Symrise AG

SY1: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€696.00	Drdl	Bjzxqng

Symrise Delivers 10.5% Organic Growth in First Quarter; Shares Overvalued

Rob Hales

Apr 28, 2021

Wide-moat Symrise reported 10.5% organic growth in its first-quarter trading update. This beat the Visible Alpha consensus of 8.5%. However, market expectations likely rose after Givuadan’s big beat earlier in the month. Consequently, Symrise shares are down 1% intraday. We’ve raised our 2021 organic growth forecast to 7.3% from 5.8%, but the positive effect is offset by an increasing currency headwind. As a result, we are maintaining our EUR 85 fair value estimate. At current levels, the shares look overvalued.

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