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BNP Paribas (OTC:BNPQY) Exane initiated coverage on Robertet SA (RBT:FP) Wednesday with an outperform rating and a price target of EUR1,040.00.
The French company, based in Grasse, is the world’s seventh-largest flavor and fragrance producer, specializing in natural ingredients. BNP Paribas Exane views Robertet as an attractive, mid-sized player in the flavor and fragrance industry.
Despite potential risks from slowing end markets, the research firm believes Robertet is well positioned due to its differentiated exposure to natural ingredients and local and regional customers. The company has also made investments in high-growth markets.
BNP Paribas Exane sees upside risk to Robertet’s EBITDA margin guidance of approximately 20% or higher. The firm also notes the company’s valuation represents about a 20% discount compared to flavor and fragrance peers.
The EUR1,040.00 price target reflects the research firm’s positive outlook on Robertet’s market position and growth potential in the natural ingredients segment of the flavor and fragrance industry.
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