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Apr 7 2025, 07:00 IST/BST
Foods
Good Q1 expected amidst growing uncertainties and volatility
- 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 |
|---|---|---|---|---|---|
| Givaudan | NEUTRAL | 31/01/24 | Outperform | 24/03/20 | 383000chf |
| dsm-firmenich | OUTPERFORM | 09/10/20 | Neutral | 13/02/20 | 8912c |
| Kerry Group | OUTPERFORM | 30/06/09 | N/A | N/A | 9705c |
| Symrise | OUTPERFORM | 24/03/20 | Neutral | 15/01/19 | 9532c |
DAVY VIEW
Givaudan kicks off Q1 results season for the Ingredients sector on Thursday, April 10th. For the sector, we expect above market volume growth for Food & Beverage-related activities, with Fragrance more subdued and set against challenging comps. Many decades of investment in localising supply chains should shield the industry from the worst of tariff risks, supported by the exemption of specific ingredients. Fragrance supply chains are typically more diffuse and therefore more vulnerable to tariffs than Taste/Flavour. The medium-term impact from rapidly changing and unprecedented trade policies is difficult to quantify but presents obvious risks for demand destruction and consumer confidence.
