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Givaudan has published very good half-yearly results boosted by new contracts won on every market. Givaudan’s innovation potential remains intact and, more importantly, is being demonstrated at every opportunity. We find the investment arguments particularly convincing. However, we are keeping a close watch on the valuation which is starting to become rather high against the Chemicals sector. PLUS code confirmed.
Givaudan has all the qualities of a good long-term investment: financial strength (balance sheet and cash flow), technology platform, focus on high added value products (captive molecules), defensive character and finalization of the integration of Quest. By the end of 2010, EBITDA margins will be back at the level prevailing before the transaction (22.7%). PLUS code.
Givaudan published its 2009 results today. In line overall at every level, Givaudan confirms recovery of the positive momentum which began in mid-2009. Q1 2010 has also begun well according to the company. The market reaction is somewhat surprising but might be explained by the maxim “Sell on Good News”. We do not share that view because a new cycle has just begun. PLUS.
Givaudan has all the qualities of a good defensive stock: financial strength, technology platform, focus on high added value products, defensive characteristics and potential stemming from the integration of Quest. Management sentiment during Q3 2009 suggested renewed operating momentum; this could lead to a rerating of the share in 2010. PLUS code.
Today Givaudan published better than expected sales figures for the first 9 months of 2009. Momentum seems to be positive again and the company reports strong Q2 and Q3 performance. Givaudan is on track to achieve its objectives. Our confidence in this excellent company remains high. PLUS code maintained.
Givaudan held its Investors Day yesterday. Despite uncertainties and a lack of visibility on various markets, Givaudan has become more optimistic for several reasons: signs of recovery following severe destocking, developed markets benefiting from the gradual recovery of consumer confidence, positive momentum in the emerging markets. We confirm our PLUS code because of the recovery of consumption.
Results published by Givaudan for the 1st half of 2009 were slightly better than the market had expected. Despite a distinctly weak half, Q2 2009 does seem to be showing some signs of recovery and a probable end to stock-cutting in the retail outlets. The rest of the year will depend on the propensity shown by consumers to start buying again. However, Givaudan should do better than its competitors thanks to its size. PLUS code maintained.
The company has all the qualities of an excellent defensive stock: financial strength, technology platform, focus on high added value products, defensive characteristics and potential stemming from the integration of Quest. Although the margins will be diluted for 3 years by this acquisition, the validity of the strategy remains undiminished. PLUS code.
Sales figures for Q1 2009 published by Givaudan were lower than expected. The negative performance is explained mainly by stock clearance. However, the company has held its EBITDA margin target at 22.7% although the market had been expecting a lower figure or a deferral of its achievement. The diversified portfolio, technology and leadership in its sector make this an essential investment. We remain very confident and confirm our PLUS code for the share. What is more, its valuation is particularly attractive!
The company has all the qualities of an excellent defensive stock: financial strength (balance sheet and cash flows), technology platform, focus on high added value products, defensive characteristics and potential stemming from the integration of Quest. Although the margins will be diluted for 3 years by this acquisition, the validity of the strategy remains undiminished. PLUS code.
Givaudan has opened the results season with today’s publication of its numbers for the first 9 months of 2008. These are perfectly in line with expectations and confirm a slight acceleration of business activities in a very difficult market environment. The integration of Quest is in progress. We remain very confident and confirm our PLUS code on this share.
Givaudan held its analysts’ day last Friday. We refer to the main points of this event. Generally, Givaudan promised an additional turnover of CHF 620 million between now and 2013 and EBITDA margins of 22.7% between now and 2010. Givaudan is going to benefit from important synergies and will offset any increases in costs by passing them on to end prices. PLUS code reiterated.
Givaudan announced its results for the first half of 2008 today. They are in line with expectations. Givaudan has shown a degree of resilience, contrary to its competitors Symrise and IFF which published poor results. In addition, we remain convinced of the rational logic behind the Quest strategic movement and believe that the risk of decline is limited to the current level. PLUS code maintained.
Givaudan has all the qualities of an excellent defensive stock: financial strength (balance sheet and cash flows), technology platform, focus on high added value products, defensive characteristics and potential stemming from the integration of Quest. Although the margins will be diluted for 3 years by this acquisition, the validity of the strategy remains undiminished. PLUS code.
Givaudan has published sales more or less in line with market expectations. We still believe that there are good arguments to invest in Givaudan: low cyclical exposure, high quality of the assets, business model and management; strong cash flow generation despite a rather high valuation. PLUS code confirmed.
Givaudan published 2007 results below market expectations. Despite the impact of integration costs and write-offs linked to the acquisition of Quest, on a comparable basis the figures are sound. The company’s development will depend mainly on the successful integration of Quest. We remain convinced of the sound reasoning behind this strategic initiative and believe that the risk of a downturn is limited. Givaudan remains an excellent defensive stock in the chemicals sector. PLUS code maintained.
Results published by Givaudan are generally in line with market expectations. The future performance of the share will depend on the quality of the integration of Quest and on Givaudan’s ability to turn round its operating margins. In our view, the underlying industrial activity of aromas and fragrances is still very profitable and Givaudan is extremely well placed in this sector (number 1). PLUS code maintained.
The sales figures published by Givaudan are perfectly in line with market expectations. This share remains an excellent longterm investment backed by defensive characteristics in the chemical sector.018
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