Report
Loic Morvan

GIVAUDAN: We lift our 2021-2023 earnings by 3% | BUY | CHF4320 VS. CHF4200 (+11%)

GIVAUDAN - BUY | CHF4320 VS. CHF4200 (+11%)
We lift our 2021-2023 earnings by 3%

Givaudan enjoys a resilient business model
FY 2021 sales to grow 6.4%, driven by Fragrances & Beauty
Target price at CHF4,320
Underlying
Givaudan SA

Givaudan is engaged in the fragrance and flavour industry. Co. provides its products to global, regional and local food, beverage, consumer goods and fragrance companies. Co. has two principal divisions: Fragrance, which manufactures and sales fragrances into three global business units: Fine Fragrances, Consumer Products, and Fragrance & Cosmetic Ingredients; and Flavour, which manufactures and sales fragrances into four business units: Beverages, Dairy, Savoury and Sweet Goods. In addition, Co. has distribution network in more than 40 countries.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Loic Morvan

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