Givaudan Reports Solid 1H, but the Market Was Hoping for More; Shares Overvalued
Wide-moat Givaudan reported first-half results that were broadly in line with our expectations. Like-for-like sales growth of 6.3% with a comparable EBITDA margin of 22.3% is tracking slightly ahead of our full-year estimates for like-for-like growth of 5.5% and an EBITDA margin of 21.2%. However, consensus was expecting higher margins in the first half, which has led to the stock trading down 3% intraday. We think consensus expectations are too high for Givaudan, as reflected in our 1-star rati...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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