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Mar 8 2023, 10:20 GMT
With headline results pre-announced, we focus on the divisional detail. Key callouts include: the magnitude of Q4 volume declines in Scent & Care, led by North America; the H2-22 margin for the Taste, Nutrition & Health segment was a little disappointing in the context of revenue growth; approximately €200m in free cash generation in H2 following €100m in H1; our FY23 margin assumption of 20.4% looks okay in the context of the guide; we note a capex step-up in 2023, with capex/sales running close to c.6%. We envisage no material changes to our underlying FY23 forecasts, with growth tilted to H2.
Mar 8 2023, 10:20 GMT