Ingredients/F&F – positive fundamentals ahead of Q2/H1 results

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


Ratings and price correct at time of issue

Company Rating Date Previous Rating Date Closing Price
DSM OUTPERFORM 09/10/20 Neutral 13/02/20 16415c
Givaudan OUTPERFORM 24/03/20 Neutral 21/06/12 440900chf
Kerry Group OUTPERFORM 30/06/09 N/A N/A 12195c
Symrise OUTPERFORM 24/03/20 Neutral 15/01/19 12200c


The forthcoming earnings season will capture the dovetailing of two trends – the persistence of COVID behaviours and the re-opening trade. Fundamentals are underpinned by a sustained renovation cycle (natural, clean label), a new wave of functional-rich product introductions (immunity, natural extracts) and the emergence of more holistic, sustainably-led innovation agendas (integrated supply chains). The global Fragrance and Flavour (F&F)/Ingredients leadership continues to address the market opportunity with a pro-investment mindset, broadening toolkits (technology) and deepening customer relationships (co-creation), evidencing model durability. We expect the Q2/H1 results to confirm positive operating momentum with upbeat commentary on commercial pipelines. We remain bullish on the sector’s long-term prospects.

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Jul 19 2021, 07:10 IST/BST