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Feb 10 2022, 09:25 GMT
Kerry Group
IFF Q4 – strong revenue growth set against margin headwinds
- Sectors : Foods
- Companies : Kerry Group
DAVY VIEW
IFF’s Q4 print was shaped by strong revenue growth set against escalating raw material headwinds. EBITDA margin contracted across all four division in Q4 (spread of 190-350bps decline). The IFF outlook statement calls for currency neutral sales and EBITDA growth of 6-9% and 4-8% respectively. On a comparable basis (including FX and divestments), EBITDA is expected to be broadly flat year-on-year (yoy). Separately, a Carl Icahn representative has been granted a Board seat, and the Wall Street Journal reported that an entity related to 3G Capital has built a position in IFF.
