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Jan 24 2020, 07:15 GMT
Givaudan’s Q4 revenue out-turn has missed expectations and points to slowing momentum as pricing-led organic growth begins to taper. Weakness in North America Flavours has now persisted for three quarters in a row (dairy-led), while Fragrance like-for-likes showed a marked deceleration. We believe the current revenue backdrop warrants vigilance given equity multiples.
Jan 24 2020, 07:15 GMT