Givaudan’s Organic Growth Rebounds in 3Q as Expected; Maintaining FVE
We are maintaining wide-moat Givaudan’s CHF 1,800 fair value estimate after reviewing its third-quarter sales update. After a mediocre first half, organic growth rebounded to 5.7% in the third quarter, led by significantly improved performance in the fragrance segment. The shares are up more than 3% at the time of writing, a decent move for this low-uncertainty stock. However, we think this recovery was well-telegraphed by management last quarter. In the second quarter, we argued that fragrances...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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