The Consensus Forecasts, compiled by Givaudan, are based on emails and reports, received between 18 July and 28 November 2014.


The consensus forecast set out below results from regular research reports made by analysts currently covering Givaudan, as detailed in the list below. This list has been drawn up to the best of Givaudan’s knowledge but does not purport to be comprehensive of all institutions publishing financial research on Givaudan.

Any opinions, forecasts, estimates, projections or predictions regarding Givaudan’s performance made by the analysts are exclusively theirs and do not represent the opinions, forecasts, estimates, projections or predictions of Givaudan or its management. The publication of this information on this website does not imply that Givaudan endorses, or concurs with, the reports, conclusions or recommendations of the cited analysts. Givaudan disclaims any liability for the accuracy or completeness of such information and does not assume any obligation to update it even if it becomes aware of any changes.

This information is provided for ease of reference only and does not constitute an offer or solicitation to buy, hold or sell Givaudan securities.


Consensus Forecasts Full Year Results 2014

Sales Growth like-for-like EBITDA Reported Net Income Free Cash Flow
 High 4431 4.7 1072 588 788
 Average 4396 4.2 1046 567 674
 Low 4335 3.6 1018 549 526


Consensus Forecasts Full Year Results 2015

Sales Growth like-for-like EBITDA Reported Net Income Free Cash Flow
 High 4703 5.0 1184 677 797
 Average 4629 4.4 1099 626 701
 Low 4498 3.5 1016 572 598



 Number of analysts'
Buy Hold Sell
9 8 1


Analysts who have contributed to this consensus:

Rolf Kunz, Bank am Bellevue
Laurent Favre, Bank of America - Merrill Lynch
Jean-Philippe Bertschy, Bank Vontobel AG
Evgenia Molotova, Berenberg Bank
Andrew Benson, Citi Investment Research
Mathew Waugh, Credit Suisse
Jack Gorman, Davy Research
Virginie Boucher-Ferte, Deutsche Bank AG
Heidi Vesterinen, Exane BNP Paribas
Rakesh Patel, Goldman Sachs Chemicals
Andreas Von Arx, Helvea SA
Celine Pannuti, JP Morgan Securities Ltd. *
Adam Collins, Liberum
Bernd Pomrehn, MainFirst Schweiz AG
Erik Sjogren, Morgan Stanley
Patrick Lambert, Nomura International plc
Joe Dewhurst, UBS
Bürki Daniel, ZKB

*only rating