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Mar 6 2024, 09:15 GMT
Symrise
A tale of two factors (revenue and margin)
DAVY VIEW
2023 was a mixed bag for Symrise – strong pricing-led revenue growth was offset by margin headwinds for the second consecutive year, with the latter landing at the lower end of its guided range. A return to volume growth in Q4 is a positive. Cash generation stepped up through the second half, driven by working capital improvements. The FY24 guidance is along expected lines but predicated on a significant step-up in volume growth. On first look, we do not envisage any material change to our FY24 EBITDA forecasts.
