Corbion drops on operating earnings miss, rising debt

Corbion NV

03/03/2023 08:42

** Shares in Corbion  CORB.AS  slump 11% after the Dutch
biochemicals group reports an operating earnings miss and an
increase in debt due to capex
    ** Corbion's FY revenue comes in at 1.46 billion euros
($1.55 billion) with operating result of 110 million and net
debt of 701 million euros
    ** KBC analysts say top-line is strong but EBITDA is a bit
behind expectations, and covenant net debt of 601.5 million
euros is also worse-than-expected
    ** ING also points to revenue beat and EBITDA miss against
the broker's own and consensus' estimates of 13.1% and 7.7%,
respectively
    ** The reported EBIT also missed consensus by a "whopping"
20.4%, ING says
    ** "Cash burner," the broker says and highlights that as a
result of increased capex, net debt rose and placed Corbion on a
net debt/adj. EBITDA ratio of 3.8x
    ** Friday's drop wipes out the stock's YTD gains

($1 = 0.9415 euros)

 (Reporting by Piotr Lipinski)
 ((piotr.lipinski@tr.com))