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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 Alex Stewart underweight
Berenberg Bank Samantha Darbyshire hold
Bernstein Gunther Zechmann underperform

BNP Parisbas Exane

Nicola Tang neutral
Bryan Garnier Philippine Adam buy
Crédit Industriel et Commercial Virginie Royere Roumage hold
Citi Investment Research Ranulf Orr buy
Davy Research Cathal Kenny outperform
Deutsche Bank Virginie Boucher-Ferté hold
Goldman Sachs International Georgina Fraser sell
Jefferies Charles Bentley underperform
JP Morgan Celine Pannuti neutral
Kepler Cheuvreux Patrick Roquas buy
Mirabaud Anja Pomrehn hold
Morgan Stanley Lisa De Neve equal-weight
Morningstar Diana Radu hold
Redburn Artem Chubarov neutral
Société Générale Thomas Swoboda hold
Stifel Europe Bank AG Isha Sharma buy
UBS Charles Eden sell
Vontobel Arben Hasanaj buy
Zürcher Kantonalbank Daniel Buerki outperform
Recommendation
Buy 6
Hold 9
Sell 4
Latest update 11 September 2023

Consensus forecasts
The consensus forecasts, compiled by Givaudan, are based on emails and reports received between 2 and 11 September 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 Q3 2022 A Q3 2023 E 9M 2022 A 9M 2023 E
Group sales 7,117 1,808 5,458
High 7,244 7,562 1,834 5,369
Average 6,985 7,289 1,757 5,288
Low 6,703 6,677 1,694 5,229
LFL Group sales growth (%) 5.3% 5.8% 6.1%
High 3.9% 6.0% 4.2% 2.8%
Average 3.1% 4.8% 2.5% 2.3%
Low 2.1% 2.8%

0.1%

1.6%
Fragrance & Beauty ( F&B) sales 3,256 843 2,489
High 3,385 3,537 871 2,543
Average 3,305 3,446 845 2,516
Low 3,188 3,178 818 2,490
LFL F&B sales growth (%) 5.5% 7.9% 5.8%
High 7.0% 6.8% 6.7% 6.5%
Average 6.0% 4.7% 4.9% 5.7%
Low 4.3% 3.3% 2.3% 2.3%
Taste & Wellbeing (T&W) sales 3,861 965 2,969
High 3,903 4,067 967 2,830
Average 3,680 3,843 911 2,772
Low 3,515 3,500 851 2,714
LFL T&W sales growth (%) 5.2% 3.9% 6.4%
High 2.0% 6.6% 2.5% 1.2%
Average 0.6% 5.0% 0.1% -0.5%
Low -2.1% 2.4% -5.3% -2.3%
EBITDA reported 1,476
High 1,560 1,707
Average 1,461 1,630
Low 1,409 1,535
EBITDA margin (reported %) 20.7%
High 21.5% 22.6%
Average 20.9% 22.4%
Low 21.0% 23.0%
Net income reported  856
High 937 1,071
Average 837 975
Low 774 883
Free cash flow reported 479
High 1,113 1,172
Average 923 1,009
Low 744 834
Free cash flow as a % of sales 6.7%
High 14.5% 16.1%
Average 13.1% 13.8%
Low 10.7% 11.6%

Price target 
High 3,900
Average 3,103
Low 2,500
Recommendation
Buy 6
Hold 9
Sell 4
Number of estimates 19
Latest update 11‑09‑2023

08/12/2023