Relaunching Coverage of Givaudan and Symrise With Wide Moat Ratings; Symrise Undervalued
We are transferring coverage of Givaudan and Symrise to a new analyst. We upgrade our moat ratings for both firms to wide from narrow, as we think previous analysis underestimated the contribution of intangible assets to the moat. However, our fair value estimates decline for both companies due to a more conservative forecast for margins and long-term growth expectations. Givaudan’s fair value estimate falls to CHF 1,800 from CHF 1,980, while Symrise’s decreases to EUR 66 from EUR 78. At current...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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