"We see Givaudan in a better position"

Feedback from Symrise investor day:

• Focus on growth will remain based on pet food, cosmetics, and health
• Givaudan can focus on profitable growth while peers (DSM-F., IFF) digest mergers
• Buy, Price Target CHF 3,900

Symrise and Givaudan share their focus on nutrition and health solutions and cosmetic ingredients to drive growth beyond flavors and fragrances. Symrise has a strong position in pet food on top, which will continue to drive growth. Keep in mind that to achieve the same absolute sales increase, Symrise needs a 50% higher growth rate than Givaudan. We see Givaudan in a better position to drive margins, cashflow, and thus cash returns while Symrise will focus on organic growth and keep investments high.

Source: Arben Hasanaj, Vontobel Asset Management, October 2023

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