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Analysts coverage and consensus

Analyst coverage
Below are listed the sell-side analysts that cover Givaudan on a regular basis.

Institution

Name

Recommendation

Baader Helvea Andreas Von Arx add
Bank of America Matthew Yates buy
Barclays Sebastian Satz underweight
Berenberg Bank Samantha Darbyshire buy
Bernstein Gunther Zechmann

underperform

Bryan Garnier Loic Morvan / Philippine Adam buy
Crédit Industriel et Commercial Virginie Royere Roumage buy
Citi Investment Research Ranulf Orr buy
Credit Suisse Samuel Perry underperform
Davy Research Cathal Kenny outperform
Deutsche Bank Virginie Boucher-Ferté hold
EXANE BNP Paribas Heidi Vesterinen neutral
Goldman Sachs International Georgina Fraser sell
Jefferies Charles Bentley underperform
JP Morgan Celine Pannuti underweight
Kepler Cheuvreux Patrick Roquas buy
Mirabaud Anja Pomrehn
Morgan Stanley Lisa De Neve equal weight
Morningstar

Rob Hales

sell
Redburn Tony Jones neutral
Société Générale Thomas Swoboda hold
Stifel Europe Bank AG Isha Sharma hold
UBS Charles Eden sell
Vontobel Jean-Philippe Bertschy / Arben Hasanaj buy
Zürcher Kantonalbank Daniel Buerki outperform
Recommendation
Buy 7
Hold 2
Sell 5
Latest update 21 December 2022

Consensus forecasts
The consensus forecasts, compiled by Givaudan, are based on emails and reports received between 16 and 21 December 2022.

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.

in millions of Swiss francs FY 2021 A FY 2022 E FY 2023 E Discrete
Q4 2022
Group sales 6,684
High 7,217 7,604 1,750
Average 7,146 7,332 1,693
Low 7,080 7,089 1,620
LFL Group sales growth (%) 7.1%
High 6.3 5.1 7.1
Average 5.7 3.8 4.3
Low 5.1 1.7

2.1

Fragrance & Beauty ( F&B) sales 3,091
High 3,311 3,501 801
Average 3,232 3,341 766
Low 2,785 2,784 659
LFL F&B sales growth (%) 6.6%
High 6.5 5.8 8.1
Average 5.7 4.1 5.6
Low 4.8 2.1 3.2
Taste & Wellbeing (T&W) sales 3,593
High 3,926 4,107 955
Average 3,880 3,955 915
Low 3,846 3,790 877
LFL T&W sales growth (%) 7.6%
High 6.5 4.5 7.1
Average 5.6 3.4 3.2
Low 5.0 1.3 0.6
EBITDA reported 1,482
High 1,528 1,616
Average 1,493 1,544
Low 1,467 1,477
Net Income reported  821
High 858 984
Average 806 908
Low 763 847
Free Cash Flow reported 843
High 696 1,135
Average 584 959
Low 417 821
Free Cash Flow as a % of sales 12.6%
High 9.7 15.3
Average 8.2 13.1
Low 5.8 11.0
Price Target 
High 4,150
Average 3,222
Low 2,500
Recommendation
Buy 7
Hold 2
Sell 5
Number of estimates 14
Latest update 21-12-2022