Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GIVAUDAN-REG. We currently have 7 research reports from 1 professional analysts.
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Mature markets flare-up
10 Oct 16
Reported figures were positively impacted by favourable FX rates as the performance in developed markets was operationally good, but not strong. Group sales rose +7% (+5% lfl) to CHF3,518m after nine months. Fragrance reported the strongest performance (+9% to CHF1,699m; +8% lfl) followed by Flavour (+5% to CHF1,819m; +3% lfl), which was partly helped by an acquisition.
Fragrances' nice push
18 Jul 16
In H1, group sales rose +7% to CHF2,334m, accompanied by a slight improvement in the gross profit margin (46.8% after 46.5%). EBITDA increased +13% to CHF638m and net profit attributable to shareholders was up +8% to CHF368m. Operating CF shrunk from CHF341m to CHF237m, suffering from higher NWC outflow (CHF-242m after CHF-178m) and seeing higher inventories and receivables. Investing CF came in lower at CHF-48m (CHF-77m), due to lower acquisition costs. Financing CF stood unchanged at CHF-407m despite some higher dividend payments (CHF-495m after CHF-461m) and higher net gross debt proceeds (CHF98m after CHF79m). Management failed to give FY guidance but reiterated the company’s 2020 ambition of a 4-5% average organic growth rate and an average 12-17% free cash flow as a perecentage of sales.
Real performance held back, but managed to improve profitability
02 Feb 16
FY group sales were relatively unchanged (organic: +3%) at CHF4,396m but gross profit margin was a notch stronger (+20bp to 46.2%). EBIT was up +4% to CHF794m and net profit attributable to shareholders rose +13% to CHF635m helped by a lower tax burden due to lower deferred taxes. Operating CF increased +14% to CHF915m supported by a lower NWC outflow (CHF-80m after CHF-1126m). NWC saw lower inventories and other current assets. Despite lower capex, investing CF increased from CHF-209m to CHF-225m, factoring in higher acquisition costs. Having paid higher dividends, financing CF came in at CHF-578m after CHF-697m, helped by lower net gross debt repayments (CHF-60m after CHF-168m). Management will propose a CHF4 higher dividend (CHF54 after CHF50) per share at the next AGM on 17 March 2016. Management confirmed the next mid-term guidance for the 2015-2020 period, expecting a 4-5% average organic growth rate and an average 12-17% free cash flow as % of sales. An explicit 2016 was not given.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
Innovate, specialise, integrate, globalise
01 Dec 16
Carclo has refocused investment in its established businesses (Technical Plastics and LED Technologies), where a differentiated offer and long-term relationships with customers provide good earnings visibility and more certainty of a return. This strategy delivered strong revenue and profits growth during H117. This growth appears set to continue, underpinned by long-term relationships with blue-chip customers. We leave our estimates and indicative valuation broadly unchanged and introduce our estimates for FY19.
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.
VSA Agri Monthly
28 Jul 16
VSA Agri Thought for the Month Leading Brexiteer Andrea Leadsom was appointed Secretary of State for the Department of Environment, Food and Rural Affairs (DEFRA) this month. Perhaps one of the most unenviable jobs in the new UK government, given the importance of EU subsidies to the country’s farming sector. Agra Europe estimated last year that up to 90% of UK farms would not survive without them. Given that the EU Common Agricultural Policy has long been criticised by environmentalists and free-market proponents alike, leaving the scheme is likely to be viewed positively by many. But what comes next? We believe we are likely to see some sort of reduction of subsidies (particularly for the largest farms and most uneconomic activities) as well as greater exposure to foreign imports through additional free trade agreements. We feel a focus on technology and a push for “efficiency” will also be high on the agenda, which could provide a boost to AgTech companies developing products in this area.
N+1 Singer - Carclo - Trading in line; all divisions performing well
15 Nov 16
Trading remains positive with momentum strong in Plastics and LED. For those willing to look past the pension and dividend issues discussed previously (or for those who think bond yields will now start to help the situation), we feel that there is an attractive investment case at these levels (P/E of c.10x March 17). We remain at Buy.