DAVY VIEW

Givaudan’s fourth quarter results reflect an acceleration relative to Q3, with Fragrance & Beauty driving like-for-like (LFL) performance. The strength of Fine Fragrance was notable, despite a weak comparable. The Taste & Wellbeing LFL outturn was below trend, reflecting weakness in Asia-Pacific offset by stronger growth in the Americas. EBITDA was broadly in line. Givaudan has confirmed its medium-term average annual organic sales growth target of 4-5%. Givaudan continues to execute on strategy. We envisage no material change to FY 2021 EBITDA forecasts.