Symrise : CMD review - reassuring on mid-term, short-term challenges on pricing/volume
>Confirming 2025 mid-term targets, we/consensus rather at low-end - Symrise hosted its CMD in Brittany on 11/12 October, confirming its 5-7% organic sales growth (CAGR) target and 20-23% adj. EBITDA margin range. Sales are targeted at € 5.5-6.0bn out to 2025 including M&A, leaving us (€ 5.33bn) and the consensus (€ 5.4bn) below as we/consensus have not baked in future M&A contribution. 2022 and probably also 2023 trailed the 20-23% margin range target of Symrise, rep...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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