Symrise Reports Good 2016 Earnings; FVE Revised Up 5%
Narrow-moat Symrise, the flavours and fragrance ingredients manufacturer, reported good 2016 earnings with in-line sales. Organic sales growth was impressive at 7.9%, while the underlying EBITDA margin was 21.5%, easily meeting overly conservative guidance of "above 20%." We are raising our fair value estimate by 5% to EUR 78 based on an improved outlook for margins, coupled with a slightly lower tax rate. Our narrow moat rating remains unchanged.Organic sales growth remains well ahead of peers...
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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