DAVY VIEW

Q2 is likely to bear the peak COVID-19 impact for Symrise as growth in higher-mix activities such as Fine Fragrance temporarily halts. Symrise’s Nutrition division continues to deliver impressive growth – we assume it generates mid- to high-single-digit growth throughout 2020, led by Pet Food. We modestly pare our FY20 forecasts for revenue and EBITDA by 1.4%. In terms of organic growth, 2020 is shaping up to be Symrise’s slowest year since 2011. Notwithstanding this, we expect the business to return to its normal growth trajectory in FY21 – Symrise’s fundamentals remain robust.