Business Portfolio and Acquisition Strategy
Investment Highlights
Diversified, stable and profitable growth
symrise
Leading global
focused F&F
producer
Attractive and well-
positioned business model
with exposure to
fundamental macro trends
Cash generation and
profitable growth
Investment-Grade
Financing Structure
Symrise is a leading supplier of
consumer ingredients with approx.
10% market share of the global AFF
market
Outperformed peers in top-line
growth in recent years
Strong and experienced
management with proven track
record since Symrise IPO in 2006
Diversified business model by
segments and regions with
well-positioned portfolio that allows
to participate in future growth
dynamics across several industries
and cross-linking of competencies
High barriers to entry and stable
oligopoly market structure
Favourable industry dynamics with
robust above GDP growth prospects
in a diverse range of end-markets,
supported by global macro trends
Constantly strong EBITDA margin
supports cash generation; Sales
CAGR of approx. 11% p.a. suggests
good future cash generation
Investments in growth are currently
at peak and should decline over the
next years, whilst profitability should
further increase. Additionally,
management implemented cash-
based KPIs to improve sensibility for
margin strength
Top priority is to remain an
Investment-Grade Profile
Conservative Financial Policy - last
acquisition was financed via Equity
& Debt
Long-term leverage target of 2.0 to
2.5x (Net Debt incl. Pensions to
EBITDA)
Well-balanced maturity profile with
strong access to Equity and Debt
Capital Markets
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