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On Wednesday, Berenberg reaffirmed its positive stance on Robertet SA (RBT:FP), maintaining a Buy rating and a price target of EUR1,090.00. The endorsement follows Robertet’s first-ever capital markets day held in Grasse, France, on May 22, where the company’s management presented an updated revenue forecast for 2030. The new guidance anticipates revenues between EUR1.1 billion and EUR1.2 billion, including an estimated EUR50 million to EUR80 million from mergers and acquisitions, a notable increase from the previous EUR1 billion sales target.
The capital markets day also introduced a new EBITDA margin goal, aiming to exceed 20%, aligning with Berenberg’s estimate of a 20.8% margin. Furthermore, Robertet’s management outlined a free cash flow (FCF) objective of EUR105 million to EUR115 million before any mergers and acquisitions by 2030, coupled with a return on capital employed (ROCE) of approximately 16%.
Berenberg’s analyst Fraser Donlon commented on the event, expressing satisfaction with the updated targets and reiterating the themes from the firm’s recent initiation report on Robertet, which was published on May 12, 2025. Donlon highlighted Robertet’s strong competitive edge in the Fragrance sector and the accelerating growth in the Flavors division as key factors underpinning the Buy rating.
The capital markets day provided investors with a comprehensive overview of Robertet’s strategic direction and financial ambitions for the coming years. The company’s emphasis on growth through both organic means and strategic acquisitions, as well as its focus on profitability and cash generation, was well-received by those in attendance.
Berenberg’s reiterated Buy rating and price target reflect confidence in Robertet’s ability to achieve its newly set goals and capitalize on its market position. The firm’s analysis suggests that Robertet is on track to continue its trajectory of growth and profitability, underpinned by a robust business model and clear strategic objectives.
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