Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GIVAUDAN-REG. We currently have 8 research reports from 1 professional analysts.
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Research reports on
H2’s weaker profitability
01 Feb 17
Givaudan reported +6% higher FY sales (organic: +4%) to CHF4,663m, but the gross profit margin weakened from 46.2% to 45.6%. EBITDA came in +5% higher at €1,126m and the margin was 24.1% (24.3%). Net income attributable to shareholders increased +3% to CHF64m. Operating CF declined 12% to CHF805m, primarily due to lower adjustments for non-cash items (CHF261m after CHF390m). Investing CF moved from CHF-225m to CHF-503m primarily pushed by acquisitions (Spicetec Flavors and Seasonings). Financing CF was CHF-437m (CHF-578m) benefiting from higher net cross debt issuance despite higher dividend payments. Management proposes, as expected, a CHF2 higher dividend (CHF56 after CHF54) per share at the next AGM on 23 March 2017. Management confirmed the next mid-term guidance for the 2015-20 period of a 4-5% average organic growth rate and an average 12-17% free cash flow as a percentage of sales. A more explicit guidance for 2017 was not given.
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.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
Panmure Morning Note 21-06-2016
21 Jun 16
Yesterday, and repeated this morning, Revolymer announced it had unconditionally agreed to acquire privately-owned US-based Itaconix Corporation for an initial consideration of $7m (circa £4.9m) comprising $3m in cash and $4m in new ordinary shares, plus further deferred performancerelated consideration of up to $6m payable shares (admission of the $4m initial consideration shares is expected to take place on 27 June 2016). The company also announced a placing of new ordinary shares to raise gross proceeds of circa £4m via accelerated bookbuild with the expected placing price at around 37p. The net proceeds of the placing, in addition to the Revolymer’s existing cash resources, will be used to fund the acquisition of Itaconix and provide additional working capital for the combined business and for growth capital. Revolymer also announced the agreement of Heads of Terms with a European nicotine gum focussed marketer in relation to a potential transfer of Revolymer’s nicotine gum business in exchange for equity in the enlarged marketer company. It is anticipated that the business transfer will complete in Q3 2016, subject to completion of definitive contracts. For regulatory purposes we place our recommendation Under Review.
19 Dec 16
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