Announcement • Apr 24
Corbion N.V. Affirms Earnings Guidance for Fiscal Year 2026 Corbion N.V. affirmed earnings guidance for Fiscal Year 2026. For the period, the company expects to deliver guidance on all forecasted metrics, including sales growth. Declared Dividend • Apr 04
Dividend of €1.00 announced Shareholders will receive a dividend of €1.00. Ex-date: 15th May 2026 Payment date: 22nd May 2026 Dividend yield will be 5.3%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (50% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 02
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: €1.29 (up from €0.79 in FY 2024). Revenue: €1.27b (down 1.6% from FY 2024). Net income: €74.8m (up 63% from FY 2024). Profit margin: 5.9% (up from 3.6% in FY 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.1%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Feb 27
Corbion N.V., Annual General Meeting, May 13, 2026 Corbion N.V., Annual General Meeting, May 13, 2026. Price Target Changed • Jan 17
Price target increased by 8.3% to €24.37 Up from €22.50, the current price target is an average from 7 analysts. New target price is 25% above last closing price of €19.42. Stock is down 16% over the past year. The company is forecast to post earnings per share of €1.30 for next year compared to €0.79 last year. Reported Earnings • Aug 05
First half 2025 earnings released: EPS: €0.73 (vs €0.39 in 1H 2024) First half 2025 results: EPS: €0.73 (up from €0.39 in 1H 2024). Revenue: €645.6m (up 1.3% from 1H 2024). Net income: €42.4m (up 87% from 1H 2024). Profit margin: 6.6% (up from 3.6% in 1H 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • May 09
Upcoming dividend of €0.64 per share Eligible shareholders must have bought the stock before 16 May 2025. Payment date: 27 May 2025. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Dutch dividend payers (5.6%). Higher than average of industry peers (2.9%). Price Target Changed • Apr 23
Price target decreased by 7.0% to €24.33 Down from €26.17, the current price target is an average from 6 analysts. New target price is 34% above last closing price of €18.22. Stock is down 3.6% over the past year. The company is forecast to post earnings per share of €1.36 for next year compared to €0.79 last year. Declared Dividend • Apr 04
Final dividend of €0.64 announced Shareholders will receive a dividend of €0.64. Ex-date: 16th May 2025 Payment date: 27th May 2025 Dividend yield will be 3.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 108% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 03
Corbion N.V. announces Annual dividend, payable on May 27, 2025 Corbion N.V. announced Annual dividend of EUR 0.6400 per share payable on May 27, 2025, ex-date on May 16, 2025 and record date on May 19, 2025. Reported Earnings • Feb 28
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: €0.79 (down from €1.23 in FY 2023). Revenue: €1.29b (down 11% from FY 2023). Net income: €45.9m (down 37% from FY 2023). Profit margin: 3.6% (down from 5.0% in FY 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Announcement • Feb 28
Corbion N.V., Annual General Meeting, May 14, 2025 Corbion N.V., Annual General Meeting, May 14, 2025. Announcement • Feb 27
Corbion N.V. Proposes Regular Cash Dividend Corbion N.V. proposed a regular cash dividend increase of +5% to €0.64 per ordinary share to be submitted for approval to the annual General Meeting of Shareholders. Buy Or Sell Opportunity • Feb 14
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 4.4% to €22.80. The fair value is estimated to be €18.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 12%. For the next 3 years, revenue is forecast to grow by 1.5% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Buy Or Sell Opportunity • Oct 30
Now 21% undervalued Over the last 90 days, the stock has risen 24% to €25.42. The fair value is estimated to be €32.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 12%. Revenue is forecast to decline by 5.2% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. New Risk • Oct 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risks High level of debt (51% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 12
First half 2024 earnings released: EPS: €0.39 (vs €0.26 in 1H 2023) First half 2024 results: EPS: €0.39 (up from €0.26 in 1H 2023). Revenue: €637.1m (flat on 1H 2023). Net income: €22.7m (up 47% from 1H 2023). Profit margin: 3.6% (up from 2.4% in 1H 2023). Revenue is forecast to stay flat during the next 3 years compared to a 4.7% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • May 31
Now 20% undervalued Over the last 90 days, the stock has risen 4.2% to €20.38. The fair value is estimated to be €25.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has declined by 9.7%. For the next 3 years, revenue is forecast to grow by 0.3% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Declared Dividend • May 03
Final dividend of €0.61 announced Shareholders will receive a dividend of €0.61. Ex-date: 17th May 2024 Payment date: 28th May 2024 Dividend yield will be 3.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (224% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Apr 26
Now 23% overvalued Over the last 90 days, the stock has fallen 1.5% to €19.28. The fair value is estimated to be €15.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has declined by 9.7%. For the next 3 years, revenue is forecast to grow by 0.6% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Announcement • Apr 12
Corbion Appoints Masha Vis-Mertens as Chief Human Resources Officer and Member of the Executive Committee as of 1 May 2024 Corbion announced appointment of Masha Vis-Mertens as Chief Human Resources Officer and member of the Executive Committee as of 1 May 2024. Masha Vis-Mertens, a Dutch national, joins Corbion from Switzerland where she was most recently Chief Human Resources Officer of Barry Callebaut, a global Cocoa and Chocolate Manufacturer. Over her career, she has lived in various regions and countries and has been a successful leader in HR, Commercial and Supply Chain roles. In her previous positions she gained a wealth of experience in talent development, diversity and inclusion, culture, and organizational transformation that she will be bringing to Corbion. Masha brings a diverse and multi-cultural background and a fresh perspective. She worked internationally throughout her career and is fluent in Dutch, German, French and English. Announcement • Apr 03
Kingswood Capital Management, L.P. completed the acquisition of Emulsifiers business from Corbion N.V. Kingswood Capital Management, L.P. singed a binding agreement to acquire Emulsifiers business from Corbion N.V for $362 million on January 26, 2024. The purchase price paid for the business is $362 million with expected net cash proceeds of approximately $275 million, post tax and transaction costs. The sale, which is contingent upon the satisfaction of certain conditions, including regulatory approvals and transaction is expected to close in the second quarter of this year. Kirkland & Ellis LLP acted as legal advisor and Configure Partners, LLC acted as debt advisor to Kingswood Capital Management, L.P. Lazard B.V. acted as financial advisor and Stinson LLP acted as legal advisor to Corbion N.V.
Kingswood Capital Management, L.P. completed the acquisition of Emulsifiers business from Corbion N.V on April 2, 2024. The emulsifiers business, moving forward, will operate under the name PATCO Products, LLC and Vice President of Emulsifiers at Corbion, John Miller, will continue to lead the Company as its Chief Executive Officer. Announcement • Mar 05
Corbion Announces Preliminary Results of New Study from Millennial Salmon Project Corbion announced preliminary results of a new study from the Millennial Salmon Project, a strategic partnership among organizations along the value chain of salmon production. Conducted by Nofima and recently published in Aquaculture, the study confirms that AlgaPrime™ DHA can be added at varying levels without negatively impacting feed quality, and actually promoting a more stable process and pellet quality. Primarily funded by the Research Council of Norway and made up of leading organizations Nofima, InnovaFeed, Corbion,Cargill, MOWI, Labeyrie Fine Foods, SINTEF Ocean and Auchan, the Millennial Salmon Project aims to create the world’s most sustainable farmed salmon using novel ingredients with a low carbon footprint and a focus on the circular economy. The first round of research sought to determine optimal inclusion levels of AlgaPrime™ DHA LS — Corbion’s algae-based omega-3 DHA-rich ingredient in liquid suspension — in feed for Atlantic salmon, evaluating the ingredient’s effect on the feed production process. Variables examined included: physical pellet quality, expansion parameters and microstructure and later its digestibility. AlgaPrime™ DHA can be incorporated at two different moments in the feed production process: into the mix prior to extrusion and during pellet coating. Therefore, the maximum levels of AlgaPrime™ DHA inclusion in both moments was studied. An array of diets was produced and tested, from a control feed using fish meal and soy protein concentrate to feeds with the high inclusion levels of AlgaPrime™ DHA LS. Applying a method that enables numerous comparisons, researchers determined that inclusion of 100 g/kg AlgaPrime™ DHA LS in the mixture was commercially interesting, considering the levels of lipids mostly used in the feed mix. Based on the industry standard practices, researchers tested AlgaPrime™ DHA LS in the pellet coating process and were able to add up to 14% inclusion in a final feed with 36% lipids, which is far above the relevant industrial application levels of omega-3. In a uncommon study design that combines the technical application and nutrition science and after the feed production trials, the research group then looked at four diets containing AlgaPrime™ DHA in the mix, the coating, and a combination of the two, using AlgaPrime™ DHA LS at 10% and 20% inclusions. All four diets showed high nutrient digestibility in Atlantic salmon. For reference, with the inclusion of 8% of AlgaPrime™ DHA LS is possible to replace a 10% inclusion of fish oil in diets with the same omega-3 levels. These findings represent an important step for fish nutrition, illustrating the viability of sustainability gains by increasing the use of ingredients with high concentrations of omega-3, something a reliance on fish oil alone could not accomplish. At the same time, it is great news to the aquaculture industry, enabling the strategic management of omega-3 levels in feed to facilitate the production growth, a much-needed tool in view of increasing pressure on oceans and the supply gap of traditional marine resources. AlgaPrime™ DHA LS is made from a single-cell algae strain grown at scale using industrial fermentation to produce DHA while ensuring feasibility for feed manufacturers and salmon producers. With a higher DHA concentration compared to fish oil and other alternatives, inclusion of AlgaPrime™ DHA LS in feed can maintain or raise omega-3 levels in healthy diets, reducing the dependency for fish oil, thereby helping to preserve the environment. Declared Dividend • Mar 04
Dividend of €0.61 announced Shareholders will receive a dividend of €0.61. Ex-date: 19th May 2024 Payment date: 30th May 2024 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not covered by cash flows (206% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 03
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: €1.23 (down from €1.53 in FY 2022). Revenue: €1.44b (down 1.0% from FY 2022). Net income: €72.9m (down 19% from FY 2022). Profit margin: 5.0% (down from 6.2% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.1%. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Feb 06
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €1.00 to €1.18. Revenue forecast steady at €1.44b. Net income forecast to grow 3.3% next year vs 12% growth forecast for Chemicals industry in the Netherlands. Consensus price target of €22.75 unchanged from last update. Share price fell 3.1% to €18.33 over the past week. Price Target Changed • Feb 06
Price target decreased by 9.5% to €22.10 Down from €24.42, the current price target is an average from 6 analysts. New target price is 21% above last closing price of €18.33. Stock is down 49% over the past year. The company is forecast to post earnings per share of €1.15 for next year compared to €1.53 last year. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €19.58, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Chemicals industry in Europe. Total loss to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.51 per share. Price Target Changed • Oct 25
Price target decreased by 9.7% to €26.33 Down from €29.17, the current price target is an average from 6 analysts. New target price is 65% above last closing price of €15.94. Stock is down 41% over the past year. The company is forecast to post earnings per share of €0.99 for next year compared to €1.53 last year. Major Estimate Revision • Oct 24
Consensus EPS estimates fall by 10%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €1.47b to €1.49b. EPS estimate fell from €1.10 to €0.987 per share. Net income forecast to grow 15% next year vs 2.3% growth forecast for Chemicals industry in the Netherlands. Consensus price target down from €29.17 to €27.50. Share price fell 5.4% to €16.09 over the past week. Reported Earnings • Aug 11
First half 2023 earnings released: EPS: €0.48 (vs €0.88 in 1H 2022) First half 2023 results: EPS: €0.48 (down from €0.88 in 1H 2022). Revenue: €738.0m (up 7.4% from 1H 2022). Net income: €28.1m (down 46% from 1H 2022). Profit margin: 3.8% (down from 7.5% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Chemicals industry in the Netherlands. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jun 27
Consensus EPS estimates fall by 26%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €1.41b to €1.49b. EPS estimate fell from €1.54 to €1.14 per share. Net income forecast to shrink 11% next year vs 20% growth forecast for Chemicals industry in the Netherlands . Consensus price target down from €35.40 to €31.63. Share price fell 16% to €21.06 over the past week. Price Target Changed • Jun 26
Price target decreased by 14% to €31.63 Down from €36.65, the current price target is an average from 4 analysts. New target price is 47% above last closing price of €21.54. Stock is down 28% over the past year. The company is forecast to post earnings per share of €1.14 for next year compared to €1.53 last year. New Risk • Jun 09
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.7% operating cash flow to total debt). High level of non-cash earnings (26% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • May 18
Corbion N.V. Approves Dividend for the Year 2022, Payable on 30 May 2023 Corbion N.V. announced that General Shareholders Meeting held on 17 May 2023 approved dividend of €0.56 per ordinary share for the financial year 2022 was also approved. Dividends will be all-cash and will in principle be subject to Dutch dividend withholding tax of 15%. The ex-dividend date is 19 May 2023, the record date is 22 May 2023, and the payment day is 30 May 2023. Upcoming Dividend • May 12
Upcoming dividend of €0.56 per share at 1.9% yield Eligible shareholders must have bought the stock before 19 May 2023. Payment date: 30 May 2023. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Dutch dividend payers (6.9%). Lower than average of industry peers (4.9%). Recent Insider Transactions • May 08
Insider recently bought €142k worth of stock On the 3rd of May, O.Y.A.R Rigaud bought around 5k shares on-market at roughly €28.37 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €259k more in shares than they have sold in the last 12 months. Major Estimate Revision • Mar 10
Consensus EPS estimates fall by 16%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €1.42b to €1.51b. EPS estimate fell from €1.78 to €1.49 per share. Net income forecast to shrink 2.2% next year vs 1.1% decline forecast for Chemicals industry in the Netherlands. Consensus price target down from €38.28 to €36.65. Share price fell 2.4% to €31.14 over the past week. Reported Earnings • Mar 04
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: €1.53 (up from €1.33 in FY 2021). Revenue: €1.46b (up 36% from FY 2021). Net income: €90.0m (up 15% from FY 2021). Profit margin: 6.2% (down from 7.3% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.7%. Earnings per share (EPS) missed analyst estimates by 7.4%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Price Target Changed • Jan 12
Price target increased to €36.28 Up from €33.03, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of €35.18. Stock is down 11% over the past year. The company is forecast to post earnings per share of €1.64 for next year compared to €1.33 last year. Price Target Changed • Nov 23
Price target decreased to €33.03 Down from €36.42, the current price target is an average from 5 analysts. New target price is 12% above last closing price of €29.54. Stock is down 29% over the past year. The company is forecast to post earnings per share of €1.60 for next year compared to €1.33 last year. Buying Opportunity • Sep 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.7%. The fair value is estimated to be €34.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 16% in 2 years. Earnings is forecast to grow by 59% in the next 2 years. Reported Earnings • Aug 11
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €67.5m from profit in 1H 2021). Profit margin: (down from 13% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 7.9%, compared to a 14% growth forecast for the industry in the Netherlands. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improved over the past week After last week's 17% share price gain to €33.18, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 13x in the Chemicals industry in Europe. Total returns to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €35.95 per share.