Foods

A new operating age — the strong will get stronger

  • Sectors : Foods
  • Companies : Symrise | Givaudan | Kerry Group

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.

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Mar 24 2020, 14:00 GMT

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