Growth rebound continues in 4Q for Givaudan, but facing higher raw material inflation in 2018.
Wide-moat Givaudan had a strong finish to the year with fourth-quarter organic growth of 9.4% year over year, reflecting a 12% rise in fragrance and a 7.2% increase in flavour. We had been expecting a return to growth in the second half of the year, but the near double-digit increase in the fourth quarter was better than expected. Consequently, full-year sales and EBITDA were slightly ahead of our estimates. Overall, we don’t expect to make a material change to our CHF 1,800 fair value estimate,...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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