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Mar 25 2026, 07:00 GMT
Foods
Q1 model updates – slow start to 2026 expected in an uncertain environment
- Sectors : Foods
- Companies : Givaudan | Kerry Group | Symrise
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 | 262700chf |
| Kerry Group | OUTPERFORM | 30/06/09 | N/A | N/A | 6440c |
| Symrise | OUTPERFORM | 24/03/20 | Neutral | 15/01/19 | 6950c |
DAVY VIEW
Ahead of Q1 results, we update our Givaudan, Symrise and Kerry Group models. Top-line forecast changes reflect a subdued consumer environment, with the conflict in the Middle East introducing additional uncertainty. Within our coverage for Q1, we expect Givaudan to deliver the strongest organic growth in Fragrance, while Kerry Group is set to lead on Taste. We see limited valuation risk from current levels, while recognising the sensitivity of the sector investment case to revenue development. The key sector debate centres on revenue progression for 2026 congruent with the risk of demand/supply-chain disruption from the Middle East conflict. Givaudan kicks off results season for the sector on April 14th.
