Tessenderlo slips as agriculture, bio-valorization segments disappoint

Tessenderlo NV

26/08/2021 10:30

** Shares in Belgian chemicals group Tessenderlo  TESB.BR 
fall 4.5% as "disappointing" performance in its agriculture and
bio-valorization segments overshadowed overall in-line results
    ** Peers in agriculture and bio-valorization, Tessenderlo
two main traditional growth drivers, reported pretty good
numbers so it was rather expected to see growth there, analyst
Christophe Beghin from Kempen & Co said
    ** Tessenderlo posted an adjusted EBITDA in agricultural
segment for H1 down 3.5% excluding FX effect, to 75.2 million
euros ($88.41 million), and down 1.7% in bio-valorization to
41.8 million euros
    ** "Industrial is performing very nicely but obviously the
focus at Tessenderlo is always on agriculture and here, there
was an operational disappointment," an analyst says
    ** Some analysts were also expecting a guidance upgrade,
Beghin added, as Tessenderlo confirmed its full year guidance of
a flat adjusted EBITDA
    ** However, the company is still showing a solid decent
performance and the share price reaction is a bit exaggerated,
he said


($1 = 0.8498 euros)


($1 = 0.8506 euros)

 (Reporting by Kate Entringer)
 ((kate.entringer@thomsonreuters.com))