DAVY VIEW

For Q3-24 we expect another positive update from Givaudan with operating momentum sustaining from H1. Both divisions are expected to deliver above market growth with Fragrance & Beauty forecast to continue its stellar run-rate. We take a more favourable view on margin for the second half and include the b.kolormakeup & skincare acquisition, which combined drive a c.1.5% upgrade to our underlying EBITDA forecast of CHF1772m, +14.5% year-on-year (yoy), which is close to Visible Alpha consensus. Givaudan will release Q3 sales on October 10th followed by a Field Trip in the Paris region on October 22nd-23rd. The shares are +31% year-to-date, in part reflecting impressive earnings momentum.