CONSENSUS

The Consensus Forecasts, compiled by Givaudan, are based on emails and reports, received between 18 July and 8 August 2014.

Disclaimer

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

 CHF
 million
Sales Growth like-for-like EBITDA Reported Net Income Free Cash Flow
 High 4459 4.9 1083 603 795
 Average 4382 4.5 1042 561 669
 Low 4282 4.1 1005 533 553

 

Consensus Forecasts Full Year Results 2015

 CHF
 million
Sales Growth like-for-like EBITDA Reported Net Income Free Cash Flow
 High 4695 5.5 1136 652 752
 Average 4601 4.9 1080 604 676
 Low 4474 4.0 1016 558 601

 

Recommendations

 Number of analysts'
 recommendations
Buy Hold Sell
4 7 1

 

Analysts who have contributed to this consensus:

Favre Laurent, Bank of America - Merrill Lynch
Jean-Philippe Bertschy, Bank Vontobel AG
Gunther Zechmann, Barclays Capital
Andrew Benson, Citi Investment Research
Waugh Mathew, Credit Suisse
Jack Gorman, Davy Research
Heidi Vesterinen, Exane BNP Paribas
Adam Collins, Liberum
Bernd Pomrehn, MainFirst Schweiz AG
Erik Sjogren, Morgan Stanley
Patrick Lambert, Nomura International plc
Joe Dewhurst, UBS

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