Givaudan Reports Disappointing Fourth-Quarter 2016 Sales and Second-Half Margin Contraction
Givaudan reported a disappointing end to 2016, in terms of both a sharp slowdown in underlying sales growth in the fourth quarter and a drop in the second-half underlying EBITDA margin, which was flat in the first half, year-on-year. We are making some revisions to our estimates, mainly for 2017 but a few for the longer term, and we retain our CHF 1980 fair value estimate. Our narrow moat rating is also unchanged.We estimate underlying sales growth slumped to only 1.5% in the fourth quarter, do...
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.
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