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Nov 8 2022, 16:20 GMT
Foods
IFF Q3 results – outlook dampened by tougher operating environment
- Sectors : Foods
- Companies : Treatt plc | Givaudan | DSM-Firmenich | Kerry Group | Symrise
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 | 12060c |
| Givaudan | OUTPERFORM | 24/03/20 | Neutral | 21/06/12 | 296500chf |
| Kerry Group | OUTPERFORM | 30/06/09 | N/A | N/A | 8932c |
| Symrise | OUTPERFORM | 24/03/20 | Neutral | 15/01/19 | 10220c |
| Treatt plc | NEUTRAL | 08/04/21 | N/A | N/A | 651p |
DAVY VIEW
IFF reported Q3 results on November 7th. Q3 organic revenue growth of +10% was buttressed by ongoing price increases, with volumes declining modestly. Market conditions have become more challenging going into the fourth quarter, with lower consumer demand and an uptick in customer destocking leading to further volume declines. IFF has lowered its FY22 organic sales guidance and anticipates comparable adjusted EBITDA growth to come in at the lower end of its previous +4-8% guidance.
