GIVAUDAN: We lower our FY 22-23 earnings by 4% but we still like the company! | BUY | CHF4380 VS. CHF4680 (+15%)
GIVAUDAN - BUY | CHF4380 VS. CHF4680 (+15%)We lower our FY 22-23 earnings by 4% but we still like the company!
Omicron impacted negatively the H2 profitability
We lower our earnings by 4%, consequence of the margin FY 22 dilution
TP to CHF4380 vs CHF4680
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.
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.
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