Steady Growth for Givaudan in 3Q; Maintaining FVE
After reviewing wide-moat Givaudan’s third-quarter sales update, we are maintaining our CHF 2,000 fair value estimate. At current levels, shares look moderately overvalued. Third-quarter like-for-like sales increased 5.7% for the group, 6.8% for the fragrance segment, and 4.7% for the flavours segment. These growth rates are in line with year-to-date performance. We expect growth in the fragrance segment to decelerate in the fourth quarter due to a tough comparable, while flavours should remain ...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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