Tessenderlo hits 10-year low after outlook cut
** Shares in Tessenderlo TESB.BR fall as much as 8% to their lowest since November 2014, after the Belgian chemicals group cut its annual core profit guidance
** The company now expects its 2024 adjusted EBITDA to be 15-20% lower than in 2023, compared to the previously expected 5-10% drop
** KBC Securities analysts note the bigger drop is mainly due to a weaker-than-expected performance in the group's Bio-Valorization and Agro segments
** However, KBC says Tessenderlo's buyback program and solid balance sheet mean the valuation is still attractive, and reiterates "accumulate" rating with a lower PT of EUR 28
** The shares are down 7.1% as of 0927 GMT, on track for their worst day since March 27 if the losses hold
Reporting by Johan Bodinier
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