY22 guidance of +20-25% organic growth and adjusted EBITDA margin towards the lower end of 12-15% reiterated.
