AlsterResearch Update: Symrise - A further guidance increase

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What’s it all about?

Symrise largely reported better-than-expected results in Q3 2021, with solid organic sales of 8.3%, benefitting from accelerating demand. Consequently, management raised its 2021 revenue guidance and reaffirmed its mid-term targets, which seem achievable on a diversified portfolio, a broad customer base, and successful integration of the Flavor and Nutrition divisions. Hence, we have updated our model to reflect the guidance increase as well as the long-term perspectives stronger. Taking the new estimates into account a DCF-based price target of EUR 116.00 (EUR 107.00) is derived. Consequently, we upgrade our rating from SELL to HOLD.