We believe Symrise is in good shape, but the business gave management some challenging tasks (e.g. raw material prices) in order to keep profitability up. Symrise’s FY figures matched our expectations (D/A lower than expected) and EBIT was held up by a non-operational refund of VAT. The (re-)financing is also a challenge as Symrise’s maturity profile is somewhat front-end loaded (€500m becomes due in 2019) and another €400m (of €800m for ADF/IDF) is looking for fina
13 Mar 2019
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Symrise AG (SY1:WBO) | 0 0 1.0% | Mkt Cap: 8,612m
- Published:
13 Mar 2019 -
Author:
Martin Schnee -
Pages:
3
We believe Symrise is in good shape, but the business gave management some challenging tasks (e.g. raw material prices) in order to keep profitability up. Symrise’s FY figures matched our expectations (D/A lower than expected) and EBIT was held up by a non-operational refund of VAT. The (re-)financing is also a challenge as Symrise’s maturity profile is somewhat front-end loaded (€500m becomes due in 2019) and another €400m (of €800m for ADF/IDF) is looking for fina