Symrise AG

SY1: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€464.00	Sgkzv	Pdjzpjsbr

Symrise Earnings: Management Confirms Conservative Full-Year Guidance After Solid Delivery

Diana Radu

Aug 1, 2024

Wide-moat Symrise reported first-half 2024 organic growth of 11.5% and an EBITDA margin of 20.7%, slightly ahead of Vara consensus of 11.1% and 20.6%, respectively. Despite the solid delivery so far this year, management has maintained full-year guidance for organic growth in the range of 5%-7% and EBITDA margin of 20%, which looks conservative as it would imply a substantial slowdown in growth in the second half of the year. We don't expect to make a material change to our fair value estimate of EUR 108 after we incorporate the latest results into our model. In reporting currency, sales growth amounted to 6.3%, which tracks our expectations for the full year.

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