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Givaudan: Liberum raises target price

(CercleFinance.com) - Liberum maintains its "hold" recommendation on Givaudan shares, having increased its target price for them from 3,588 Swiss francs to 4,025 Swiss francs, following the group's publication of H1 sales that were in line with the consensus, while EBITDA beat estimates by 3%.


"Fine Fragrance and Food Service are staging recovery as economies re-open, benefiting growth, though these only account for 16% of group revenues and there is some potential for cannibalisation," the broker says.

While it warns that slower growth rates are to be expected in the second half of the year, Liberum has increased its organic sales growth forecast for 2021, as well as the group's margin by 50 basis points after the strength of the first half.


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