Foods

Ingredients/F&F – top-line growth to remain elevated

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

Ratings

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 17325c
Givaudan OUTPERFORM 24/03/20 Neutral 21/06/12 420400chf
Kerry Group OUTPERFORM 30/06/09 N/A N/A 11525c
Symrise OUTPERFORM 24/03/20 Neutral 15/01/19 11250c

DAVY VIEW

We expect Q3-21 results to confirm strong operating momentum for the sector leadership. The reopening of COVID impacted channels has led to a strong rebound in fine fragrance and out-of-home consumption. Supply chain agility and inflation recovery are points of difference in a challenging environment. Longer-term fundamental, consumer-led demand changes across nutrition (human/animal), proactive health, pet health and plant alternative platforms are expected to bear fruit. While near-term bond market vagaries may continue to shape sector price action, we maintain our long-term positive outlook for the sector.

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Sep 30 2021, 06:45 IST/BST

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