Organic Growth Rebounds in 1Q for Symrise; Shares Fairly Valued
Organic growth rebounded for wide-moat Symrise in the first quarter, rising 7.5% over the prior-year period. However, raw material inflation and a significant currency headwind from the appreciating U.S. dollar offset the strong organic growth, resulting in first-quarter EBITDA falling 6% over 2017. Overall, first-quarter results are broadly in line with our expectations for the year. Consequently, we don’t expect to change our EUR 70 fair value estimate. At current levels, the shares are fairly...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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