Robertet SA (RBT.PA) | Investment Case

1. Company Snapshot

1.a. Company Description

Robertet SA produces and sells perfumes, aromas, and natural products.The company operates in three segments: Raw materials, Fragrances, and Flavors.It also produces organic essential oils and active ingredients.

The company operates in North America, Europe, the Asia Pacific, South America, Caribbean, Africa, and the Middle East.Robertet SA was founded in 1850 and is headquartered in Grasse, France.

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1.b. Last Insights on RBT

Recent news suggests that Robertet SA's fundamentals may be under pressure. The exit of DSM-Firmenich from Robertet's capital structure in November 2024 may have led to a restructuring of the shareholder base, potentially impacting the company's stability. This development, combined with the lack of recent positive news or earnings releases, may be weighing on the company's prospects. Additionally, the shift in ownership structure may have led to a change in strategy, which could be impacting the company's financial health.

1.c. Company Highlights

Last Price	903
Change Percentage	1.23%
Open	893
Previous Close	892
Market Cap ( Millions)	1768
Volume	968
Year High	910
Year Low	771
M A 50	841.64
M A 200	826.03

FCF Yield	3.35%
Dividend Yield	1.11%
ROE	17.47%
Debt / Equity	51.32%
Net Debt / EBIDTA	82.10%
Price To Book	3.32
Price Earnings Ratio	19.1
Price To FCF	29.88
Price To sales	2.11
EV / EBITDA	11.23

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.16%)

6. Segments

Fragrances

Expected Growth: 6%

Robertet SA's 6% growth in fragrances is driven by increasing demand for premium and niche perfumes, expansion in emerging markets, and a growing trend towards natural and sustainable ingredients. Additionally, the company's strategic partnerships and innovative product launches have contributed to its growth momentum.

Flavors

Expected Growth: 5%

Robust demand for natural ingredients, increasing popularity of plant-based and vegan products, and growing consumer preference for unique and exotic flavors drive the growth of Flavors from Robertet SA. Additionally, the company's strong R&D capabilities, strategic partnerships, and expanding presence in emerging markets contribute to its 5% growth.

Raw Materials

Expected Growth: 8%

Robertet SA's 8% growth in Raw Materials is driven by increasing demand for natural ingredients in the cosmetics and food industries, coupled with the company's strategic expansion into emerging markets, particularly in Asia and Latin America, where there is a growing middle class with a preference for premium and sustainable products.

7. Detailed Products

Flavors

Robertet SA offers a wide range of natural flavors for the food, beverage, and pharmaceutical industries. These flavors are extracted from natural sources such as fruits, herbs, and spices.

Fragrances

Robertet SA provides a variety of fragrances for the perfume, cosmetics, and household industries. These fragrances are created using natural essential oils and aroma compounds.

Raw Materials

Robertet SA supplies raw materials such as essential oils, aroma compounds, and natural extracts to the flavor, fragrance, and pharmaceutical industries.

Phytochemicals

Robertet SA offers a range of phytochemicals, including plant extracts and botanicals, for use in the pharmaceutical, cosmetic, and food industries.

Natural Ingredients

Robertet SA provides natural ingredients such as plant extracts, essential oils, and natural flavorings for use in the food, beverage, and pharmaceutical industries.

8. Robertet SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Robertet SA is moderate, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for Robertet SA is low, as customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Robertet SA is moderate, as the company has some dependence on its suppliers, but it also has some bargaining power due to its size and reputation.

Threat Of New Entrants

The threat of new entrants for Robertet SA is high, as the market is attractive and there are low barriers to entry, making it easy for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry for Robertet SA is high, as the market is highly competitive and there are many players competing for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	41.16%
Debt Cost	3.95%
Equity Weight	58.84%
Equity Cost	5.49%
WACC	4.85%
Leverage	69.95%

11. Quality Control: Robertet SA passed 6 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Rokita

A-Score: 6.1/10

Value: 7.8

Growth: 3.6

Quality: 4.2

Yield: 10.0

Momentum: 2.0

Volatility: 9.0

1-Year Total Return ->

Tessenderlo

A-Score: 5.0/10

Value: 7.8

Growth: 2.3

Quality: 3.1

Yield: 3.8

Momentum: 5.5

Volatility: 7.7

1-Year Total Return ->

Robertet

A-Score: 4.8/10

Value: 3.5

Growth: 7.1

Quality: 6.0

Yield: 1.2

Momentum: 1.0

Volatility: 9.7

1-Year Total Return ->

Zaklady Azotowe Pulawy

A-Score: 4.8/10

Value: 10.0

Growth: 3.0

Quality: 3.9

Yield: 1.9

Momentum: 3.5

Volatility: 6.3

1-Year Total Return ->

Grupa Azoty Zaklady Chemiczne Police

A-Score: 3.3/10

Value: 7.5

Growth: 2.3

Quality: 1.6

Yield: 0.0

Momentum: 2.0

Volatility: 6.3

1-Year Total Return ->

Ercros

A-Score: 3.1/10

Value: 9.4

Growth: 1.2

Quality: 2.6

Yield: 1.9

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-0.81%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

4.85%

Robertet SA - FR0000039091

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on RBT

1.c. Company Highlights

Expensive

Less Volatile

Lower Yield

Higher Growth

Better Quality

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.16%)

6. Segments

Fragrances

Expected Growth: 6%

Flavors

Expected Growth: 5%

Raw Materials

Expected Growth: 8%

7. Detailed Products

Flavors

Fragrances

Raw Materials

Phytochemicals

Natural Ingredients

8. Robertet SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Robertet SA passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

903.0$

Current Price

903$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA