Financials Symrise AG Deutsche Boerse AG

Equities

SY1

DE000SYM9999

Specialty Chemicals

Market Closed - Deutsche Boerse AG Other stock markets 02:05:40 2024-07-08 am EDT			5-day change	1st Jan Change
113.4 ^EUR	-1.18%		-1.39%	+14.04%

Jul. 05	SYMRISE AG : Buy rating from Deutsche Bank	ZD
Jul. 04	SYMRISE AG : Receives a Buy rating from JP Morgan	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,703	14,680	19,204	14,208	13,927	15,864	-	-
Enterprise Value (EV) ¹	14,308	16,028	20,551	16,441	16,093	17,687	17,357	17,021
P/E ratio	43.2 x	48.8 x	48.3 x	50.8 x	40.8 x	34.7 x	30.5 x	26.8 x
Yield	1.01%	0.89%	0.78%	1.03%	1.1%	1.08%	1.19%	1.32%
Capitalization / Revenue	3.73 x	4.17 x	5.02 x	3.08 x	2.94 x	3.17 x	2.99 x	2.81 x
EV / Revenue	4.2 x	4.55 x	5.37 x	3.56 x	3.4 x	3.53 x	3.27 x	3.02 x
EV / EBITDA	20.2 x	21.6 x	25.2 x	17.8 x	17.8 x	17.3 x	15.6 x	14.2 x
EV / FCF	38.4 x	32.6 x	59.2 x	150 x	35.8 x	37.7 x	34.2 x	30.4 x
FCF Yield	2.6%	3.07%	1.69%	0.67%	2.79%	2.66%	2.93%	3.29%
Price to Book	5.28 x	6.38 x	5.71 x	4.46 x	3.92 x	4.01 x	3.67 x	3.36 x
Nbr of stocks (in thousands)	135,427	135,427	147,381	139,772	139,772	139,772	-	-
Reference price ²	93.80	108.4	130.3	101.6	99.64	113.5	113.5	113.5
Announcement Date	3/10/20	3/9/21	3/1/22	3/8/23	3/6/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,408	3,520	3,826	4,618	4,730	5,010	5,302	5,645
EBITDA ¹	707	742	814	922	903.5	1,021	1,113	1,200
EBIT ¹	464.2	487.5	559	630	611.2	721.7	803.8	889.2
Operating Margin	13.62%	13.85%	14.61%	13.64%	12.92%	14.4%	15.16%	15.75%
Earnings before Tax (EBT) ¹	418.4	423.6	516	431.1	464.9	624.2	711	808.5
Net income ¹	298.3	306.9	375	280	340.5	457	520.4	590.8
Net margin	8.75%	8.72%	9.8%	6.06%	7.2%	9.12%	9.81%	10.47%
EPS ²	2.170	2.220	2.700	2.000	2.440	3.272	3.727	4.237
Free Cash Flow ¹	372.4	491.6	347.4	109.9	449.3	469.7	507.9	560.2
FCF margin	10.93%	13.97%	9.08%	2.38%	9.5%	9.37%	9.58%	9.92%
FCF Conversion (EBITDA)	52.67%	66.26%	42.68%	11.92%	49.73%	46.01%	45.65%	46.69%
FCF Conversion (Net income)	124.82%	160.21%	92.64%	39.26%	131.96%	102.77%	97.6%	94.83%
Dividend per Share ²	0.9500	0.9700	1.020	1.050	1.100	1.229	1.349	1.498
Announcement Date	3/10/20	3/9/21	3/1/22	3/8/23	3/6/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	1,716	1,821	1,699	1,908	975.1	943	1,918	1,130	1,170	2,260	1,233	1,125	2,358	1,230	1,184	2,414	1,196	1,120	2,316	1,292	-	2,648	-	-	2,506	-	2,626	2,720
EBITDA	355.7	393.1	348.9	419.8	-	202.7	394.2	-	231.5	485.5	-	-	436.5	-	-	446	-	-	457.5	-	-	511	-	-	493	-	-	-
EBIT	232.6	265.8	221.7	296.6	-	138.1	262.4	-	160.8	344.2	-	-	285.8	-	-	311.4	-	-	299.8	-	-	-	-	-	-	-	-	-
Operating Margin	13.56%	14.6%	13.05%	15.54%	-	14.64%	13.68%	-	13.75%	15.23%	-	-	12.12%	-	-	12.9%	-	-	12.94%	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	236.9	186.7	273.6	-	121.3	242.4	-	158.8	317.7	-	-	113.4	-	-	257.7	-	-	207.2	-	-	-	-	-	-	-	-	-
Net income	152.3	169.2	137.7	196.2	-	89.38	178.8	-	114.4	228.8	-	-	51.2	-	-	187.5	-	-	152.9	-	-	-	-	-	-	-	-	-
Net margin	8.88%	9.29%	8.1%	10.28%	-	9.48%	9.32%	-	9.78%	10.12%	-	-	2.17%	-	-	7.77%	-	-	6.6%	-	-	-	-	-	-	-	-	-
EPS	1.080	1.220	1.000	1.420	-	0.6400	1.280	-	0.8200	1.640	-	-	0.3600	-	-	1.340	-	-	1.100	-	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	1.050	-	-	-	-	-	1.100	1.100	-	-	-	-	1.150	-	-	-	-
Announcement Date	3/10/20	8/6/20	3/9/21	8/5/21	10/26/21	3/1/22	3/1/22	5/2/22	8/2/22	8/2/22	10/26/22	3/8/23	3/8/23	5/2/23	8/2/23	8/2/23	12/6/23	3/6/24	3/6/24	-	-	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,605	1,348	1,347	2,233	2,166	1,823	1,493	1,157
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.27 x	1.817 x	1.655 x	2.422 x	2.397 x	1.786 x	1.342 x	0.9644 x
Free Cash Flow ¹	372	492	347	110	449	470	508	560
ROE (net income / shareholders' equity)	13.9%	13.1%	13.7%	12%	10.6%	12.6%	13.1%	13.4%
ROA (Net income/ Total Assets)	5.48%	5.16%	5.96%	5.62%	4.85%	5.97%	6.74%	7.47%
Assets ¹	5,439	5,946	6,293	4,985	7,022	7,652	7,722	7,912
Book Value Per Share ²	17.80	17.00	22.80	22.80	25.40	28.30	30.90	33.80
Cash Flow per Share ²	3.930	4.600	3.730	2.580	5.150	4.810	5.460	6.420
Capex ¹	174	144	174	250	270	269	281	291
Capex / Sales	5.12%	4.09%	4.55%	5.42%	5.71%	5.37%	5.3%	5.16%
Announcement Date	3/10/20	3/9/21	3/1/22	3/8/23	3/6/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Symrise AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

113.5 EUR

Average target price

116.8 EUR

Spread / Average Target

+2.88%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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