'And then they doubled to ten': Avantium rises on new FDCA deals

Avantium NV

17/08/2022 10:01

** Shares in Avantium  AVTX.AS  jump 12.3% after the
renewable chemistry technologies company signed new contracts
related to its furandicarboxylic acid (FDCA) plant  urn:newsml:reuters.com:*:nFWN2ZS5S4
    ** "And then they doubled to ten," ING writes as the group
doubled FDCA offtake deals in H1, citing Carlsberg  CARLb.CO ,
LVMH  LVMH.PA , AB InBev's  ABI.BR  AmBev and Sukano
    ** "The addition of four global brands to the other
previously undisclosed one brings the list of household names to
five," the brokerage adds - the other five are B2B players
    ** Avantium said it expected the construction of its FDCA
flagship plant to be completed by end-2023 and to be operational
during 2024, guiding for "materially higher" capex
    ** ING notes that, while Avantium has yet to quantify the
magnitude of the capex increase, it sees it in-line with other
peers who anticipate capex costs hike at 5%-20%
    ** The stock of Avantium, on track for its best day since
December last year, is down around 30% YTD

 (Reporting by Juliette Portala)
 ((juliette.portala@tr.com))