Symrise AG

SY1: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€582.00	Tbll	Ppszbnmlz

Transferring Coverage of Givaudan and Symrise, With the Latter Our Preferred Pick

Diana Radu

Jul 18, 2023

We are lifting our fair value estimates for Givaudan by 4% to CHF 2,900 per share and for Symrise by 10% to EUR 108 per share following a transfer of coverage. We maintain our wide economic moat rating for both companies, supported by switching costs and intangible assets. Symrise is our preferred pick of the two, as we believe the current market price does not fully reflect its peer-leading growth potential, offering upside of around 10% from current levels.

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