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Sep 30 2021, 06:45 IST/BST
Foods
Ingredients/F&F – top-line growth to remain elevated
- Sectors : Foods
- Companies : Givaudan | Kerry Group | Symrise | DSM-Firmenich
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| DSM-Firmenich | 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.
