DAVY VIEW

A cyberattack in mid-December has led to a c.100bps headwind to FY organic growth, leading Symrise to fall short on its organic sales target of 3-4% for FY 2020. EBITDA margin is now expected to be at the low end of the guided range. While the attack has created significant disruption for the business – particularly Scent & Care – conditions are described as largely back to normal. Lost sales are expected to be recovered in Q1 as Symrise operates extra shifts to clear the production backlog. We will lower our FY 2020 EBITDA forecasts by 3.7% and leave our FY 2021 EBITDA estimates broadly unchanged.