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Mar 24 2020, 14:00 GMT
Foods
A new operating age — the strong will get stronger
- Sectors : Foods
- Companies : Givaudan | Kerry Group | Symrise
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| Givaudan | OUTPERFORM | 24/03/20 | Neutral | 21/06/12 | 287200chf |
| Kerry Group | OUTPERFORM | 30/06/09 | N/A | N/A | 10150c |
| Symrise | OUTPERFORM | 24/03/20 | Neutral | 15/01/19 | 8294c |
DAVY VIEW
A new operating age is about to commence. We predict fundamental changes in how companies are governed — Boards will consider risk with a radically different mindset. Stakeholder models will adjust, with labour models elevated and governments emerging as important stakeholders. A new supply-chain paradigm will demand agility, robustness, localisation and technology-enabled connectivity — a more intense partnership ethos will emerge. We believe model relevancy and durability will command a super-premium in the next equity cycle. We are recommending a basket trade across the structural winners — Kerry, Givaudan and Symrise.
