Syngenta lifts Soybean sales target on Elatus potential
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Hold
10 December 2013
Syngenta
Elatus to Elevate; Plene in Purgatory
PRICE: CHF346 | SWITZERLAND | AGRICULTURE | SYNN | SYNN VX
Syngenta’s Investor visit to Brazil brought both good and bad news.
On the positive front, Brazil offers strong growth potential: the Crop
Protection and Seeds market is the 2nd
biggest in the world and
Syngenta has a 20% share. Soybean is the biggest crop and here
Syngenta raised its 2020 sales target by $0.5bn to $4bn. The main
negative was that Plene has hit technical delays and so the 2015
sugarcane sales target was reduced to $0.65bn from $1bn. The visit
confirmed our view that Syngenta is well-positioned for long-term
even if weaker crop prices, product delays and high seed
production costs threaten to temper progress in 2014, as described
in our report of 21st
November. Hold.
Investor visit to Brazil: Syngenta hosted a four day visit to Brazil
focusing on Soybean, Specialty Crops and Sugarcane. Brazil has
driven c.25% of Syngenta’s growth in the last ten years and these
three crops accounted for 1/3 of Syngenta’s 2012 sales.
Soybean 2015 sales target lifted $0.5bn to $3bn (and to $4bn in
2020). Syngenta showed that its SDHI solatenol product (Elatus)
drives higher yields than Bayer’s product. It also targets strong growth
in seeds where its Brazilian share is growing sharply and the shift to
insect-resistant Intacta seeds will drive margin growth.
Sugarcane 2015 sales target reduced by $0.35bn to $0.65bn.
Shelf-life and production problems for Plene forced Syngenta to
cancel the c.$350m contracts signed in 2011/12. That said, Syngenta
has launched some interim Plene products and the end to the burning
of sugarcane fields is driving increases in crop protection demand.
Specialty Crops 2015 sales targets unchanged: A doubling to $4bn
sales by 2020. This is a high margin part of Syngenta’s portfolio. We
saw how Syngenta is promoting ‘farm-to-fork’ integration, offering
traceability and other services to enhance customer relationships and
product quality.
Hold rating: Overall we came away with our view intact that
Sygnenta’s integrated strategy is helping its position in a structurally
growing market. Our rating is currently Hold since the valuation at 18x
2014E PER is relatively full and we believe recently delayed product
launches (Elatus & Plene), weaker crop prices and high seed
production costs will temper growth in 2014. We reduced our 2014E
EPS by 11% on 21st
November and remain 10% below consensus.
Sophie Jourdier
+44 (0)20 3100 2072
sophie.jourdier@liberumcapital.com
Adam Collins
+44 (0)20 3100 2075
adam.collins@liberumcapital.com
Daryl Smith
+44 (0)20 3100 2092
daryl.smith@liberumcapital.com
European Equity Research
Stock Data
Target price 400
52-Week Range 416-343
Current price 347.80
Shares Outstanding (m) 93.13
Free Float (%) 100%
Market Cap 32,389
Net Debt (Cash) / Market Cap 0.03x
*E=Liberum Capital Estimates
Stock Performance
340
360
380
400
420
440
460
480
Dec 12 M ar 13 Jun 13 Sep 13 Dec 13
SYNGENTA AG-REG
SWISS M ARKET INDEX
Price Performance 1M 3M 12M
Price 362 372 375
Absolute -4% -6% -7%
Rel. to SWISS MARKET -2% -8% -20%
Rel. to FTSEUROFIRST 300 -2% -10% -17%
Source: Bloomberg
Valuation & Financial Summary
Valuation (Dec y/e) 2012 2013 2014 2015
P/E (x) 17.5 20.5 17.8 15.2
Div Yield (%) 2.7 3.0 3.3 3.7
EV/Sales (x) 2.6 2.6 2.4 2.2
EV/EBITDA (x) 11.8 12.6 11.4 9.9
EV/EBIT (x) 14.5 15.9 14.1 12.0
FCF Yield (%) 2.0 1.8 3.4 4.0
Price / book (x) 4.2 4.1 4.0 3.8
Financials (Dec. y/e) 2012 2013 2014 2015
Sales ($m) 14,202 14,647 15,456 16,591
Adj. EBITDA ($m) 3,150 2,963 3,282 3,735
EBITDA margin (%) 22.2% 20.2% 21.2% 22.5%
Adj. EBIT ($m) 2,557 2,352 2,652 3,087
EBIT margin (%) 18.0% 16.1% 17.2% 18.6%
Adj. PBT ($m) 2,417 2,144 2,470 2,925
Adj. EPS ($) 22.26 19.05 21.95 25.68
DPS (CHF) 9.50 10.50 11.50 12.75
Net debt ($m) 1,706 1,973 1,783 1,481
EV ($m) 37,185 37,455 37,268 36,970
Source: Liberum Capital
This report is prepared solely for the use of Lars Oestergaard of Syngenta
2. 10 December 2013 Syngenta
2 www.liberumcapital.com
Four Days in Brazil
Nearly three years into Syngenta’s integrated product strategy, the visit showed both
some of the successes Syngenta has had in establishing stronger customer
relationships and market share gains (Soybean seeds and Coffee) but also some of
the challenges (Plene in sugarcane).
In comparison to the investor visit to India just over twelve months ago when
Syngenta raised its 2020 sales target from $22bn to $25bn, the message of the
Brazil visit was more balanced. In India last year an environment of rising crop
prices and the experience of early wins from the new integrated strategy allowed for
the Group targets to be increased. This year there was no less confidence in the
ability to achieve the 8% Sales CAGR implicit in the 2020 sales target, but the
shorter term outlook has been tempered somewhat by a likelihood of lower crop
prices in 2014 and the delay to some key product introductions (Plene and Elatus).
The visit focused on the Brazilian Agricultural industry and three crop groups for
Syngenta: Soybeans, Sugarcane and Specialty Crops.
At $12.5bn, Brazil has the second largest crop protection and seeds industry
in the world after the US (at $19bn). Syngenta has a strong position with 2012
sales of $2.4bn (20% market share) up from less than $0.5bn in 2002 (CAGR of
18.7%). The country has driven about 25% of Syngenta’s overall revenue growth
over the last ten years and management targets continued double digit growth from
the region.
Figure 1: Syngenta Brazil Sales, 2002-2012, $bn
Source: Company Data
The visit illustrated the continuing strong growth potential of the Brazilian industry.
Farming is carried out on a massive scale with a very high level of technology
adoption. It is one of the few regions where acreage for crop production is still
growing as under-utilised pastureland is developed and opportunities for double-
cropping (harvesting two crops p.a. on the same land) expand the scope for Brazil’s
agriculture even further. By 2020, 17% of the world’s grain production is expected to
come from Brazil, up from 12.5% in 2010.
Syngenta targets continued double
digit sales growth from Brazil out
until 2020
This report is prepared solely for the use of Lars Oestergaard of Syngenta
3. 10 December 2013 Syngenta
www.liberumcapital.com 3
Soybean Sales Target Raised by $0.5bn
This was the most significant new positive communication by Syngenta during the
investor visit. From a base of $2.3bn sales in 2012, Syngenta lifted its 2015 sales
target from $2.5bn to $3.0bn and its 2020 sales target from $3.5bn to $4.0bn. The
two main reasons for this target increase were:
Better than expected sales growth in 2011-2013, particularly in seeds where
Syngenta has lifted its market share to 9% in the last few years. We expect
Syngenta already to achieve $2.5bn sales in 2013E (its original 2015E sales
target for the crop).
Confidence that Syngenta’s new SDHI, solatenol, (to be launched as Elatus) in
Brazil will enable the company to regain lost market share in fungicides
Soybeans accounted for $2.3bn or 16% of Syngenta’s sales in 2012 (up from c.$1bn
in 2007). Syngenta is global # 1 in soybean crop protection and seed care (with 24%
and 28% market shares respectively) and global # 3 in soybean seeds (with a 9%
share). Soybeans are one of the four most widely planted crops (alongside corn,
wheat and rice) with the US and Brazil accounting for over 60% of global production.
Figure 2: Syngenta Soybean Sales by Region, 2006-2012,
$bn
Figure 3: Syngenta Soybean Sales by product type, 2006-
2012, $bn
Source: Company Data Source: Company Data
Elatus to regain Syngenta’s #1 position in fungicides
Syngenta provided compelling reasons as to why Elatus, its new fungicide awaiting
registration in Brazil, should drive a regain of its fungicide market share from 2014.
Syngenta showed independent trials had concluded that Syngenta’s Elatus
generated c.15% higher soybean yields than those generated when Bayer’s
competing SDHI was used (3.2T/Ha for Elatus vs. 2.8T/Ha for Bayer’s product).
Syngenta’s management were unanimous in their confidence that Elatus would
reverse the recent market share loss in fungicides. It targets a c.25% share for the
product and plans to price the product at a premium to Bayer’s SDHI offering. The
product will also add resilience to Syngenta’s azoxystrobin sales (azoxystrobin is
Syngenta’s largest crop protection product which has recently gone off patent) since
azoxystrobin is used alongside solatenol in the patented Elatus formulation.
This report is prepared solely for the use of Lars Oestergaard of Syngenta
4. 10 December 2013 Syngenta
4 www.liberumcapital.com
Elatus still requires registration in Brazil but it has already been registered in Bolivia
and Paraguay where it is meeting strong demand. This would not be the first time
Syngenta comes from behind to achieve the number one position in a product class.
The combination of Syngenta’s strong distribution network and compelling data
proving yield superiority provide good reason to believe that Syngenta will be able to
regain lost market share in fungicides in 2014 and 2015.
Intacta to drive profit growth in Soybean Seeds
We have historically been rather uncertain of Syngenta’s soybean seed position
given both its relatively low market share (9%) and also its low margins vs. corn
seed due to the fact that Syngenta has developed no GM traits of its own, rather it is
an in-licenser of Monsanto’s traits, Round up Ready 1 and 2 (RR1 and RR2).
That said, we came away from the investor visit more encouraged for two reasons.
1) Syngenta is gaining share in soybean seeds, particularly in Brazil. In 2007 the
company had just 1% share of the market. It now has a c.15% share and
management said that soybean seed sales had almost doubled again just in 2013.
One of the methods by which Syngenta is gaining this share is via profit sharing
agreements with distributors. Here, previous multipliers of Syngenta seed varieties
(which had been selling under their own brands) become “integrated business
partners” of Syngenta and sell the seed under Syngenta’s brand for a higher price.
The profits are shared between Syngenta and the multiplier.
2) The shift to Intacta soy will boost margins for Syngenta. Intacta is
Monsanto’s new GM trait providing Lepidoptera (caterpillar) resistance in soy seeds.
It is the first insect resistant trait for the soybean seed market. It is being launched
this year and is expected to be a major profit driver for Monsanto. It should also be
a profit driver for Syngenta who are a licensee of the trait. We believe that that the
Intacta licence agreement between Monsanto and Syngenta is more profitable for
Syngenta than the existing RR2 agreement between the two companies. As
Syngenta introduces Intacta across its varieties, profitability will be increased.
Stinkbugs to offset fewer Caterpillars in Crop Protection
The obvious negative for Syngenta from Monsanto’s Intacta is a cannibalisation of
crop protection products protecting against caterpillar damage to soybeans. The
overall market for soybean foliar protection products against caterpillars is expected
to fall from c.$850m in 2015E to c.$200m by 2020 as a result of the Intacta trait.
That said, the overall crop protection market for soybeans is expected to remain
roughly flat at c.$3bn over this period with the decline in caterpillar poisons offset by
growth in the fungicide market for rust control (e.g. Elatus) and the growth in
products to treat stinkbugs, which are sucking pests not controlled by Intacta.
Syngenta expects the stinkbug insecticide market in soybeans to grow from $800m
in 2012 to $1.3bn by 2020 partly because a lower caterpillar population is likely to
allow a greater infestation of stinkbugs. Syngenta is the market leader in stinkbug
insecticides with a 35% market share.
This report is prepared solely for the use of Lars Oestergaard of Syngenta
5. 10 December 2013 Syngenta
www.liberumcapital.com 5
Sugarcane Sales Target Reduced by $0.3bn
Sugarcane as a crop generates only $0.26bn (<2%) Syngenta sales today but the
target is to grow this to $2bn by 2020. It is therefore the second most important
growth driver for Syngenta after corn.
Syngenta, however, revealed on the investor visit that its Plene technology had hit
some major hurdles. It is in the process of redesigning the offering but as such has
reduced its 2015 sugarcane sales target from $1bn to $650m (but left its 2020 $2bn
target unchanged).
In the past we have written in depth on this sugarcane target which was expected to
be achieved primarily through a mechanised sugarcane planting technology called
Plene which promised a 15% reduction in planting costs. When this was first
commercialised in 2011, Syngenta announced that it had signed contracts worth
$350m sales in the first year covering less than 1m sugarcane acres. With Syngenta
targeting 30% of the Brazilian sugarcane acreage (11m acres, growing to 28m
acres) the maths appeared to suggest a product with peak sales of well over $1bn.
Plene delayed with contracts cancelled
The major revelation on the investor visit was that this Plene offering had hit
significant challenges upon scaling up the technology. These forced Syngenta to
cancel the $350m contracts it had entered into with customers, no doubt causing a
fair amount of disruption in the marketplace.
The essence of Plene in lay-man’s terms was that Syngenta would cut ‘nodules’ of
sugarcane for commercial planting, treat them with seed care products and
distribute to farmers for mechanised planting with a specially designed John Deere
machine. There were however two main problems. First, the nodules had a limited
shelf-life of 4-5 days which was not long enough to ensure distribution to the
customers ahead of planting. Second, the cutting machines tended to damage the
‘bud’ in the nodule which would develop into a new sugarcane plant.
Syngenta hopes it has now solved these technical problems and that it will be able
to relaunch “New Plene” in due course. It expects to receive results from tests on the
refined technology in 1Q14. Of the $2bn 2020 sales target, “New Plene’s”
contribution has been reduced to $500m. We believe this reflects continued
uncertainty as to the viability of the technology and the opportunity the delay has
given Syngenta’s competitors to develop competing offerings.
Introducing Plene Evolve & Plene PB
The delayed Plene technology had required Syngenta to develop high quality,
disease free sugarcane germplasm. Even if Plene had hit problems, the germplasm
still had commercial value, especially since 75% of the sugarcane market replants
using old cane from the previous crop which is diseased without any genetic
advances. Plus, Syngenta had already invested in scaling up its production.
Syngenta has therefore launched Plene Evolve and Plene PB with a combined sales
target of $500m by 2020. Both offer superior yields through advances in
germplasm.
This report is prepared solely for the use of Lars Oestergaard of Syngenta
6. 10 December 2013 Syngenta
6 www.liberumcapital.com
Plene Evolve is an offering supplying superior germplasm to nurseries. Syngenta
will sell young plants to nurseries and these can be multiplied by the customer to
provide sugarcane with 15-20% higher yields than those achieved from planting
old cane. (75% of the sugarcane market does not use nurseries for new
planting).
Plene PB also provides enhanced genetics, but it is a pre-germinated seed cane.
As well as an offering for nurseries, Plene PB can be used to fill ‘planting gaps’ in
sugarcane fields – 20% of sugarcane fields have significant planting gaps.
Banning Burning drives Crop Protection Demand
The real success, so far, in sugarcane has been in Syngenta’s main area of strength
– crop protection. Since 2008 Syngenta has grown its Brazilian sugarcane crop
protection sales from c.$50m (8% share, #7) to c.$160m sales (15% share, #2). It
believes it will end 2013 with the #1 position in the market. Syngenta now targets
half of its 2020 $2bn sales target to come through its crop protection platform. There
have been two major drivers.
Figure 4: Syngenta Brazilian Sugarcane Sales, 2008-2012, $m
Source: Company Data
1) Banning of burning sugarcane fields: Traditionally, sugarcane fields are
harvested through burning the fields. This removes the leaves leaving the charred
sugarcanes which can be harvested by hand. Advances in mechanical harvesting
and environmental pollution factors are leading to this method of sugarcane
harvesting being banned. By 2017 the practice will be banned across Brazil and the
Sao Paolo state has banned burning from 2015. As a result 70% of sugarcane in
Brazil is already harvested mechanically. The newer process leaves the leaves on
the ground after harvest, thus creating a perfect environment for pest pressure to
build in comparison to burning which was a very effective weapon against pests.
2) Increasing technification of sugarcane production: The sugarcane industry
has been late to adopt advances in agricultural technology but a shift towards larger
scale growers is changing this. Syngenta has set up a sugarcane council comprising
mills/agricultural producers representing 40% of the Brazilian sugarcane industry.
There is huge scope to increase yields through better use of crop production
products – for example, only 10% of production uses fungicides yet their use drives
significant yield increases as part of an integrated solution.
This report is prepared solely for the use of Lars Oestergaard of Syngenta
7. 10 December 2013 Syngenta
www.liberumcapital.com 7
Specialty Crops: Targets unchanged
Finally Syngenta’s Investor visit focused on Specialty Crops. Although the lack of
any target change created fewer headlines than in Soybeans and Sugarcane,
Specialty Crops is an important sub-segment for Syngenta, accounting for c.15%
sales but with considerably higher margins than the group average.
The target is to double sales to $4bn by 2020 while maintaining the above
average margins.
The segment contains over 40 different crops but all have the common
characteristics that 1) consumers are willing to pay premium prices for quality and 2)
that pest management is a significant challenge.
Syngenta is #1 in the $13.5bn Crop Chemical and Seeds market for Specialty crops
with four crops accounting for >80% of sales:
Figure 5: 2012 Global Market Size for four largest Specialty Crop markets and Syngenta’s market position
Source: Company Data; *Fruits include pome, citrus, grapes; ** Plantations include coffee, cocoa, oil palm, banana
The strategy is to leverage Syngenta’s blockbuster chemistries across the diverse
crop markets, to expand into new geographies and, importantly, to offer integrated
solutions to farmers which improve product quality to the customer and drive higher
returns to the farmers. Two compelling examples were given of the latter.
Fruit quality contracts: Here Syngenta creates integrated solutions to farmers
designed to tailor the product quality to specific buyers (e.g. tailoring fruit to
Waitrose, Lidl etc). Syngenta provides a guarantee to farmers that if they follow
the integrated program that they will be able to sell to their target market. The
program is understandingly meeting strong demand and is running 1.5 years
ahead of schedule with Syngenta having now launched it across eight countries
and four crops in just 18 months.
Nucoffee: In coffee ($120m sales in 2012), Syngenta has launched a
programme connecting the entire coffee chain from producers, cooperatives to
roasters. It provides traceability services and supports producers in improving
yield, product quality and agricultural practices. The program eliminates traders
between the growers and roasters and thus can substantially improve returns for
growers. The improved quality and traceability guarantees drive premium prices
for the end coffee product. Again, the program has met strong demand with 70%
of Syngenta’s Brazilian coffee business now in the nucoffee programme (which
accounts for 15% of all brazilian coffee). Syngenta is looking at rolling out the
platform across new geographies and crops.
This report is prepared solely for the use of Lars Oestergaard of Syngenta
9. 10 December 2013 Syngenta
www.liberumcapital.com 9
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10. Research
Agriculture & Chemicals
Sophie Jourdier
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Aerospace & Capital Goods
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Mining, Metals
Richard Knights
+44 (0)20 3100 2087
richard.knights@liberumcapital.com
Kate Craig
+44 (0)20 3100 2077
kate.craig@liberumcapital.com
Ben Davis
+44 (0)20 3100 2083
ben.davis@liberumcapital.com
Charlie Bendon (Specialist Sales)
+44 (0)20 3100 2078
charles.bendon@liberumcapital.com
Oil & Gas
Andrew Whittock
+44 (0)20 3100 2073
andrew.whittock@liberumcapital.com
Kate Sloan
+44 (0)20 3100 2217
kate.sloan@liberumcapital.com
Jean-Pierre Dmirdjian
+44 (0)20 3100 2074
jean-pierre.dmirdjian@liberum.com
Fergus Marcroft (Specialist Sales)
+44 (0)20 3100 2242
fergus.marcroft@liberumcapital.com
Pharmaceuticals
Naresh Chouhan
+44 (0)20 3100 2095
naresh.chouhan@liberumcapital.com
Real Estate
Michael Burt
+44 (0)20 3100 2082
michael.burt@liberum.com
Jon Stewart
+44 (0)20 3100 2081
jon.stewart@liberum.com
Alison Watson
+44 (0)20 3100 2276
alison.watson@liberumcapital.com
Retail
Sanjay Vidyarthi
+44 (0)20 3100 2173
sanjay.vidyarthi@liberum.com
Adam Tomlinson
+44 (0)20 3100 2174
adam.tomlinson@liberum.com
Specialty Chemicals & Materials
Adam Collins
+44 (0)20 3100 2075
adam.collins@liberumcapital.com
Sophie Jourdier
+44 (0)20 3100 2072
sophie.jourdier@liberumcapital.com
Support Services & Special Situations
Joe Brent
+44 (0)20 3100 2272
joe.brent@liberumcapital.com
William Shirley
+44 (0)20 3100 2271
william.shirley@liberumcapital.com
David Brockton
+44 (0)20 3100 2243
david.brockton@liberum.com
Sebastian Jory
+44 (0)20 3100 2192
sebastian.jory@liberumcapital.com
Ben Eaton
+44 (0)20 3100 2269
ben.eaton@liberum.com
Transport & Leisure
Gerald Khoo
+44 (0)20 3100 2195
gerald.khoo@liberum.com
Technology
Janardan Menon
+44 (0)20 3100 2076
janardan.menon@liberumcapital.com
Eoin Lambe
+44 (0)20 3100 2191
eoin.lambe@liberumcapital.com
Utilities
Peter Atherton
+44 (0)20 3100 2088
peter.atherton@liberumcapital.com
Mulu Sun
+44 (0)20 3100 2193
mulu.sun@liberumcapital.com
Alternative Funds
Conor Finn
+44 (0)20 3100 2257
conor.finn@liberumcapital.com
Rob Jones
+44 (0)20 3100 2252
rob.jones@liberumcapital.com
Nicole Kwan (Specialist Sales)
+44 (0)20 3100 2259
nicole.kwan@liberumcapital.com
James Bouverat (Specialist Sales)
+44 (0)20 3100 2253
james.bouverat@liberumcapital.com
Equity Sales – London
Richard Mawer (Head of Sales)
+44 (0)20 3100 2114
richard.mawer@liberumcapital.com
Edward Blair
+44 (0)20 3100 2117
edward.blair@liberumcapital.com
Sean Dixon
+44 (0)20 3100 2124
sean.dixon@liberumcapital.com
Tim Mayo
+44 (0) 20 3100 2127
tim.mayo@liberumcapital.com
John Mozley
+44 (0) 20 3100 2115
john.mozley@liberum.com
David Parsons
+44 (0)20 3100 2125
david.parsons@liberumcapital.com
Tajender Sandhu
+44 (0)20 3100 2238
tajender.sandhu@liberumcapital.com
Iain Whiteley
+44 (0)20 3100 2126
iain.whiteley@liberumcapital.com
Tom Saunders
+44 (0)20 3100 2249
tom.saunders@liberum.com
UK Small & Mid Cap
Jeremy McKeown
+44 (0)20 3100 2248
jeremy.mckeown@liberumcapital.com
Steve Tredget
+44 (0)20 3100 2236
steve.tredget@liberumcapital.com
Julian Collett
+44 (0)20 3100 2113
julian.collett@liberumcapital.com
Jeremy Smith
+44 (0) 20 3100 2237
jeremy.smith@liberum.com
Equity Sales – New York
Mark Godridge
+1 212 596 4823
mark.godridge@liberumcapital.com
Julian Plant
+1 212 596 4824
julian.plant@liberumcapital.com
Harry Jaffe
+1 212 596 4811
harry.jaffe@liberumcapital.com
Larry Stevens
+1 212 596 4812
lawrence.stevens@liberumcapital.com
Sarah Port
+1 212 596 4818
sarah.port@liberumcapital.com
Sales Trading – London
Nina Dixon
+44 (0)20 3100 2109
nina.dixon@liberumcapital.com
Nick Worthington
+44 (0)20 3100 2106
nick.worthington@liberumcapital.com
David Thompson
+44 (0)20 3100 2062
david.thompson@liberumcapital.com
Mark J. Edwards
+44 (0)20 3100 2061
mark.j.edwards@liberumcapital.com
Harry Preece
+44 (0)20 3100 2118
harry.preece@liberumcapital.com
Keith Raulli
+1 212 596 4813
keith.raulli@liberumcapital.com
Trading
Jonathan Plant
+44 (0)20 3100 2102
jonathan.plant@liberumcapital.com
Dominic Lowres
+44 (0)20 3100 2103
dominic.lowres@liberumcapital.com
Simon Warrener
+44 (0)20 3100 2105
simon.warrener@liberumcapital.com
Peter Turner
+44 (0)20 3100 2170
peter.turner@liberumcapital.com
Michael Wackar
+44 (0)20 3100 2104
michael.wackar@liberumcapital.com
Convertibles
Simon Smith
+44 (0)20 3100 2171
simon.smith@liberumcapital.com
Richard Tomblin
+44 (0)20 3100 2172
richard.tomblin@liberumcapital.com
Market Making
STX 77440
+44 (0)20 3100 2200
Liberum Capital Limited
Ropemaker Place, Level 12, 25 Ropemaker Street, London, EC2Y 9LY Tel: +44 (0)20 3100 2000 Fax: +44 (0)20 3100 2299 www.liberumcapital.com
Authorised and regulated by the Financial Conduct Authority Registered in England & Wales No. 5912554
This report is prepared solely for the use of Lars Oestergaard of Syngenta
