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Jan 22 2026, 07:10 GMT
Foods
Results preview by stock: 2026 modelled to be below algorithm growth
- 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 |
|---|---|---|---|---|---|
| Givaudan | OUTPERFORM | 09/09/25 | Neutral | 31/01/24 | 316500chf |
| dsm-firmenich | OUTPERFORM | 09/10/20 | Neutral | 13/02/20 | 6522c |
| Kerry Group | OUTPERFORM | 30/06/09 | N/A | N/A | 7380c |
| Symrise | OUTPERFORM | 24/03/20 | Neutral | 15/01/19 | 7278c |
| Treatt plc | NEUTRAL | 08/04/21 | N/A | N/A | 210p |
| Robertet | NEUTRAL | 16/12/25 | N/A | N/A | 90000c |
DAVY VIEW
Results season for the Ingredients sector commences with Givaudan on January 29th. The story of 2025 was slowing top-line growth as we exited the year, which is likely to inform the early part of 2026. FX headwinds were a significant drag on reported growth. For 2026, we model organic growth of c.3% for all names with improving momentum expected in the second half. The operating environment is uncertain. For FY26, we model EBITDA growth as follows: Symrise +4.5%, Kerry Group +5.3%, Givaudan +2.8%, dsm-firmenich (core) +6.6% and Robertet +2.1%. See “Ingredients chartbook: decadal valuation reversal; model updates”, which also contains our updated Ingredients chartbook, for further detail.
