Report
Christophe-Raphaël Ganet

Robertet : Speculation over, back to fundamentals

We are initiating coverage of Robertet, a multi-specialist flavour and fragrance company, ranked 7th in the global fragrance and flavour market, with a Neutral rating due to a weaker growth profile in 2025 (unfavourable base effects), the fallout from US tariffs or the US dollar and the end of the speculative appeal. Based on DCF and peer comparison (with a size discount of 20%), we came up with a target price of € 931.
Underlying
Robertet SA

Robertet is a developer of flavour and perfume additives and ingredients. Co.'s operations are conducted through three divisions: Raw Materials, Perfumery, and Flavourings. The Raw Materials division supplies ingredients to the cosmetics industry for products such as soaps, shampoos, and other beauty products, as well as air fresheners. The Perfumery division supplies the ingredients that go into the perfume creations of perfumes and scents. Through the Flavourings segment, Co. is active on the Food and beverage flavourings market. Co. operates in the U.S.A., Europe and Asia.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Christophe-Raphaël Ganet

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