Robertet Ord Share Price (0NZN)

The field of independent fragrance and ingredients specialists getting tight with the merger of the privately held Firmenich with DSM. Two years ago, Firmenich acquired a 22 per cent stake in Robertet, followed by Givaudan with a 5 per cent stake. The majority of the shares are held by the Maubert family.

Firmenich was valued at 22 x EV/EBITDA or 4,3 revenues. With 2/3 fragrances and 1/3 flavours business, a bit lower than Givaudan's current valuation of 25x times EV/EBITDA and Symrise's at 19x.

This should give with a more broad portfolio a value to Robertet between 1.285 and 1.585 Euros per share if the company would be acquired.