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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 hold
Barclays Sebastian Satz underweight
Berenberg Bank James Targett buy
Bernstein Gunther Zechmann

underperform

Bryan Garnier Loic Morvan buy
Crédit Industriel et Commercial Virginie Royere Roumage hold
Citi Investment Research Ranulf Orr neutral
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 neutral
Kepler Cheuvreux Patrick Roquas hold
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 buy
Zürcher Kantonalbank Daniel Buerki outperform
Recommendation
Buy 5
Hold 6
Sell 4
Latest update 21 September 2022

Consensus forecasts
The consensus forecasts, compiled by Givaudan, are based on emails and reports received between 8 and 19 September 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
Q3 2022
YTD
Q3 2022
Group sales 6,684
High 7,343 7,808 1,916 5,761
Average 7,223 7,518 1,832 5,496
Low 7,136 7,254 1,777 5,429
LFL Group sales growth (%) 7.1%
High 7.8 7.7 9.0 7.2
Average 6.6 4.4 6.8 6.4
Low 5.6 1.6

5.1

5.9
Fragrance & Beauty ( F&B) sales 3,091
High 3,344 3,559 870 2,517
Average 3,285 3,425 841 2,485
Low 3,222 3,285 815 2,461
LFL F&B sales growth (%) 6.6%
High 6.7 7.7 8.5 6.8
Average 6.0 4.4 7.1 5.6
Low 4.4 1.5 4.5 4.7
Taste & Wellbeing (T&W) sales 3,593
High 4,027 4,258 1,020 3,010
Average 3,946 4,102 983 2,986
Low 3,894 3,936 960 2,966
LFL T&W sales growth (%) 7.6% 6.1%
High 8.7 7.7 9.5 7.7
Average 7.0 4.3 6.3 7.1
Low 5.8 1.1 4.5 6.5
EBITDA reported 1,504
High 1,589 1,664
Average 1,525 1,620
Low 1,494 1,480
Net Income reported  821
High 874 1,001
Average 832 964
Low 795 866
Free Cash Flow reported 843
High 811 1,136
Average 610 1,008
Low 327 896
Free Cash Flow as a % of sales 12.6%
High 11.2 15.0
Average 8.5 13.4
Low 4.5 12.4
Price Target 
High 4,200
Average 3,532
Low 3,000
Recommendation
Buy 5
Hold 6
Sell 4
Number of estimates 16
Latest update 21-09-2022