Analysts coverage and consensus

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

Submission date Institution

Name / contact

Recommendation

09-02-2021 Baader Helvea Andreas Von Arx add
09-02-2021 Bank of America Matthew Yates buy
- Barclays Sebastian Satz sell
09-02-2021 Berenberg Bank James Targett buy
12-02-2021 Bernstein Gunther Zechmann

underperform

12-02-2021 Citi Investment Research Thomas P. Wrigglesworth neutral
09-02-2021 Credit Suisse Charles Bentley underperform
10-02-2021 Davy Research Katy Hutchinson buy
12-02-2021 Deutsche Bank Virginie Boucher-Ferté hold
10-02-2021 EXANE BNP Paribas Heidi Vesterinen neutral
12-02-2021 Goldman Sachs International Georgina Iwamoto sell
09-02-2021 Jefferies Ryan Tomkins underperform
09-02-2021 JP Morgan Celine Pannuti buy
09-02-2021 Kepler Cheuvreux Patrick Roquas buy
11-02-2021 Liberum Adam Collins

hold

15-02-2021 Mirabaud Daniel Jelovcan hold
- Morgan Stanley Lisa De Neve equal weight
- Morningstar

Rob Hales

sell
10-02-2021 Redburn Ranulf Orr buy
16-02-2021 Société Générale Thomas Swoboda sell
- Stifel Europe Bank AG Isha Sharma hold
12-02-2021 UBS Charles Eden buy
10-02-2021 Vontobel Jean-Philippe Bertschy buy
09-02-2021 Zürcher Kantonalbank Daniel Buerki outperform

 

Consensus forecasts
The consensus forecasts, compiled by Givaudan, are based on emails and reports received between 9 and 16 February 2021.

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 2020 A FY 2021 E FY 2022 E   Q1 2021 HY 2021
Group sales 6,322          
High   6,551 6,867   1,660 3,310
Average   6,453 6,761   1,612 3,246
Low   6,285 6,579   1,556 3,174
LFL Group sales growth (%) 4.00%          
High   5.0 6.0   4.4 5.4
Average   4.3 4.6   3.3 4.1
Low   2.6 3.0   2.0 2.9
Fragrance & Beauty ( F&B) sales 2,924          
High   3,057 3,224   768 1,525
Average   2,991 3,135   746 1,480
Low   2,937 3,059   720 1,444
LFL F&B sales growth (%) 5.4%          
High   6.7 6.0   6.4 7.5
Average   4.6 4.7   4.3 5.0
Low   3.6 3.5   3.0 3.0
Taste & Wellbeing (T&W) sales 3,398          
High   3,518 3,677   895 1,803
Average   3,456 3,622   863 1,761
Low   3,347 3,521   836 1,721
LFL T&W sales growth (%) 2.8%          
High   4.5 5.5   3.5 4.6
Average   3.9 4.7   2.7 3.4
Low   1.5 3.6   1.1 1.5
 
EBITDA reported 1,397          
High   1,489 1,621     775
Average   1,444 1,550     748
Low   1,392 1,384     713
 
Net Income reported  743          
High   907 1,024     458
Average   824 933     429
Low   738 821     404
 
Free Cash Flow reported 811          
High   1,000 1,056     485
Average   901 921     289
Low   818 755     196
Free Cash Flow as a % of sales 12.8%          
High   15.1 15.4     14.7
Average   13.9 13.6     8.9
Low   12.5 11.0     6.1
 
Price Target     
High 4,800  
Average 3,782  
Low 2,810  
Recommendation    
Buy 10  
Hold 5  
Sell 5  
 
Number of estimates 20  
 
Latest update 16 Feb