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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 neutral
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 hold
Morgan Stanley Lisa De Neve overweight
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 6
Hold 5
Sell 5
Latest update 23 March 2023

Consensus forecasts
The consensus forecasts, compiled by Givaudan, are based on emails and reports received between 13 and 22 February 2023.

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 2022 A FY 2023 E FY 2024 E Q1 2023 HY 2023
Group sales 7,117
High 7,494 7,960 1,862 3,794
Average 7,287 7,655 1,800 3,665
Low 7,106 7,405 1,721 3,531
LFL Group sales growth (%) 5.3%
High 5.5 7.0 4.7 6.2
Average 3.9 4.8 2.6 3.0
Low 2.2 3.4

–0.1

0.4
Fragrance & Beauty ( F&B) sales 3,256
High 3,444 3,635 855 1,706
Average 3,338 3,515 822 1,659
Low 3,268 3,383 789 1,604
LFL F&B sales growth (%) 5.5%
High 5.6 8.1 5.0 5.0
Average 4.0 5.0 3.0 3.2
Low 2.4 3.5 1.0 1.4
Taste & Wellbeing (T&W) sales 3,861
High 4,067 4,325 1,007 2,088
Average 3,945 4,138 974 2,005
Low 3,833 4,001 932 1,927
LFL T&W sales growth (%) 5.2%
High 7.0 6.1 6.0 6.0
Average 4.0 4.7 2.2 2.5
Low 1.5 2.7 –1.0 –0.5
EBITDA reported 1,476
High 1,558 1,728 827
Average 1,477 1,638 754
Low 1,312 1,406 663
Net Income reported  856
High 910 1,066 486
Average 842 989 433
Low 748 919 346
Free Cash Flow reported 479
High 1,138 1,109 404
Average 914 974 326
Low 753 818 260
Free Cash Flow as a % of sales 6.7%
High 15.6 13.9 11.1
Average 12.4 12.6 9.0
Low 10.2 11.1 7.0
Price Target 
High 3,800
Average 3,147
Low 2,500
Recommendation
Buy 6
Hold 4
Sell 5
Number of estimates 16
Latest update 23-02-2023

24/03/2023