Collector’s Corner 2: Robertet SA

This is not investment advice. PLEASE DO YOUR OWN RESEARCH.

Finally, after more than 18 months, I found a second candidate for my “Collector’s Corner” bucket after Laurent Perrier. Just as a reminder, the purpose of this bucker is as follows:

So here is the management summary and the write-up (which is a little bit “thinner” than usual.

Management summary

Robertet, is a 175 years old, 1,8 bn EUR market cap French company, owned and run by the Maubert family in the 4th and 5th generation that is active in natural flavors and fragrances. Although much smaller than its larger peers, Robertet is the leading player in natural/organic ingredients which they source globally.

The company has grown EPS by >10% for the last 5,10 and 20 years. Although not cheap (~19x 2024 EPS), the stock is in my opinion nevertheless attractive as there seems to be a good fundamental tailwind and the business is very stable and diversified with decent margins. I therefore decided to add it to my “Collector’s Corner” bucket next to Laurent Perrier with a 2% allocation.