Corbion rises on 'surprise' dividend hike

Corbion NV

01/03/2024 10:25

** Shares in Corbion  CORB.AS  are up around 3% after the
Dutch biochemicals group hiked its dividend and announced upbeat
outlook for 2024
    ** The company published 2023 "key figures in line" with its
preliminary results according to Degroof Petercam, but proposed
a dividend of 0.61 euro per share, up 9% vs year ago
    ** "Most surprising is the increase in dividend proposal by
which we believe management expresses its confidence in
deleveraging and their expectations for earnings growth," says
Degroof Petercam in a note
    ** "We have the impression that this could be followed by a
SBB once the disposal of the emulsifiers business is completed,"
adds the brokerage, referring to a deal announced in January
    ** Corbion for 2024 sees organic volume/mix to be in range
of 2-6% with an organic EBITDA growth above 15%, as well as a
positive FCF in each quarter
    ** "Wording in outlook is slightly different from Jan-31,
but the message is the same," says Degroof Petercam, the broker
now expecting to marginally increase its EBITDA estimates for
the company

 (Reporting Clement Martinot)
 ((Clement.martinot@tr.com))