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Jan 22 2026, 07:00 GMT
Foods
Ingredients chartbook: decadal valuation reversal; model updates
- Sectors : Foods
- Companies : Treatt plc | Givaudan | dsm-firmenich | Kerry Group | Symrise | Robertet
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| Kerry Group | OUTPERFORM | 30/06/09 | N/A | N/A | 7375c |
| dsm-firmenich | OUTPERFORM | 09/10/20 | Neutral | 13/02/20 | 6572c |
| Givaudan | OUTPERFORM | 09/09/25 | Neutral | 31/01/24 | 312300chf |
| Symrise | OUTPERFORM | 24/03/20 | Neutral | 15/01/19 | 7272c |
| Treatt plc | NEUTRAL | 08/04/21 | N/A | N/A | 219p |
| Robertet | NEUTRAL | 16/12/25 | N/A | N/A | 89700c |
DAVY VIEW
2025 was characterised by slowing top-line growth, which led to a further sector de-rating. For 2026, we model organic growth of c.3% for all names with improving momentum expected in the second half and 2027. Valuations have undergone a decadal reversal, and we see limited valuation risk. While end market demand is tepid, the equity set-up is broadly favourable but requires a stabilisation in earnings momentum and pragmatic outlooks. Our stock preference is Givaudan and Kerry Group. Click here to download our latest Ingredients chartbook.
