Givaudan Sales Growth Recovers in 1Q After Weak 2H Last Year
After reviewing Givaudan’s first-quarter sales report, we are maintaining our narrow-moat rating and CHF 1,980 fair value estimate. First-quarter sales were CHF 1,242 million, representing a 3.5% like-for-like increase over the prior-year period. This is a rebound from the sluggish like-for-like growth of 1.5% and 3.1% in the fourth quarter and third quarter of 2016, respectively. However, it remains below the company’s long-term target of 4%-5% sales growth. The company has begun to implement p...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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