Symrise - Delivery broadly as expected; good start to 2019

Davy Research
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2018 book-ends another impressive year for organic growth delivery at Symrise (+8.8%). FY EBITDA was broadly in line with expectations with a margin outturn of 20%. The company has reiterated its FY 2019 guidance – it expects an EBITDA margin of “around 20%” (consensus: 20.6%). The business remains well-placed entering 2019, noting a confident start to Q1. On first look, we do not anticipate any material changes to our 2019 forecasts.