ENXTAM:CRBN

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Executive Summary

Corbion N.V. provides lactic acid and lactic acid derivatives, emulsifiers, functional enzyme blends, minerals, vitamins, and algae ingredients worldwide. More Details


Snowflake Analysis

Adequate balance sheet and slightly overvalued.


Similar Companies

Share Price & News

How has Corbion's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CRBN is not significantly more volatile than the rest of Dutch stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: CRBN's weekly volatility (3%) has been stable over the past year.


Market Performance


7 Day Return

-2.7%

CRBN

-2.9%

NL Chemicals

-4.3%

NL Market


1 Year Return

45.3%

CRBN

27.2%

NL Chemicals

22.5%

NL Market

Return vs Industry: CRBN exceeded the Dutch Chemicals industry which returned 27.2% over the past year.

Return vs Market: CRBN exceeded the Dutch Market which returned 22.5% over the past year.


Shareholder returns

CRBNIndustryMarket
7 Day-2.7%-2.9%-4.3%
30 Day-0.3%-1.8%4.1%
90 Day9.4%0.3%10.4%
1 Year47.9%45.3%29.9%27.2%24.8%22.5%
3 Year98.1%86.9%49.2%30.0%21.1%9.0%
5 Year178.7%143.6%130.6%87.6%60.6%31.0%

Long-Term Price Volatility Vs. Market

How volatile is Corbion's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Corbion undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CRBN (€47.1) is trading below our estimate of fair value (€122.05)

Significantly Below Fair Value: CRBN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: CRBN is poor value based on its PE Ratio (114.1x) compared to the NL Chemicals industry average (25.7x).

PE vs Market: CRBN is poor value based on its PE Ratio (114.1x) compared to the Dutch market (26x).


Price to Earnings Growth Ratio

PEG Ratio: CRBN is poor value based on its PEG Ratio (5.7x)


Price to Book Ratio

PB vs Industry: CRBN is overvalued based on its PB Ratio (5.7x) compared to the NL Chemicals industry average (3x).


Next Steps

Future Growth

How is Corbion forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

20.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CRBN's forecast earnings growth (20.1% per year) is above the savings rate (0.2%).

Earnings vs Market: CRBN's earnings (20.1% per year) are forecast to grow slower than the Dutch market (26.7% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CRBN's revenue (2.4% per year) is forecast to grow slower than the Dutch market (10.4% per year).

High Growth Revenue: CRBN's revenue (2.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CRBN's Return on Equity is forecast to be low in 3 years time (11.8%).


Next Steps

Past Performance

How has Corbion performed over the past 5 years?

-14.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CRBN has a large one-off loss of €38.4M impacting its June 30 2020 financial results.

Growing Profit Margin: CRBN's current net profit margins (2.4%) are lower than last year (5.2%).


Past Earnings Growth Analysis

Earnings Trend: CRBN's earnings have declined by 14.3% per year over the past 5 years.

Accelerating Growth: CRBN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: CRBN had negative earnings growth (-49.6%) over the past year, making it difficult to compare to the Chemicals industry average (-29.3%).


Return on Equity

High ROE: CRBN's Return on Equity (5%) is considered low.


Next Steps

Financial Health

How is Corbion's financial position?


Financial Position Analysis

Short Term Liabilities: CRBN's short term assets (€403.0M) exceed its short term liabilities (€400.2M).

Long Term Liabilities: CRBN's short term assets (€403.0M) exceed its long term liabilities (€209.9M).


Debt to Equity History and Analysis

Debt Level: CRBN's debt to equity ratio (67.8%) is considered high.

Reducing Debt: CRBN's debt to equity ratio has increased from 24.8% to 67.8% over the past 5 years.

Debt Coverage: CRBN's debt is well covered by operating cash flow (32.2%).

Interest Coverage: CRBN's interest payments on its debt are well covered by EBIT (7x coverage).


Balance Sheet


Next Steps

Dividend

What is Corbion current dividend yield, its reliability and sustainability?

1.17%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CRBN's dividend (1.19%) isn’t notable compared to the bottom 25% of dividend payers in the Dutch market (1.89%).

High Dividend: CRBN's dividend (1.19%) is low compared to the top 25% of dividend payers in the Dutch market (4.27%).


Stability and Growth of Payments

Stable Dividend: CRBN's dividend payments have been volatile in the past 10 years.

Growing Dividend: CRBN's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (135.6%), CRBN's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CRBN's dividends in 3 years are forecast to be well covered by earnings (42.9% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.0yrs

Average management tenure


CEO

Olivier Rigaud (56 yo)

1.5yrs

Tenure

€831,000

Compensation

Mr. Olivier Rigaud serves as Chief Executive Officer and Chairman of the Management Board at Corbion N.V. since August 8, 2019. Mr. Rigaud served as Chief Executive Officer of Naturex S.A. since October 1,...


CEO Compensation Analysis

Compensation vs Market: Olivier's total compensation ($USD1.01M) is below average for companies of similar size in the Dutch market ($USD2.28M).

Compensation vs Earnings: Insufficient data to compare Olivier's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Olivier Rigaud
CEO & Chairman of the Management Board1.5yrs€831.00kno data
Eddy Van van Der Kloot
CFO & Member of Management Board6.75yrs€991.00k0.12%
€ 3.3m
Jacqueline van Lemmen
COO & Executive VP of Operations3.83yrsno datano data
Ruud Peerbooms
President of Algae Ingredients & Member of Management Board0.83yrno datano data
Marco Bootz
President of Lactic Acid & Specialties and Member of Management Board0.83yrno datano data
Marcel Wubbolts
CTO and Chief Science & Sustainability Officer4.25yrsno datano data
Jeroen Harten
Director of Investor Relationsno datano datano data
Tanno Massar
Director of Corporate Communicationsno datano datano data
Marc den Hartog
Executive Vice President of Innovation Platformsno datano datano data
Andy Muller
President of Sustainable Food Solutions & Executive VP of Ingredient Solution6.08yrsno datano data
H. G. Noppers
Company Secretary8.08yrsno datano data

4.0yrs

Average Tenure

56yo

Average Age

Experienced Management: CRBN's management team is considered experienced (4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Steen Riisgaard
Member of Supervisory Board6.75yrs€73.00kno data
Rudolph Harold Markham
Vice Chairman of the Supervisory Board5.75yrs€76.00kno data
Mathieu Vrijsen
Chairman of Supervisory Board5.75yrs€93.00kno data
Jack De Kreij
Member of the Supervisory Board9.75yrs€65.00kno data
Ilona Haaijer
Member of the Supervisory Board0.67yrno datano data
M. Doherty
Member of Supervisory Board5.75yrs€60.00kno data

5.8yrs

Average Tenure

66yo

Average Age

Experienced Board: CRBN's board of directors are considered experienced (5.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Corbion N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Corbion N.V.
  • Ticker: CRBN
  • Exchange: ENXTAM
  • Founded: 1919
  • Industry: Specialty Chemicals
  • Sector: Materials
  • Market Cap: €2.820b
  • Shares outstanding: 58.82m
  • Website: https://www.corbion.com

Number of Employees


Location

  • Corbion N.V.
  • Piet Heinkade 127
  • Amsterdam
  • Noord-Holland
  • 1019 GM
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CSUADB (Deutsche Boerse AG)YesOrdinary SharesDEEURMar 1993
CRBNENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURMar 1993
CSNV.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDMar 1993
0QHLLSE (London Stock Exchange)YesOrdinary SharesGBEURMar 1993
CRBNABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURMar 1993
CSNV.YOTCPK (Pink Sheets LLC)ADRUSUSDDec 2008

Biography

Corbion N.V. provides lactic acid and lactic acid derivatives, emulsifiers, functional enzyme blends, minerals, vitamins, and algae ingredients worldwide. The company offers ingredient solutions made from ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/03/01 20:24
End of Day Share Price2021/03/01 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.