Decent 1Q Results for Symrise; Maintaining FVE
Symrise reported decent first-quarter performance with organic growth of 5.3% and EBITDA up 4.4% over the prior-year period. However, EBITDA included a one-time gain from the purchase price adjustment related to the sale of Pinova. Excluding the gain, EBITDA increased 1.5%. We are maintaining our EUR 78 fair value estimate and narrow moat rating.The scent and care segment posted modest organic growth of 1.1% over 2016, well below our expectation of 5.5% organic growth for the year. Excluding th...
Symrise AG develops, produces, and sells fragrances and flavors as well as active ingredients for the cosmetics industry. Co. operates in two main business segments: The Scent & Care segment, which develops, produces and sells fragrances, cosmetic ingredients, aroma molecules and mint aromas and also develops specific application processes for such substances; and The Flavor & Nutrition segment, which develops, produces and sells flavors that are used by customers in the production of food products (savory and sweet food products as well as dairy products) and beverages.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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