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Jun 26 2024, 07:04 IST/BST
Foods
Ingredients H1-24 – Fragrance dividend still rolling
- Sectors : Foods
- Companies : Treatt plc | Givaudan | DSM-Firmenich | Kerry Group | Symrise
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| Givaudan | NEUTRAL | 31/01/24 | Outperform | 24/03/20 | 434700chf |
| DSM-Firmenich | OUTPERFORM | 09/10/20 | Neutral | 13/02/20 | 10485c |
| Kerry Group | OUTPERFORM | 30/06/09 | N/A | N/A | 7590c |
| Symrise | OUTPERFORM | 24/03/20 | Neutral | 15/01/19 | 11495c |
| Treatt plc | NEUTRAL | 08/04/21 | N/A | N/A | 427p |
DAVY VIEW
The salient dynamic within the Ingredients sector is the growth delta between fragrance oriented activities and food and beverages. Leverage to fragrance volumes will boost H1-24 margin, which is fuelling relative earnings growth within the sector. Self-help measures are evident across all names, with management teams internally focused. Risk of earnings upside is skewed to fragrance activities. We remain constructive on sector fundamentals.
