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.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
Continued progress since interims
01 Feb 17
Carclo has announced that H217 trading remains strong and the outlook for the full year is in line with its expectations. Growth is being driven by the two larger divisions, Technical Plastics (TP) and LED Technologies, while the Aerospace division is experiencing stable trading conditions. We leave our estimates unchanged, but note potential currency upside should foreign exchange rates remain at current levels for the remainder of FY17.
Suffering CropScience, operating CF’s tide is high
22 Feb 17
Bayer reported +2% (organic: +4%) higher sales at €46,769m and the gross profit margin improved from 54.4% to 56.6% in 2016. EBITDA rose +13% to €10,785m and net profit attributable to shareholders came in at €4,531m, up by +10%. Operating CF (+32% to €9,089m) benefited from the good operating basis and higher D/A (+12%), but the significantly lower NWC outflow (€-149m after €-817m) and the contribution from discontinued operations (Diabetes Care and CS Consumer) were the afterburner. Investing CF reflects the company’s willingness to hoard cash for the Monsanto takeover as it moved from €-2,762m to €-8,729m, primarily due to the outflows for current financial assets (€-5,645m after €-344m). Financing CF (€-350m after €-3,974m) saw a strong inflow from capital contributions and lower net gross debt repayments (€-730m after €-2,929m). Management will propose a +8% higher dividend of €2.70 (€2.50) per share at the AGM on 28 April 2017. Management gave a detailed 2017 guidance and expects sales to increase to over €49bn. EBITDA before one-offs is seen to increase by a mid single-digit percentage and core earnings per share from continuing operations by a mid single-digit percentage as well.
N+1 Singer - Victrex - Strong Q4 delivered – meeting FY expectations
11 Oct 16
Victrex’ year end update confirms a strong Q4 performance, driven by the anticipated surge in demand from its large consumer electronics programme. Full year volume and revenue are both a touch ahead of our forecasts and consensus expectations. Invibio has delivered a steady year, in line with expectations, and the Magma oil & gas project has delivered its first meaningful revenues of over £1m. The outlook reiterates previous caution over the consumer electronics outlook but we believe this is now reflected in most analysts’ forecasts, including our own. There is no mention of currency, but this is clearly a strong tailwind for FY17 and, if current rates persist, into FY18. Overall, today’s statement should be well received. There was a lot to do in Q4 and Victrex has delivered it. In our view, the FY17 rating of 16x with a 6% yield (inc. 3% special) represents an attractive entry point for this high quality group.
Small Cap Breakfast
14 Dec 16
Ultimate Products—The Telegraph reports Jim McCarthy, former chief of Poundland has been appointed Chairman of Ultimate Products ahead of a £100m listing in H1 2017. Ultimate Products owns the Beldray cleaning brand and the licence to sell Russell Hobbs and Salter electrical products in the UK. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m