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Jan 15 2019, 07:10 GMT
Ratings and price correct at time of issue
|Company||Rating||Date||Previous Rating||Date||Closing Price|
Margin delivery (2012-2017) at Givaudan and Kerry Group has impressed, +480bps and +230bps respectively. In contrast, Symrise’s EBIT margin has modestly declined – in part related to its revenue growth prioritisation (10% revenue CAGR). Until evidence of margin expansion at Symrise returns, we think a more cautious approach is warranted and, accordingly, lower our rating from ‘Outperform’ to ‘Neutral’. We maintain our ratings on Kerry (‘Outperform’) and Givaudan (‘Neutral’).