Added to YB: 2026-08-27
Pitch date: 2026-08-18
RBT.PA [neutral]
Robertet SA
+2.67%
current return
Author Info
DB_Silver_Fox is a CFO and value investor interested in: European & US hidden champions, simple and effective business models, and US Banks. Sign up for the newsletter.
Company Info
Robertet SA produces and sells perfumes, aromas, and natural products in France, Europe, the United States, and internationally.
Market Cap
EUR 1.8B
Pitch Price
EUR 787.00
Price Target
N/A
Dividend
1.50%
EV/EBITDA
10.50
P/E
16.90
EV/Sales
2.17
Sector
Chemicals
Category
value
DB_Silver_Fox | Portfolio update as of 11.08.2026 - Robertet SA
RBT.PA (hold): Robertet trades ~20% below all-time high and near its cheapest on price-to-operating-profit in the last 10 years; over FY2021-FY2025 CAPEX ran ~31% of CFO, ~65% of CFO was returned via dividends and buybacks, M&A totaled €178m (39% of CFO), debt increased €129m and asset disposals were €23m, with the 2022 debt spike financing a ~€204m buyback; balance sheet solid at Net Debt/EBITDA 0.42x (as of 31.12.2025); author says raw materials are agricultural (jasmine, rose, vanilla) carrying unhedgeable crop, weather and origin-country risk, and Robertet sells into an industry dominated by four buyers (Givaudan, Firmenich-DSM, IFF, Symrise) who also compete with it, a difficult negotiating position that caps pricing power; author wouldn't be surprised if the company prints a couple of quarters with disappointing results as discretionary spending is hit, but views it as a business and management/family team focused on the long run.
Read full article (2 min)