Berenberg initiates Robertet with 'buy'

Robertet SA

13/05/2025 07:22

** Berenberg starts coverage of Robertet ROBF.PA with a "buy" rating, saying the French company is "well placed" within the flavours and fragrance industry, a market worth some 40 bln euros annually

** The broker notes that Robertet has a dominant position in the naturals space and a "well-reputed" perfumery business, and its flavours are heavily geared to beverages segment

** It adds that it believes the company is at an inflection point after it brought in its first external CEO in 2022, adding as well that it reshaped its shareholding structure in late 2024

** "We expect Robertet to become more global and more modern, with a focus on increasing the group's relevance in both Asia and in the flavours space more broadly", the broker says

** Berenberg sees organic growth to reach 6% per year in 2026-27, and cash returns to improve from what it qualified as an "already-attractive level"

** The broker initiates the stock with a 1,090 euro PT, implying a 33% upside

($1 = 0.8996 euros)

 (Reporting by Mathias de Rozario in Gdansk)

 ((mathias.derozario@thomsonreuters.com;))