DAVY VIEW

We attended Givaudan's recent Spring Investor Conference, which showcased its Consumer Products (CP) fragrance segment. The event reaffirmed our positive view on the growing breadth of CP and Givaudan’s credentials as market leader. In 2024, CP represented 63% of sales for the Fragrance & Beauty (F&B) division. Since 2014, the segment has delivered average annual organic sales growth of 5.5%. Long-run market trends are favourable, showing significant upweighting of fragrance investment by brands. We model average annual organic growth of 4.2% for the segment in 2025-27. Our current price target implies 8% upside.