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Sep 24 2025, 07:10 IST/BST
Foods
Davy Ingredients Chartbook: revenue growth concerns driving drawdown
- Sectors : Foods
- Companies : Givaudan | Kerry Group | Symrise | dsm-firmenich
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| Givaudan | OUTPERFORM | 09/09/25 | Neutral | 31/01/24 | 327300chf |
| dsm-firmenich | OUTPERFORM | 09/10/20 | Neutral | 13/02/20 | 7394c |
| Kerry Group | OUTPERFORM | 30/06/09 | N/A | N/A | 7625c |
| Symrise | OUTPERFORM | 24/03/20 | Neutral | 15/01/19 | 7590c |
DAVY VIEW
The value-add Ingredients sector is experiencing one of its worst 12-month drawdowns. The central question is whether the current ratings adjustment reflects a structural shift, rooted in concerns about the long-term sustainability of volume growth. In our view, valuations have over-corrected. Margin delivery remains a bright spot, and the sector’s long-term structural growth drivers of innovation and renovation remain intact. The pathway to improving equity performance will be slow as the sector cycles through tough comps and tepid demand across developed economies. Our stock preference is for Givaudan and Kerry Group relative to dsm-firmenich and Symrise. Click here to download our updated Ingredients Chartbook.
