Symrise Q3: Strong Organic Sales Offset by Weaker Margins; Fair Value Estimate Adjusted to EUR 74
Symrise reported a slightly disappointing third quarter with strong margin pressure in its scent and care business that was not fully offset by strong organic sales growth. We will adjust our earnings estimates and intend to move our fair value estimate to EUR 74 from EUR 76. There is no change to our narrow moat rating.The margin-dilutive impact of the integration of Pinova, acquired in January, weighed heavily in the third quarter, far more than in the first half of 2016. The underlying scent...
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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