Symrise Acquires ADF/IDF; Nice Bolt-On for the Nutrition Business
After market close on Jan. 31, wide-moat Symrise announced it signed a purchase agreement to acquire ADF/IDF, a leading developer and manufacturer of natural ingredients for pet food and food customers in the U.S. market. We think the deal is positive for valuation and moat, but given its relatively small size, we don’t expect to change our EUR 70 fair value estimate by more than a few percentage points. At current levels, the shares look fairly valued.Symrise is acquiring ADF/IDF for $900 mil...
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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