Raw Material Inflation and Naturex Crimp Givaudan's Margins
Wide-moat Givaudan reported slightly disappointing results, mainly due to margins. Organic growth of 5.3% in the fourth quarter and 5.6% for the full year beat consensus expectations and our estimates. However, the second-half EBITDA margin was down more than 250 basis points due to raw material inflation and the consolidation of Naturex. While both of these negative issues were well-known, the magnitude of the impact was somewhat surprising. Furthermore, these problems will not abate in the nea...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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