Ingredients - Flavour and Fragrance leadership – demonstrating resilience

Davy Research
/Read Important Disclosures

We expect Symrise and Givaudan to emerge from the current crisis with enhanced propositions. We forecast healthy levels of organic revenue and EBITDA growth for FY20. We upgraded both stocks in March, and despite impressive recent share price performance and record valuations, we remain constructive on the fundamentals for both names and the broader Ingredients sector.