Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SYMRISE AG. We currently have 8 research reports from 1 professional analysts.
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Strong organic growth
14 Mar 17
Symrise reported +12% (organic: +8%) higher sales, driven by the acquisition of the Pinova Group (+8%) in 2016. The gross profit margin declined from 42.7% to 40.8% (adjusted: 41.2%). EBITDA rose +6% to €607m and net income attributable to shareholders came in at €252m (€247m). Operating CF decreased 10% to €339m despite the higher operating basis and higher D/A. NWC outflow (€-255m after €-222m) suffered from higher receivables as well as inventory. Investing CF more than doubled (€-311m after €-151m), clearly reflecting the higher net acquisition related costs and higher capex. Financing CF swung from €-115m to €2m as net gross debt proceeds went up from €22m to €119m. Management will propose a +6% higher dividend of €0.85 (€0.80) per share at the AGM on 17 May 2017. For 2017, management expects to outperform the global F&F market, which is seen at around 3%, and to deliver an EBITDA margin above 20%, which have been the targets of recent years. Targets for 2020 are for a 5-7% CAGR in sales growth and an EBITDA margin in the range 19-22%.
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%.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
N+1 Singer - Morning Song 25-04-2017
25 Apr 17
Carpetright (CPR LN) Tougher conditions leaves forecasts towards lower end of range | Centaur Media (CAU LN) Bigger steps | Elementis (ELM LN) Positive update confirms strengthening of demand | Rathbone Brothers (RAT LN) Facing the challenge to deliver growth | Vp (VP/ LN) Another niche Hire Station deal prompts 3% EPS upgrades
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
N+1 Singer - Elementis - Positive update confirms strengthening of demand
25 Apr 17
Elementis’ AGM statement confirms a positive start to the year with stronger demand evident in most markets during Q1. This reinforces our confidence that 2017 will see a return to earnings growth after the challenges of 2016. It has been a busy period strategically with the sale of the non-core US colourants business and the closure of the Jersey City facility, as well as the significant acquisition of SummitReheis. The SummitReheis deal closed on 24th March, three months earlier than originally planned, prompting a 5% earnings upgrade to FY17 this morning. In our view prospects for the coming years are bright and Elementis remains a Best Idea for 2017.
N+1 Singer - Morning Song 12-04-2017
12 Apr 17
Futura Medical (FUM LN) Multiple licensing discussions underway | Low & Bonar (LWB LN) Solid Q1, trading in line | Nuclear options Significant long-term opportunities for UK companies | RhythmOne (RTHM LN) Trading update – profit and cash ahead | Uncovered Gems - Speed Dating Lunch A Famous Five for the future?