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Nov 12 2020, 06:45 GMT
We maintain our FY20 EPS forecast (in line with company guidance) and pare our FY21 EPS by 3%. For Taste & Nutrition (T&N), we model for a return to volume growth in Q4-20 and an ongoing revenue recovery through FY21 with 6.0% volume growth expected. We anticipate a more normalised operating environment in late 2021 – with H2-21 forecast EBITA broadly in line with H2-19. With undiminished customer and supply-chain relevancy, further confirmation of a revenue recovery for T&N will be equity supportive.