DAVY VIEW

On November 20th, Symrise will host its second Capital Markets Day (CMD) in the space of 13 months – the shares are little changed in the period. The CMD is an opportunity for new CEO Dr Jean-Yves Parisot to outline his framework and pathway for future growth – current targets to 2028 are expected to remain. Of particular importance will be detail on margin capability within Scent & Care (S&C), including greater operational discipline, the Achilles heel of the investment case. The shares have lost ground in recent weeks following a tepid response to Q3 results allied with a sector sell-off. While the fundamentals are intact, there is scope for sharper delivery.