Givaudan SA

GIVN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Givaudan Earnings: Better-Than-Expected Organic Growth With Signs of Volume Recovery

Diana Radu

Jan 25, 2024

Wide-moat Givaudan reported 2023 organic sales growth of 4.1%, ahead of the 3.6% company-compiled consensus. Both reporting segments contributed to the overdelivery, with the fragrance and beauty segment recording the highest delta (7.6% actual compared with 6.8% consensus) as consumer fragrance volume growth picked up in the fourth quarter and the fine fragrance subsegment continued to deliver stellar performance. The strong Swiss franc weighed significantly on the top line, however, leading to reported sales growth of negative 2.8% for the year.

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Givaudan SA

Givaudan Earnings: Better-Than-Expected Organic Growth With Signs of Volume Recovery

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