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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

market-perform

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 neutral
Jefferies Charles Bentley underperform
JP Morgan Celine Pannuti neutral
Kepler Cheuvreux Patrick Roquas hold
Mirabaud Daniel Jelovcan 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 neutral
Vontobel Jean-Philippe Bertschy buy
Zürcher Kantonalbank Daniel Buerki outperform
Recommendation
Buy 6
Hold 13
Sell 2
Latest update 27 April 2022

Consensus forecasts
The consensus forecasts, compiled by Givaudan, are based on emails and reports received between 19 and 27 April 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 HY 2021 A HY 2022
Group sales 6,684 3,373
High 7,293 7,703 3,636
Average 7,165 7,558 3,585
Low 7,002 7,386 3,512
LFL Group sales growth (%) 7.1% 7.9%
High 7.2 7.0 5.9
Average 5.5 5.1 4.9
Low 3.4 4.0

3.4
Fragrance & Beauty ( F&B) sales 3,091 1,564
High 3,362 3,538 1,653
Average 3,273 3,456 1,623
Low 3,181 3,371 1,594
LFL F&B sales growth (%) 6.6% 10.1%
High 7.3 7.0 7.1
Average 5.2 5.2 3.6
Low 3.4 4.5 2.4
Taste & Wellbeing (T&W) sales 3,593 1,809
High 3,985 4,218 1,998
Average 3,897 4,111 1,963
Low 3,798 4,025 1,859
LFL T&W sales growth (%) 7.6% 6.1%
High 8.1 7.0 7.0
Average 5.7 5.1 6.1
Low 3.5 3.9 4.3
EBITDA reported 1,482 809
High 1,586 1,709 845
Average 1,498 1,645 779
Low 1,410 1,576 724
Net Income reported  821 481
High 936 1,098 520
Average 854 987 456
Low 759 886 391
Free Cash Flow reported 843 186
High 932 1,113 300
Average 816 974 153
Low 648 853 24
Free Cash Flow as a % of sales 12.6% 5.5%
High 13.1 14.7 8.3
Average 11.5 13.0 4.8
Low 9.6 11.4 0.7
Price Target 
High 4,800
Average 4,009
Low 3,300
Recommendation
Buy 6
Hold 13
Sell 2
Number of estimates 21
Latest update 27-04-2022