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But let’s look at the business and the last results to determine if such a high valuation multiple could be justified for Symrise.
Symrise said on Wednesday it had a 12-percent share of the combined market for fragrances, flavours, aroma chemicals and cosmetic ingredients last year, with Givaudan, IFF and Firmenich accounting for 18 percent, 22 percent and 11 percent, respectively.
Source: https://business.inquirer.net/390045/switzerland-joins-global-cartel-probe-into-5-b-fragrance-market
These aroma chemicals are used by Symrise for the production of its own perfume oils but also distributed to other companies in the flavour and fragrances industry.
Source: https://seekingalpha.com/article/4587849-european-dividend-gems-symrise-ag?source=feed_all_articles