Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SYMRISE AG. We currently have 7 research reports from 1 professional analysts.
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Scent&Care with additional burden
02 Nov 16
Q3 sales rose by +12% (+17% in LC) to €730m, of which 8pp attributable to portfolio changes (Pinova acquisition). The gross profit margin declined from 42.9% to 39.8% burdened by the acquisition. EBITDA was slightly up (+1% to €150m), whereas net income attributable to shareholders declined by -9% to €60m. 9M operating CF came in -13% lower at €218m suffering from various factors despite higher D/A. Changes in other non-current assets swung into the red and NWC outflow went up (€-239m after €-211m). Due to acquisition-related costs, investing CF rocketed from €-107m to €-283m additionally helped by higher capex. Financing CF swung by €187m to €92m seeing higher net gross debt proceeds (€217m after €26m), which were partly offset by dividend payments. Management again confirmed FY targets which still expect to outperform the global F&F market, which is seen at 2-3% on an average basis, and to deliver an EBITDA margin of above 20%; these have been the targets of the last few years. The 2020 targets foresee 5-7% CAGR in sales growth, an EBITDA margin in the 19-22% range and sales generated in Emerging Markets of above 50%.
Profitability is worth a second look
11 Aug 16
Driven by the Pinova acquisition, sales rose +10% (organic: +9%) to €731m, but the gross profit margin weakened from 43.5% to 41.9%. EBITDA was up +5% to €159m and net profit attributable to shareholders came in at €68m (€66m). H1 operating CF was up +16% to €100m benefiting from higher D/A as NWC remained fairly unchanged. Investing CF (€-230m after €-74m) reflected the acquisition of Pinova (€-145m), Scelta (€-8m) and Nutra Canada (€-4m) and some higher capex. Financing CF swung from €-15m to €69m driven by higher net gross debt proceeds (€178m after €91m). Management again confirmed FY targets, still expecting to outperform the global F&F market, which is seen at 2-3% on an average basis, and to deliver an EBITDA margin above 20%, which have been the targets of previous years. Targets for 2020 are 5-7% CAGR in sales growth, EBITDA margin in the rage 19-22% and sales generated in Emerging Markets of above 50%.
Scent & Care’s margin under pressure
10 May 16
The group’s sales rose +10% to €732m in Q1, of which the Pinova acquisition contributed 7%. The gross profit margin declined from 43.1% to 41.2%, but EBITDA was barely up (+3% to €154m). Net income attributable to shareholders weakened by 3% to €66m. Operating CF (€48m after €68m) was affected by the higher NWC outflow (€-100m after €-80m), mainly attributable to the acquisition. Also due to Pinova and some smaller acquisitions, investing CF strongly moved from €-25m to €-195m, burdened by the clearly higher acquisition costs. By contrast, financing CF swung from €-43m to €84m, pushed by the net cross proceeds from borrowings. Management confirmed FY targets, still expecting to outperform the global F&F market, which is seen at 2-3% on an average bases, and to deliver an EBITDA margin above 20%, which have been the targets of the last few years. Targets for 2020 are 5-7% CAGR in sales growth, an EBITDA margin in the range 19-22% and sales generated in Emerging Markets of over 50%.
In an acquisition-driven mode
08 Mar 16
Q4 sales were up +6% to €625m and the gross profit margin strongly increased from 37.2% to 41.4%. EBITDA clearly rose +17% to €258m and net profit attributable to shareholders nearly doubled (+96% to €48m). As a reminder, Q4 14 figures were negatively impacted by the integration of Diana. Despite the stronger operating performance, operating CF came in fairly unchanged at €123m (€125m), suffering from a swing from NWC inflow (€16m) to NWC outflow (€-11m). Investing CF rose from €-36m to €-45m, mainly driven by higher capex, but financing CF moved from €-94m to €-20m helped by a strong inflow from other borrowings. Management is to propose a higher dividend of €0.80 (€0.70) per share at the AGM on 11 May 2016. For FY 2016, management expects to outperform the global F&F market, which is seen at 2-3% on an average base, and to deliver EBITDA margin above 20%, which were the targets in previous last years. Targets for 2020 are for a 5-7% CAGR in sales growth, an EBITDA margin in the range 19-22% and sales generated in emerging markets of above 50%.
Flavor & Nutrition has put on the brake
10 Nov 15
Q3 sales rose +10% (organic: +8%) to €646m whereas the gross profit margin slightly weakened 40bp to 42.9%. EBITDA grew strongly by +18% to €148m, stripping out the acquisition related one-offs the increase was +10%. Net profit attributable to shareholders was up +11% to €66m. Operating CF (+51% to €166m) benefited from the better operating performance and the lower NWC outflow (€-4m after €-16) in Q3. Qoq NWC outflow came down from €-127m, of which 50% was attributable to income tax payments. Heavily impacted by the acquisition of Diana (€-389m) in the previous year’s quarter, investing CF moved from €-413m to €-33m yoy. Financing CF swung from €15m to €-80m primarily driven by the swing from net gross debt proceeds (€129m) to net gross debt repayments (€-65m) despite lower interest payments. Management confirmed FY guidance, still expecting to outperform the global flavour and fragrance market and to deliver an EBITDA margin above 20%. Its targets for 2020 are 5-7% CAGR in sales growth, an EBITDA margin in the range of 19-22% and sales generated in Emerging Markets of above 50%.
‘Cool’ complementary acquisition
22 Sep 15
Symrise announced the acquisition of US-based Pinova Holdings, a supplier of ingredients from natural and renewable sources mainly used in the production of perfumes, fragrances and oral care products, for US$397m. Subject to conditions to be met within 12 months, the seller will receive a premium of US$20m.
Innovate, specialise, integrate, globalise
01 Dec 16
Carclo has refocused investment in its established businesses (Technical Plastics and LED Technologies), where a differentiated offer and long-term relationships with customers provide good earnings visibility and more certainty of a return. This strategy delivered strong revenue and profits growth during H117. This growth appears set to continue, underpinned by long-term relationships with blue-chip customers. We leave our estimates and indicative valuation broadly unchanged and introduce our estimates for FY19.
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
30 Nov 16
Results have yet again beaten our forecasts and the management has now delivered the fourth consecutive year of earnings above expectations. The share price is up 41% over the last three months, and Treatt is steadily moving from commoditised sales to more value-added products. Its strategy of deep customer relationships is paying off, giving it a real competitive advantage and improving margins. The year finished strongly and momentum is due to continue in the traditionally seasonally weaker Q117. Our P&L forecasts are broadly maintained, but our fair value moves to 272p (from 240p) as a result of stronger cash flow.
N+1 Singer - Carclo - Trading in line; all divisions performing well
15 Nov 16
Trading remains positive with momentum strong in Plastics and LED. For those willing to look past the pension and dividend issues discussed previously (or for those who think bond yields will now start to help the situation), we feel that there is an attractive investment case at these levels (P/E of c.10x March 17). We remain at Buy.
15 Sep 16
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