Givaudan Reports Weaker Third-Quarter Sales Growth Rate
Narrow-moat Givaudan reported a weaker sales growth trend in the third quarter of 2016: Like-for-like, or LFL, sales grew only 3.1%, half the pace of the first half of the year. There was no explicit reason given, but we expect it was only a correction following a strong first half. We are making no changes to our earnings forecasts, our fair value estimate of CHF 1980, or our moat rating.The slowdown was across both business units. The fragrance division continued to grow more quickly than fla...
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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