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Givaudan SA
(GIVN)
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Rating:72Outperform
Price Target:
CHF3,755.00
▲(17.16% Upside)
Action:Reiterated
Date:07/23/26
The score is driven primarily by strong underlying financial quality (resilient profitability, strong returns, and solid cash generation history), partially offset by leverage-related balance-sheet risk. The earnings call adds caution due to negative H1 free cash flow and litigation-driven one-offs despite reiterated long-term targets, while technicals are supportive but not strongly bullish. Valuation is the main headwind given the relatively high P/E.
Positive Factors
Consistently strong profitability and ROE
Sustained low-20% ROE and healthy operating margins indicate durable capital efficiency and pricing power across fragrance and flavor portfolios. This supports reinvestment, dividend capacity and resilience through cycles, underpining long-term returns and strategic R&D funding.
Negative Factors
Elevated leverage versus conservative peers
A more leveraged balance sheet increases sensitivity to interest rates or demand downturns and reduces financial flexibility. Moderate debt coverage from operating cash flow magnifies refinancing and covenant risk if cash generation weakens over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistently strong profitability and ROE
Sustained low-20% ROE and healthy operating margins indicate durable capital efficiency and pricing power across fragrance and flavor portfolios. This supports reinvestment, dividend capacity and resilience through cycles, underpining long-term returns and strategic R&D funding.
Read all positive factors
Givaudan SA (GIVN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF29.99B
Dividend Yield2.22%
Average Volume (3M)14.91K
Price to Earnings (P/E)24.1
Beta (1Y)0.85
Revenue Growth-1.75%
EPS Growth-12.84%
CountryCH
Employees17,508
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)135.03
Shares Outstanding9,233,586
10 Day Avg. Volume16,320
30 Day Avg. Volume14,912
Financial Highlights & Ratios
PEG Ratio-12.01
Price to Book (P/B)6.43
Price to Sales (P/S)3.90
P/FCF Ratio24.17
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF3,176.57Price Target Upside-0.89% Downside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)117.43
Revenue Forecast (FY)CHF7.61B
Givaudan SA Business Overview & Revenue Model
Company Description
Founded in Vernier, Switzerland in 1796, Givaudan SA is a global leader specializing in the development, production, and supply of fragrance, beauty, taste, and wellbeing solutions for the consumer goods industry. The company operates through two ...
How the Company Makes Money
Givaudan makes money primarily by selling formulated products and ingredients to business customers, with revenue largely generated from long-term supply relationships with consumer goods companies and from project-based product development for br...
Givaudan SA Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jan 22, 2027
Earnings Call Sentiment Neutral
The call conveyed a balanced picture: underlying operational momentum (notably strong performance in Fragrance & Beauty, regional strength in Asia Pacific, sequential improvement in Taste & Wellbeing, and continued innovation and sustainability progress) was offset by significant nonrecurring litigation costs, a negative adjusted free cash flow in H1 driven by higher investments and working capital build, a drop in reported net income and EPS, and higher leverage. Management reaffirmed medium‑term 2030 targets and expects sequential improvement into H2, but near-term cash and litigation risks temper the tone.Positive Updates
Group Sales and Like-for-Like Growth
Group sales H1 2026 were CHF 3,799 million, up 3.6% like-for-like (despite a -1.7% FX impact in CHF), reflecting volume-led, broad-based growth across customer groups and geographies.
Negative Updates
Material Nonrecurring Costs and Litigation Exposure
Nonrecurring costs totaled CHF 103 million in H1 2026 (CHF 83 million litigation settlements/provisions and CHF 20 million acquisition/restructuring/project costs). Taste & Wellbeing recorded a CHF 53 million provision for an adverse Missouri judgement related to butter flavor litigation; Fragrance & Beauty had a CHF 30 million antitrust-related settlement.
Read all updates
Q2-2026 Updates
Positive
Negative
Group Sales and Like-for-Like Growth
Group sales H1 2026 were CHF 3,799 million, up 3.6% like-for-like (despite a -1.7% FX impact in CHF), reflecting volume-led, broad-based growth across customer groups and geographies.
Read all positive updates
Company Guidance
Management reiterated its 2030 targets of 4–6% like‑for‑like sales growth and an average adjusted free‑cash‑flow margin above 12% over the 2026–2030 cycle, and said it remains confident of achieving them despite H1 headwinds. H1 metrics cited were group sales CHF 3,799m (+3.6% LFL), adjusted EBITDA CHF 923m (margin 24.3%), adjusted free cash flow −CHF119m (−3.1% of sales), net investments 5.4% of sales (versus a planned 4–5% range) and net debt/EBITDA 2.8x. For H2 the company expects stronger cash generation, low single‑digit input‑cost inflation, partial U.S. tariff refunds to be passed to customers (offsetting pricing), and a full‑year EBITDA profile around ~24%, all supporting progress toward the >12% adjusted FCF margin goal.Givaudan SA Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
71
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.34B | 7.47B | 7.41B | 6.92B | 7.12B | 6.68B |
| Gross Profit | 4.02B | 3.25B | 3.27B | 2.72B | 2.63B | 2.70B |
| EBITDA | 2.22B | 1.79B | 1.79B | 1.47B | 1.38B | 1.44B |
| Net Income | 1.25B | 1.07B | 1.09B | 893.00M | 856.00M | 821.00M |
Balance Sheet | ||||||
| Total Assets | 12.12B | 11.86B | 12.10B | 11.13B | 11.51B | 11.43B |
| Cash, Cash Equivalents and Short-Term Investments | 316.00M | 742.00M | 762.00M | 608.00M | 488.00M | 278.00M |
| Total Debt | 4.91B | 4.42B | 4.75B | 4.91B | 5.00B | 4.67B |
| Total Liabilities | 7.68B | 7.30B | 7.52B | 7.13B | 7.27B | 7.49B |
| Stockholders Equity | 4.40B | 4.54B | 4.58B | 3.99B | 4.23B | 3.93B |
Cash Flow | ||||||
| Free Cash Flow | 1.11B | 1.21B | 1.33B | 1.10B | 588.00M | 969.00M |
| Operating Cash Flow | 1.38B | 1.51B | 1.63B | 1.37B | 892.00M | 1.23B |
| Investing Cash Flow | -696.00M | -380.00M | -448.00M | -467.00M | -451.00M | -921.00M |
| Financing Cash Flow | -651.00M | -1.11B | -1.03B | -699.00M | -229.00M | -440.00M |
Givaudan SA Technical Analysis
Neutral
3205.00
Price Trends
3332.10
Negative
3136.21
Positive
3056.11
Positive
Market Momentum
-10.24
Positive
47.22
Neutral
23.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:GIVN, the sentiment is Neutral. The current price of 3205 is below the 20-day moving average (MA) of 3271.70, below the 50-day MA of 3332.10, and above the 200-day MA of 3056.11, indicating a neutral trend. The MACD of -10.24 indicates Positive momentum. The RSI at 47.22 is Neutral, neither overbought nor oversold. The STOCH value of 23.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:GIVN.
Givaudan SA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | CHF29.99B | 24.07 | ― | 2.22% | -1.75% | -12.84% | |
67 Neutral | CHF5.78B | 38.74 | 10.27% | 1.17% | 4.51% | 11.05% | |
62 Neutral | CHF4.31B | 19.62 | ― | 3.77% | -1.37% | 8.55% | |
61 Neutral | CHF38.65B | -368.31 | ― | 0.88% | -10.77% | -114.77% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | CHF3.49B | -105.90 | -1.52% | 4.00% | -6.64% | -127.26% | |
50 Neutral | CHF5.96B | 24.51 | ― | 2.73% | 9.39% | 68.92% |
* General Sector Average
CH:GIVN
Givaudan SA
3,250.00
-152.98
-4.50%
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CH:BARN
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-3.86%
CH:BANB
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22.74%
CH:CLN
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10.49
2.77
35.92%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.