Maintaining Givaudan’s FVE After 1Q Results and Naturex Acquisition
We are maintaining wide-moat Givaudan’s CHF 1,900 fair value estimate after reviewing the first-quarter sales update and incorporating the acquisition of Naturex, which was announced during the quarter. At current levels, shares are slightly overvalued.Shares are trading down after first-quarter results, as organic growth of 5% over 2017 was below the consensus view for 5.5% growth. We don’t see an issue here, given our full-year estimate for 4.6% organic growth. Within the segments, fragrance...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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