Strong Organic Growth Continues for Symrise in 4Q; 2019 Guidance In-Line
Wide-moat Symrise reported another quarter of strong, broad-based growth. Fourth-quarter organic growth was 8.7%, led by double-digit growth in nutrition. For the full year 2018 organic growth was 8.8% and the EBITDA margin was 20%, in line with guidance that was raised twice during the year and slightly ahead of our expectations. Guidance for 2019 is 5%-7% organic growth with 20% EBITDA margins, which is broadly in line with our expectations, although we think margins have upside. In any case, ...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.
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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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