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Corbion

ENXTAM:CRBN
Snowflake Description

Reasonable growth potential with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CRBN
ENXTAM
€2B
Market Cap
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Last updated 2019/07/20 20:52
Company description

Corbion N.V. provides lactic acid and lactic acid derivatives, emulsifiers, functional enzyme blends, minerals, vitamins, and algae ingredients worldwide. The last earnings update was 121 days ago. More info.

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CRBN Share Price and Events
7 Day Returns
0.7%
ENXTAM:CRBN
-0.5%
NL Chemicals
0.4%
NL Market
1 Year Returns
1.3%
ENXTAM:CRBN
6.4%
NL Chemicals
-0.7%
NL Market
CRBN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Corbion (CRBN) 0.7% 4% 9% 1.3% 37% 108%
NL Chemicals -0.5% 1.5% 4.2% 6.4% 57% 52.2%
NL Market 0.4% 1.4% -0.1% -0.7% 24.4% 28%
1 Year Return vs Industry and Market
  • CRBN underperformed the Chemicals industry which returned 6.4% over the past year.
  • CRBN outperformed the Market in Netherlands which returned -0.7% over the past year.
Price Volatility
CRBN
Industry
5yr Volatility vs Market

CRBN Value

 Is Corbion undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Corbion to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Corbion.

ENXTAM:CRBN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.3%
Perpetual Growth Rate 10-Year NL Government Bond Rate 0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTAM:CRBN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NL Govt Bond Rate 0.4%
Equity Risk Premium S&P Global 6%
Chemicals Unlevered Beta Simply Wall St/ S&P Global 0.89
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.888 (1 + (1- 25%) (14.35%)) 		0.989
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 0.99
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.37% + (0.989 * 5.96%) 		6.26%

Discounted Cash Flow Calculation for ENXTAM:CRBN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Corbion is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTAM:CRBN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 6.26%)
2020 39.00 Analyst x1 36.70
2021 40.01 Est @ 2.6% 35.43
2022 40.79 Est @ 1.93% 33.99
2023 41.38 Est @ 1.46% 32.45
2024 41.85 Est @ 1.13% 30.89
2025 42.23 Est @ 0.91% 29.33
2026 42.55 Est @ 0.74% 27.81
2027 42.81 Est @ 0.63% 26.33
2028 43.05 Est @ 0.55% 24.92
2029 43.27 Est @ 0.5% 23.56
Present value of next 10 years cash flows €301.41
ENXTAM:CRBN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €43.27 × (1 + 0.37%) ÷ (6.26% – 0.37%) 		€736.69
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €736.69 ÷ (1 + 6.26%)10 		€401.23
ENXTAM:CRBN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €301.41 + €401.23 		€702.64
Equity Value per Share
(EUR)		 = Total value / Shares Outstanding
= €702.64 / 58.76 		€11.96
ENXTAM:CRBN Discount to Share Price
Calculation Result
Value per share (EUR) From above. €11.96
Current discount Discount to share price of €29.68
= -1 x (€29.68 - €11.96) / €11.96 		-148.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Corbion is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Corbion's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Corbion's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTAM:CRBN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.93
ENXTAM:CRBN Share Price ** ENXTAM (2019-07-19) in EUR €29.68
Netherlands Chemicals Industry PE Ratio Median Figure of 5 Publicly-Listed Chemicals Companies 21.28x
Netherlands Market PE Ratio Median Figure of 82 Publicly-Listed Companies 17.78x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Corbion.

ENXTAM:CRBN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTAM:CRBN Share Price ÷ EPS (both in EUR)

= 29.68 ÷ 0.93

 32.08x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Corbion is overvalued based on earnings compared to the NL Chemicals industry average.
  • Corbion is overvalued based on earnings compared to the Netherlands market.
Price based on expected Growth
Does Corbion's expected growth come at a high price?
Raw Data
ENXTAM:CRBN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 32.08x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts		 21%per year
Europe Chemicals Industry PEG Ratio Median Figure of 60 Publicly-Listed Chemicals Companies 1.77x
Netherlands Market PEG Ratio Median Figure of 64 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

ENXTAM:CRBN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 32.08x ÷ 21%

 1.53x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Corbion is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Corbion's assets?
Raw Data
ENXTAM:CRBN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €8.85
ENXTAM:CRBN Share Price * ENXTAM (2019-07-19) in EUR €29.68
Netherlands Chemicals Industry PB Ratio Median Figure of 6 Publicly-Listed Chemicals Companies 2.29x
Netherlands Market PB Ratio Median Figure of 103 Publicly-Listed Companies 1.98x
ENXTAM:CRBN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTAM:CRBN Share Price ÷ Book Value per Share (both in EUR)

= 29.68 ÷ 8.85

 3.35x

* Primary Listing of Corbion.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Corbion is overvalued based on assets compared to the NL Chemicals industry average.
X
Value checks
We assess Corbion's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Chemicals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Chemicals industry average (and greater than 0)? (1 check)
    5. Corbion has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CRBN Future Performance

 How is Corbion expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
21%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Corbion expected to grow at an attractive rate?
  • Corbion's earnings growth is expected to exceed the low risk savings rate of 0.4%.
Growth vs Market Checks
  • Corbion's earnings growth is expected to exceed the Netherlands market average.
  • Corbion's revenue growth is expected to exceed the Netherlands market average.
Annual Growth Rates Comparison
Raw Data
ENXTAM:CRBN Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTAM:CRBN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 21%
ENXTAM:CRBN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 6.3%
Netherlands Chemicals Industry Earnings Growth Rate Market Cap Weighted Average 16.3%
Europe Chemicals Industry Revenue Growth Rate Market Cap Weighted Average 3.6%
Netherlands Market Earnings Growth Rate Market Cap Weighted Average 9.3%
Netherlands Market Revenue Growth Rate Market Cap Weighted Average 3.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTAM:CRBN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTAM:CRBN Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,083 143 104 2
2020-12-31 1,025 134 77 5
2019-12-31 965 96 56 4
ENXTAM:CRBN Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 897 100 54
2018-09-30 883 109 61
2018-06-30 869 119 69
2018-03-31 880 118 77
2017-12-31 892 118 85
2017-09-30 905 109 87
2017-06-30 918 101 89
2017-03-31 914 112 95
2016-12-31 911 123 102
2016-09-30 917 124 103
2016-06-30 922 126 104
2016-03-31 920 118 91

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Corbion's earnings are expected to grow significantly at over 20% yearly.
  • Corbion's revenue is expected to grow by 6.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTAM:CRBN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Corbion Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTAM:CRBN Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.76 1.76 1.76 1.00
2020-12-31 1.41 1.63 1.29 3.00
2019-12-31 0.97 1.00 0.94 2.00
ENXTAM:CRBN Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.93
2018-09-30 1.05
2018-06-30 1.17
2018-03-31 1.31
2017-12-31 1.46
2017-09-30 1.50
2017-06-30 1.55
2017-03-31 1.65
2016-12-31 1.74
2016-09-30 1.74
2016-06-30 1.75
2016-03-31 1.52

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Corbion is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
Show me more growth companies in the Chemicals industry
X
Future performance checks
We assess Corbion's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Netherlands market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Corbion has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CRBN Past Performance

  How has Corbion performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Corbion's growth in the last year to its industry (Chemicals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Corbion has delivered over 20% year on year earnings growth in the past 5 years.
  • Corbion's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Corbion's 1-year earnings growth is negative, it can't be compared to the NL Chemicals industry average.
Earnings and Revenue History
Corbion's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Corbion Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTAM:CRBN Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 897.20 54.30 129.30 39.30
2018-09-30 883.10 61.40 127.60 37.00
2018-06-30 869.00 68.50 125.90 34.70
2018-03-31 880.35 76.55 126.00 33.70
2017-12-31 891.70 84.60 126.10 32.70
2017-09-30 904.60 87.00 127.80 32.10
2017-06-30 917.50 89.40 129.50 31.50
2017-03-31 914.40 95.45 127.80 31.40
2016-12-31 911.30 101.50 126.10 31.30
2016-09-30 916.50 102.65 124.20 32.75
2016-06-30 921.70 103.80 122.30 34.20
2016-03-31 920.00 90.90 121.75 33.45
2015-12-31 918.30 78.00 121.20 32.70
2015-09-30 884.85 45.35 119.45 32.05
2015-06-30 851.40 12.70 117.70 31.40
2015-03-31 810.75 -4.00 119.40 31.70
2014-12-31 770.10 -20.70 121.10 32.00
2014-09-30 757.10 -14.85 118.70 29.90
2014-06-30 744.10 -9.00 116.30 27.80
2014-03-31 743.85 -3.30 116.80 26.35
2013-12-31 743.60 2.40 117.30 24.90
2013-09-30 745.50 10.30 120.95 23.65
2013-06-30 747.40 18.20 124.60 22.40
2013-03-31 750.55 20.05 124.35 20.85
2012-12-31 753.70 21.90 124.10 19.30

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Corbion has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Corbion used its assets more efficiently than the NL Chemicals industry average last year based on Return on Assets.
  • Corbion's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Corbion's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Chemicals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Corbion has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CRBN Health

 How is Corbion's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Corbion's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Corbion is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Corbion's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Corbion's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Corbion Company Filings, last reported 6 months ago.

ENXTAM:CRBN Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 520.20 249.10 47.10
2018-09-30 520.20 249.10 47.10
2018-06-30 487.90 268.50 21.10
2018-03-31 487.90 268.50 21.10
2017-12-31 489.30 183.50 38.10
2017-09-30 489.30 183.50 38.10
2017-06-30 454.70 186.60 29.10
2017-03-31 454.70 186.60 29.10
2016-12-31 498.50 158.70 60.80
2016-09-30 498.50 158.70 60.80
2016-06-30 481.30 150.70 42.70
2016-03-31 481.30 150.70 42.70
2015-12-31 487.80 154.20 92.10
2015-09-30 487.80 154.20 92.10
2015-06-30 463.90 114.50 42.40
2015-03-31 463.90 114.50 42.40
2014-12-31 508.70 105.50 111.40
2014-09-30 508.70 105.50 111.40
2014-06-30 506.20 94.20 100.60
2014-03-31 506.20 94.20 100.60
2013-12-31 504.80 93.30 123.90
2013-09-30 504.80 93.30 123.90
2013-06-30 742.90 687.60 39.90
2013-03-31 742.90 687.60 39.90
2012-12-31 793.80 615.00 60.20
  • Corbion's level of debt (48.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (18.7% vs 48.1% today).
  • Debt is well covered by operating cash flow (39.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 17.9x coverage).
Show me more healthy companies in the Chemicals industry
X
Financial health checks
We assess Corbion's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
    7. Corbion has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CRBN Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.89%
Current annual income from Corbion dividends. Estimated to be 1.95% next year.
If you bought €2,000 of Corbion shares you are expected to receive €38 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Corbion's pays a lower dividend yield than the bottom 25% of dividend payers in Netherlands (2.18%).
  • Corbion's dividend is below the markets top 25% of dividend payers in Netherlands (5.93%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTAM:CRBN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Netherlands Chemicals Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 2.4%
Netherlands Market Average Dividend Yield Market Cap Weighted Average of 69 Stocks 3.9%
Netherlands Minimum Threshold Dividend Yield 10th Percentile 1.6%
Netherlands Bottom 25% Dividend Yield 25th Percentile 2.2%
Netherlands Top 25% Dividend Yield 75th Percentile 5.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTAM:CRBN Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.60 2.00
2020-12-31 0.58 4.00
2019-12-31 0.57 4.00
ENXTAM:CRBN Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-21 0.560 1.993
2019-03-06 0.560 2.058
2018-03-07 0.560 2.117
2017-05-15 1.000 3.743
2016-05-12 0.850 3.620
2015-04-09 0.210 1.043
2015-02-26 0.210 1.177
2014-03-31 0.150 1.061
2014-02-26 0.150 0.912
2013-03-13 0.700 4.203
2013-03-12 0.700 4.056
2012-08-08 0.700 4.562
2012-03-19 0.700 5.457
2012-02-21 0.700 5.094
2011-03-22 0.900 5.800
2011-02-23 0.900 3.535
2010-03-01 0.880 3.778
2010-02-24 0.880 4.539
2009-02-25 0.420 3.227

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Corbion's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.7x coverage).
X
Income/ dividend checks
We assess Corbion's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Corbion afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. Corbion has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CRBN Management

 What is the CEO of Corbion's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tjerk de Ruiter
COMPENSATION €4,287,000
AGE 60
TENURE AS CEO 5.2 years
CEO Bio

Mr. Tjerk de Ruiter has been Chief Executive Officer and Member of Management Board at Corbion N.V. since May 12, 2014. Mr. Ruiter also serves as Chairman of Management Board of Corbion N.V. Mr. Ruiter served as Chief Executive Officer and President at REG Life Sciences, LLC (formerly known as LS9, Inc) since January 23, 2013. He served as the Chief Executive Officer of Danisco US Inc., a division of Danisco A/S. At Genencor, he refocused the business on its core competences and in the process created one of the leading global industrial biotech companies. He served as Chief Operating Officer of Danisco Flavours, Danisco Cultures and Danisco Specialities Divisions of Danisco A/S and Danisco US Inc. since May 1, 2005 and served as its Member of Executive Board, where he was responsible for three of the high growth product areas of Danisco. He joined Danisco in 1998 and was in charge of Danisco's global sales organisation. He spent eleven years with Quest International and three years with Naarden International. He serves as Member of Executive Committee of DuPont Nutrition Biosciences ApS. He is Non-Executive Director at Nu-Tek Food Science, US. He has been the Chairman of the Board at EuropaBio since July 2018. He serves as Chairman of the Industrial & Environmental Section at Biotechnology Industry Organization (BIO). He served as Chairman and Director of REG Life Sciences, LLC since August 15, 2012. He serves as a Director of Biotechnology Industry Organization. He served as a Director of Segetis, Inc. He serves as a Director of Dupont Danisco Cellulosic Ethanol, LLC and DuPont Cellulosic Ethanol, LLC. He has a Master of International Management. He holds a Bachelor of Business Administration degree from the University Nijenrode and a Master of International Management degree from the American Graduate School of International Management.

CEO Compensation
  • Tjerk's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Tjerk's remuneration is higher than average for companies of similar size in Netherlands.
Management Team Tenure

Average tenure and age of the Corbion management team in years:

5.2
Average Tenure
55.5
Average Age
  • The average tenure for the Corbion management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Tjerk de Ruiter

TITLE
Chairman of Management Board & CEO
COMPENSATION
€4M
AGE
60
TENURE
5.2 yrs

Eddy Van van Der Kloot

TITLE
CFO & Member of Management Board
COMPENSATION
€1M
AGE
56
TENURE
5.2 yrs

Johan Van Hel

TITLE
Executive VP of Human Resources & Member of Management Board
AGE
55

Marc Hartog

TITLE
Executive VP of Innovation Platforms & Member of Management Board
AGE
47

Andy Muller

TITLE
Executive VP of Ingredient Solutions & Member of Management Board
AGE
54

Marcel Wubbolts

TITLE
CTO & Member of Management Board
AGE
56

Jacqueline van Lemmen

TITLE
Executive VP of Operations & Member of Management Board
AGE
58
TENURE
2.3 yrs

Jeroen Harten

TITLE
Director of Investor Relations

Tanno Massar

TITLE
Director of Corporate Communications

H. G. Noppers

TITLE
Company Secretary
AGE
44
TENURE
6.5 yrs
Board of Directors Tenure

Average tenure and age of the Corbion board of directors in years:

4.2
Average Tenure
68
Average Age
  • The tenure for the Corbion board of directors is about average.
Board of Directors

Mathieu Vrijsen

TITLE
Chairman of Supervisory Board
COMPENSATION
€93K
AGE
72
TENURE
4.2 yrs

Rudy Markham

TITLE
Vice Chairman of the Supervisory Board
COMPENSATION
€76K
AGE
73
TENURE
4.2 yrs

Jack De Kreij

TITLE
Member of the Supervisory Board
COMPENSATION
€65K
AGE
60
TENURE
8.2 yrs

Steen Riisgaard

TITLE
Member of Supervisory Board
COMPENSATION
€73K
AGE
68
TENURE
5.2 yrs

Liz Doherty

TITLE
Member of Supervisory Board
COMPENSATION
€60K
AGE
62
TENURE
4.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Corbion's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
    5. Corbion has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CRBN News

Simply Wall St News

Why Corbion N.V.'s (AMS:CRBN) High P/E Ratio Isn't Necessarily A Bad Thing

View our latest analysis for Corbion How Do I Calculate A Price To Earnings Ratio? … The formula for P/E is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Corbion: P/E of 32.39 = €29.96 ÷ €0.93 (Based on the trailing twelve months to December 2018.) Is A High P/E Ratio Good? … Hypothetically, a company could reduce its future P/E ratio by spending its cash (or taking on debt) to achieve higher earnings.

Simply Wall St - –

What Should You Know About Corbion N.V.'s (AMS:CRBN) Future?

Today I want to provide a brief commentary on how market analysts view Corbion's earnings growth trajectory over the next few years and whether the future looks brighter. … View our latest analysis for Corbion Analysts' expectations for next year seems rather subdued, with earnings expanding by a single digit 3.1%. … ENXTAM:CRBN Past and Future Earnings, July 9th 2019 Even though it’s useful to understand the rate of growth each year relative to today’s figure, it may be more valuable to determine the rate at which the earnings are moving every year, on average.

Simply Wall St - –

How Does Corbion N.V. (AMS:CRBN) Fare As A Dividend Stock?

(AMS:CRBN) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. If you are hoping to live on your dividends, it's important to be more stringent with your investments than the average punter. Regular readers know we like to apply the same approach to each dividend stock, and we hope you'll find our analysis useful. Investors might not know much about Corbion's dividend prospects, even though it has been paying dividends for the last nine years and offers a 2.0% yield. A low yield is generally a turn-off, but if the prospects for earnings growth were strong, investors might be pleasantly surprised by the long-term results. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … Earnings per share are sharply up, but we wonder if paying out more than half its earnings (leaving less for reinvestment) is an implicit signal that Corbion's growth will be slower in the future. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing. … Corbion's is paying out more than half its income as dividends, but at least the dividend is covered by both reported earnings and cashflow.

Simply Wall St - –

Does The Corbion N.V. (AMS:CRBN) Share Price Tend To Follow The Market?

Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one. … What this means for you: One potential advantage of owning low beta stocks like Corbion is that your overall portfolio won't be too sensitive to overall market movements.

Simply Wall St - –

You Might Like Corbion N.V. (AMS:CRBN) But Do You Like Its Debt?

With this rise in debt, CRBN currently has €47m remaining in cash and short-term investments to keep the business going. … Moreover, CRBN has generated €100m in operating cash flow during the same period of time, leading to an operating cash to total debt ratio of 40%, meaning that CRBN’s current level of operating cash is high enough to cover debt. … Next Steps: CRBN’s high cash coverage means that, although its debt levels are high, the company is able to utilise its borrowings efficiently in order to generate cash flow.

Simply Wall St - –

How Much Of Corbion N.V. (AMS:CRBN) Do Institutions Own?

Check out our latest analysis for Corbion ENXTAM:CRBN Ownership Summary, May 24th 2019 What Does The Institutional Ownership Tell Us About Corbion? … It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. … Insider Ownership Of Corbion The definition of an insider can differ slightly between different countries, but members of the board of directors always count.

Simply Wall St - –

Does Corbion N.V.'s (AMS:CRBN) CEO Pay Matter?

First, this article will compare CEO compensation with compensation at similar sized companies. … Check out our latest analysis for Corbion How Does Tjerk de Ruiter's Compensation Compare With Similar Sized Companies? … If you think CEO compensation levels are interesting you will probably really like this free visualization of insider trading at Corbion.

Simply Wall St - –

Should We Be Cautious About Corbion N.V.'s (AMS:CRBN) ROE Of 10%?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Our data shows Corbion has a return on equity of 10% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St - –

Corbion N.V. (AMS:CRBN): Poised For Long Term Success?

Help shape the future of investing tools and you could win a $250 gift card! … (AMS:CRBN) released its earnings update. … with earnings expected to grow by 3.1% in the upcoming year

Simply Wall St - –

Is There Now An Opportunity In Corbion N.V. (AMS:CRBN)?

As a stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Today I will analyse the most recent data on Corbion’s outlook and valuation to see if the opportunity still exists

Simply Wall St - –

CRBN Company Info

Description

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 renewable resources for the food, home and personal care, animal nutrition, pharmaceutical, medical device, and bioplastics markets. It markets its products through a network of sales offices and distributors. The company was formerly known as CSM N.V. and changed its name to Corbion N.V. in October 2013. Corbion N.V. was founded in 1919 and is headquartered in Amsterdam, the Netherlands.

Details
Name: Corbion N.V.
CRBN
Exchange: ENXTAM
Founded: 1919
€1,744,134,366
58,764,635
Website: http://www.corbion.com
Address: Corbion N.V.
Piet Heinkade 127,
PO Box 349,
Amsterdam,
Noord-Holland, 1000 AH,
Netherlands
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTAM CRBN Ordinary Shares Euronext Amsterdam NL EUR 09. Mar 1993
OTCPK CSNV.F Ordinary Shares Pink Sheets LLC US USD 09. Mar 1993
DB CSUA Ordinary Shares Deutsche Boerse AG DE EUR 09. Mar 1993
LSE 0QHL Ordinary Shares London Stock Exchange GB EUR 09. Mar 1993
BATS-CHIXE CRBNA Ordinary Shares BATS 'Chi-X Europe' GB EUR 09. Mar 1993
OTCPK CSNV.Y ADR Pink Sheets LLC US USD 24. Dec 2008
Number of employees
Current staff
Staff numbers
1,995
Corbion employees.
Industry
Specialty Chemicals
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 20:52
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/06/24
Last earnings filing: 2019/03/21
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.

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