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Givaudan

SWX:GIVN
Snowflake Description

Reasonable growth potential average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GIVN
SWX
CHF28B
Market Cap
  1. Home
  2. CH
  3. Materials
Company description

Givaudan SA, together with its subsidiaries, manufactures and sells fragrance and flavor products to the food, beverage, consumer goods, and fragrance and cosmetics industries worldwide. The last earnings update was 70 days ago. More info.


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GIVN Share Price and Events
7 Day Returns
4.5%
SWX:GIVN
-0.8%
CH Chemicals
1.4%
CH Market
1 Year Returns
19.7%
SWX:GIVN
6.2%
CH Chemicals
-5.2%
CH Market
GIVN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Givaudan (GIVN) 4.5% -5.6% -2% 19.7% 64.8% 68.1%
CH Chemicals -0.8% -10.3% -10.8% 6.2% 24.5% 38.9%
CH Market 1.4% -9% -13.7% -5.2% 3.7% -2.6%
1 Year Return vs Industry and Market
  • GIVN outperformed the Chemicals industry which returned 6.2% over the past year.
  • GIVN outperformed the Market in Switzerland which returned -5.2% over the past year.
Price Volatility
GIVN
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Givaudan undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Givaudan to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Givaudan.

SWX:GIVN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 19 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 4.5%
Perpetual Growth Rate 10-Year CH Government Bond Rate -0.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SWX:GIVN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate -0.6%
Equity Risk Premium S&P Global 5.4%
Chemicals Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.807 (1 + (1- 18%) (14.96%))
0.937
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.94
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.55% + (0.937 * 5.44%)
4.55%

Discounted Cash Flow Calculation for SWX:GIVN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Givaudan is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

SWX:GIVN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 4.55%)
2020 799.75 Analyst x15 764.98
2021 906.02 Analyst x14 828.94
2022 998.40 Analyst x10 873.73
2023 932.00 Analyst x2 780.15
2024 937.00 Analyst x1 750.23
2025 937.29 Est @ 0.03% 717.83
2026 935.95 Est @ -0.14% 685.63
2027 933.47 Est @ -0.27% 654.08
2028 930.20 Est @ -0.35% 623.44
2029 926.38 Est @ -0.41% 593.88
Present value of next 10 years cash flows CHF7,272.00
SWX:GIVN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CHF926.38 × (1 + -0.55%) ÷ (4.55% – -0.55%)
CHF18,077.38
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF18,077.38 ÷ (1 + 4.55%)10
CHF11,589.01
SWX:GIVN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF7,272.00 + CHF11,589.01
CHF18,861.01
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF18,861.01 / 9.22
CHF2046.1
SWX:GIVN Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF2,046.10
Current discount Discount to share price of CHF2,995.00
= -1 x (CHF2,995.00 - CHF2,046.10) / CHF2,046.10
-46.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Givaudan is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Givaudan's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Givaudan's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:GIVN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CHF CHF76.17
SWX:GIVN Share Price ** SWX (2020-04-03) in CHF CHF2995
Switzerland Chemicals Industry PE Ratio Median Figure of 5 Publicly-Listed Chemicals Companies 26.13x
Switzerland Market PE Ratio Median Figure of 175 Publicly-Listed Companies 16.43x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Givaudan.

SWX:GIVN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SWX:GIVN Share Price ÷ EPS (both in CHF)

= 2995 ÷ 76.17

39.32x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Givaudan is overvalued based on earnings compared to the CH Chemicals industry average.
  • Givaudan is overvalued based on earnings compared to the Switzerland market.
Price based on expected Growth
Does Givaudan's expected growth come at a high price?
Raw Data
SWX:GIVN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 39.32x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts
11.2%per year
Europe Chemicals Industry PEG Ratio Median Figure of 59 Publicly-Listed Chemicals Companies 1.2x
Switzerland Market PEG Ratio Median Figure of 125 Publicly-Listed Companies 1.81x

*Line of best fit is calculated by linear regression .

SWX:GIVN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 39.32x ÷ 11.2%

3.52x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Givaudan is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Givaudan's assets?
Raw Data
SWX:GIVN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CHF CHF394.88
SWX:GIVN Share Price * SWX (2020-04-03) in CHF CHF2995
Switzerland Chemicals Industry PB Ratio Median Figure of 7 Publicly-Listed Chemicals Companies 3.67x
Switzerland Market PB Ratio Median Figure of 216 Publicly-Listed Companies 1.33x
SWX:GIVN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:GIVN Share Price ÷ Book Value per Share (both in CHF)

= 2995 ÷ 394.88

7.58x

* Primary Listing of Givaudan.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Givaudan is overvalued based on assets compared to the CH Chemicals industry average.
X
Value checks
We assess Givaudan's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Chemicals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Chemicals industry average (and greater than 0)? (1 check)
  5. Givaudan has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Givaudan expected to perform in the next 1 to 3 years based on estimates from 19 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
11.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Givaudan expected to grow at an attractive rate?
  • Givaudan's earnings growth is expected to exceed the low risk savings rate of -0.6%.
Growth vs Market Checks
  • Givaudan's earnings growth is expected to exceed the Switzerland market average.
  • Givaudan's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:GIVN Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:GIVN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts 11.2%
SWX:GIVN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 19 Analysts 5.5%
Switzerland Chemicals Industry Earnings Growth Rate Market Cap Weighted Average 11.1%
Switzerland Chemicals Industry Revenue Growth Rate Market Cap Weighted Average 4.9%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 8.3%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 2.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SWX:GIVN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:GIVN Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 8,606 1,367 1,263 1
2023-12-31 7,946 1,396 1,187 2
2022-12-31 7,327 1,334 1,024 15
2021-12-31 7,001 1,239 896 19
2020-12-31 6,647 1,163 807 19
2020-04-03
SWX:GIVN Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2019-12-31 6,203 1,136 702
2019-09-30 6,075 1,027 687
2019-06-30 5,947 918 672
2019-03-31 5,737 917 668
2018-12-31 5,527 916 663
2018-09-30 5,385 889 685
2018-06-30 5,242 861 707
2018-03-31 5,147 861 714
2017-12-31 5,051 861 720
2017-09-30 4,932 849 690
2017-06-30 4,812 837 660
2017-03-31 4,738 821 652

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Givaudan's earnings are expected to grow by 11.2% yearly, however this is not considered high growth (20% yearly).
  • Givaudan's revenue is expected to grow by 5.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SWX:GIVN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below

All data from Givaudan Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:GIVN Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31 136.00 136.00 136.00 1.00
2023-12-31 128.04 131.07 125.00 2.00
2022-12-31 112.03 120.48 101.70 11.00
2021-12-31 96.76 105.99 86.16 15.00
2020-12-31 87.21 106.00 77.31 16.00
2020-04-03
SWX:GIVN Past Financials Data
Date (Data in CHF Millions) EPS *
2019-12-31 76.17
2019-09-30 74.53
2019-06-30 72.90
2019-03-31 72.41
2018-12-31 71.92
2018-09-30 74.33
2018-06-30 76.74
2018-03-31 77.46
2017-12-31 78.18
2017-09-30 74.92
2017-06-30 71.66
2017-03-31 70.81

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Givaudan is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Givaudan's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Switzerland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Switzerland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Givaudan has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Givaudan performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Givaudan's growth in the last year to its industry (Chemicals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Givaudan's year on year earnings growth rate has been positive over the past 5 years.
  • Givaudan's 1-year earnings growth exceeds its 5-year average (5.9% vs 3.4%)
  • Givaudan's earnings growth has not exceeded the CH Chemicals industry average in the past year (5.9% vs 10.1%).
Earnings and Revenue History
Givaudan's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Givaudan Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:GIVN Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 6,203.00 702.00 1,021.00 528.00
2019-09-30 6,075.00 687.00 999.50 520.00
2019-06-30 5,947.00 672.00 978.00 512.00
2019-03-31 5,737.00 667.50 956.00 494.50
2018-12-31 5,527.00 663.00 934.00 477.00
2018-09-30 5,384.50 685.00 914.00 459.50
2018-06-30 5,242.00 707.00 894.00 442.00
2018-03-31 5,146.50 713.50 876.50 433.00
2017-12-31 5,051.00 720.00 859.00 424.00
2017-09-30 4,931.50 690.00 849.00 416.50
2017-06-30 4,812.00 660.00 839.00 409.00
2017-03-31 4,737.50 652.00 839.00 404.50
2016-12-31 4,663.00 644.00 839.00 400.00
2016-09-30 4,604.50 647.50 829.00 390.00
2016-06-30 4,546.00 651.00 819.00 380.00
2016-03-31 4,471.00 638.00 806.00 373.00
2015-12-31 4,396.00 625.00 793.00 366.00
2015-09-30 4,396.50 619.00 800.00 378.00
2015-06-30 4,397.00 600.00 807.00 390.00
2015-03-31 4,400.50 581.50 815.00 397.50
2014-12-31 4,404.00 563.00 823.00 405.00
2014-09-30 4,369.50 543.50 820.00 404.00
2014-06-30 4,335.00 524.00 817.00 403.00
2014-03-31 4,352.00 507.00 809.00 404.50
2013-12-31 4,369.00 490.00 801.00 406.00
2013-09-30 4,362.50 485.50 787.50 401.00
2013-06-30 4,356.00 481.00 774.00 396.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Givaudan has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Givaudan used its assets less efficiently than the CH Chemicals industry average last year based on Return on Assets.
  • Givaudan's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Givaudan's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Chemicals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Givaudan has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Givaudan's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Givaudan's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Givaudan is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Givaudan's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Givaudan's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Givaudan Company Filings, last reported 3 months ago.

SWX:GIVN Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 3,659.00 3,690.00 456.00
2019-09-30 3,659.00 3,690.00 456.00
2019-06-30 3,359.00 3,544.00 242.00
2019-03-31 3,359.00 3,544.00 242.00
2018-12-31 3,732.00 3,270.00 427.00
2018-09-30 3,732.00 3,270.00 427.00
2018-06-30 3,439.00 2,625.00 843.00
2018-03-31 3,439.00 2,625.00 843.00
2017-12-31 3,538.00 1,608.00 536.00
2017-09-30 3,538.00 1,608.00 536.00
2017-06-30 3,060.00 1,649.00 220.00
2017-03-31 3,060.00 1,649.00 220.00
2016-12-31 3,293.00 1,258.00 329.00
2016-09-30 3,293.00 1,258.00 329.00
2016-06-30 2,934.00 1,246.00 261.00
2016-03-31 2,934.00 1,246.00 261.00
2015-12-31 3,415.00 1,155.00 480.00
2015-09-30 3,415.00 1,155.00 480.00
2015-06-30 3,023.00 1,266.00 287.00
2015-03-31 3,023.00 1,266.00 287.00
2014-12-31 3,413.00 1,207.00 476.00
2014-09-30 3,413.00 1,207.00 476.00
2014-06-30 3,189.00 1,422.00 356.00
2014-03-31 3,189.00 1,422.00 356.00
2013-12-31 3,423.00 1,329.00 575.00
2013-09-30 3,423.00 1,329.00 575.00
2013-06-30 3,292.00 1,661.00 444.00
  • Givaudan's level of debt (100.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (35.4% vs 100.8% today).
  • Debt is well covered by operating cash flow (30.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 14.3x coverage).
X
Financial health checks
We assess Givaudan's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Givaudan has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Givaudan's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.07%
Current annual income from Givaudan dividends. Estimated to be 2.36% next year.
If you bought CHF2,000 of Givaudan shares you are expected to receive CHF41 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Givaudan's pays a lower dividend yield than the bottom 25% of dividend payers in Switzerland (2.08%).
  • Givaudan's dividend is below the markets top 25% of dividend payers in Switzerland (4.36%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SWX:GIVN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below
Switzerland Chemicals Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 2.3%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 159 Stocks 3.3%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.3%
Switzerland Bottom 25% Dividend Yield 25th Percentile 2.1%
Switzerland Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SWX:GIVN Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 96.00 1.00
2023-12-31 93.81 2.00
2022-12-31 74.39 15.00
2021-12-31 69.18 20.00
2020-12-31 65.78 20.00
2020-04-03
SWX:GIVN Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2020-01-24 62.000 2.007
2019-01-25 60.000 2.225
2018-01-26 58.000 2.539
2017-01-31 56.000 2.794
2016-02-09 54.000 2.830
2015-01-30 50.000 2.866
2014-01-30 47.000 3.130
2013-02-06 36.000 2.915
2013-02-05 36.000 3.385
2012-08-03 22.000 2.351
2012-02-16 22.000 2.462
2011-02-18 21.500 2.533
2011-02-08 21.500 2.310
2010-02-17 20.600 2.147
2010-02-16 20.600 2.372

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Givaudan's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.5x coverage).
X
Income/ dividend checks
We assess Givaudan's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Givaudan afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Givaudan has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Givaudan's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Gilles Andrier
COMPENSATION CHF6,297,549
AGE 58
TENURE AS CEO 15.1 years
CEO Bio

Mr. Gilles Andrier has been the Chief Executive Officer of Givaudan SA since March 2005. Mr. Andrier served as the Head of global Fine Fragrance business of Givaudan AG since 2003. Mr. Andrier joined Givaudan in 1993 as Fragrance Division Controller and Assistant to the Chief Executive Officer later held various Position including Head of Fragrance Operation in the USA and head of Consumer Products in Europe. He served as Head of Fine Fragrance, Europe in 2001. He serves as Independent Non- Executive Director of Albea SA. He served as Member of the Board of the Swiss American Chamber of Commerce until June 2017. He held the Co- Chairman of the Natural Resources Stewardship Circle. Mr. Andrier spent the first part of his career with Accenture in management consulting. Mr. Andrier graduated with two Masters in Engineering from ENSEEIH Toulouse.

CEO Compensation
  • Gilles's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Gilles's remuneration is about average for companies of similar size in Switzerland.
Management Team Tenure

Average tenure and age of the Givaudan management team in years:

4.7
Average Tenure
53.5
Average Age
  • The tenure for the Givaudan management team is about average.
Management Team

Gilles Andrier

TITLE
Chief Executive Officer
COMPENSATION
CHF6M
AGE
58
TENURE
15.1 yrs

Tom Hallam

TITLE
Chief Financial Officer
AGE
53
TENURE
3.3 yrs

Peter Wullschleger

TITLE
Head of Media and Investor Relations
AGE
54

Simon Halle-Smith

TITLE
Head of Global Human Resources & EHS
AGE
53
TENURE
4.7 yrs

Laurent Pieren

TITLE
Head of Corporate Internal Audit
TENURE
12 yrs

Maurizio Volpi

TITLE
President of Fragrance Division
AGE
50
TENURE
5.3 yrs

Willem Mutsaerts

TITLE
Head of Global Procurement & Sustainability
AGE
57
TENURE
4.7 yrs

Anne Tayac

TITLE
Head of Givaudan Business Solutions
AGE
51
TENURE
3.7 yrs

Fabien Jaunault

TITLE
Head of Global Information Management & Technology
TENURE
3.8 yrs

Louie D’Amico

TITLE
President of Flavour Division
AGE
58
TENURE
2 yrs
Board of Directors Tenure

Average tenure and age of the Givaudan board of directors in years:

5.3
Average Tenure
64
Average Age
  • The tenure for the Givaudan board of directors is about average.
Board of Directors

Calvin Grieder

TITLE
Chairman
COMPENSATION
CHF1M
AGE
64
TENURE
3.1 yrs

Werner Bauer

TITLE
Vice Chairman
COMPENSATION
CHF309K
AGE
69
TENURE
2.8 yrs

Thomas Rufer

TITLE
Non-Executive Director
COMPENSATION
CHF299K
AGE
67
TENURE
11.3 yrs

Michael Carlos

TITLE
Non-Executive Director
COMPENSATION
CHF309K
AGE
69
TENURE
5.3 yrs

Lilian Biner

TITLE
Independent Director
COMPENSATION
CHF269K
AGE
57
TENURE
9.3 yrs

Ingrid Deltenre

TITLE
Non-Executive Director
COMPENSATION
CHF294K
AGE
59
TENURE
5.3 yrs

Victor Balli

TITLE
Non-Executive Director
COMPENSATION
CHF294K
AGE
62
TENURE
4.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CHF) Value (CHF)
X
Management checks
We assess Givaudan's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Givaudan has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

What Kind Of Shareholder Owns Most Givaudan SA (VTX:GIVN) Stock?

As you can see, institutional investors own 26% of Givaudan. … Insider Ownership Of Givaudan While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. … General Public Ownership The general public, mostly retail investors, hold a substantial 60% stake in GIVN, suggesting it is a fairly popular stock.

Simply Wall St -

What Are Analysts Saying About Givaudan SA's (VTX:GIVN) Growth?

View our latest analysis for Givaudan How will Givaudan perform in the near future? … To get an idea of the overall earnings growth trend for GIVN, I’ve plotted out each year’s earnings expectations and inserted a line of best fit to determine an annual rate of growth from the slope of this line. … SWX:GIVN Past and Future Earnings, July 17th 2019 From the current net income level of CHF663m and the final forecast of CHF951m by 2022, the annual rate of growth for GIVN’s earnings is 11%.

Simply Wall St -

Was Givaudan SA's (VTX:GIVN) Earnings Decline Part Of A Broader Industry Downturn?

After reading Givaudan SA's (VTX:GIVN) latest earnings update (31 December 2018), I found it beneficial to look back at how the company has performed in the past and compare this against the most recent numbers. … Check out our latest analysis for Givaudan Was GIVN's recent earnings decline indicative of a tough track record? … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 6.5%, indicating the rate at which GIVN is growing has slowed down.

Simply Wall St -

What Are Analysts Saying About Givaudan SA's (VTX:GIVN) Future?

Below is a brief commentary on my key takeaways on how market analysts predict Givaudan's earnings growth trajectory over the next few years and whether the future looks brighter. … See our latest analysis for Givaudan Analysts' outlook for the coming year seems buoyant, with earnings expanding by a robust 17%. … SWX:GIVN Past and Future Earnings, July 5th 2019 Even though it’s informative knowing the growth rate year by year relative to today’s level, it may be more valuable gauging the rate at which the business is moving every year, on average.

Simply Wall St -

Here's How We Evaluate Givaudan SA's (VTX:GIVN) Dividend

Could Givaudan SA (VTX:GIVN) be an attractive dividend share to own for the long haul? Investors are often drawn to strong companies with the idea of reinvesting the dividends. Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. A 2.1% yield is nothing to get excited about, but investors probably think the long payment history suggests Givaudan has some staying power. There are a few simple ways to reduce the risks of buying Givaudan for its dividend, and we'll go through these below. Explore this interactive chart for our latest analysis on Givaudan! SWX:GIVN Historical Dividend Yield, June 26th 2019 Payout ratios Dividends are usually paid out of company earnings. If a company is paying more than it earns, then the dividend might become unsustainable - hardly an ideal situation. As a result, we should always investigate whether a company can afford its dividend, measured as a percentage of a company's net income after tax. In the last year, Givaudan paid out 83% of its profit as dividends. Paying out a majority of its earnings limits the amount that can be reinvested in the business. This may indicate a commitment to paying a dividend, or a dearth of investment opportunities. In addition to comparing dividends against profits, we should inspect whether the company generated enough cash to pay its dividend. The company paid out 86% of its free cash flow as dividends last year, which is adequate, but reduces the wriggle room in the event of a downturn. It's encouraging to see that the dividend is covered by both profit and cash flow. This generally suggests the dividend is sustainable, as long as earnings don't drop precipitously. Is Givaudan's Balance Sheet Risky? As Givaudan has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. Net debt to EBITDA is a measure of a company's total debt. Net interest cover measures the ability to meet interest payments on debt. Essentially we check that a) a company does not have too much debt, and b) that it can afford to pay the interest. … Dividend Growth Potential While dividend payments have been relatively reliable, it would also be nice if earnings per share (EPS) were growing, as this is essential to maintaining the dividend's purchasing power over the long term. … Earnings per share growth has been slow, but we respect a company that maintains a relatively stable dividend.

Simply Wall St -

Does Givaudan SA (VTX:GIVN) Have A Place In Your Dividend Portfolio?

Dividend Growth Potential While dividend payments have been relatively reliable, it would also be nice if earnings per share (EPS) were growing, as this is essential to maintaining the dividend's purchasing power over the long term. … Conclusion When we look at a dividend stock, we need to form a judgement on whether the dividend will grow, if the company is able to maintain it in a wide range of economic circumstances, and if the dividend payout is sustainable. … Earnings growth generally bodes well for the future value of company dividend payments.

Simply Wall St -

The Givaudan (VTX:GIVN) Share Price Has Gained 83% And Shareholders Are Hoping For More

To wit, the Givaudan share price has climbed 83% in five years, easily topping the market return of 9.3% (ignoring dividends). … Over half a decade, Givaudan managed to grow its earnings per share at 6.1% a year. … This EPS growth is slower than the share price growth of 13% per year, over the same period.

Simply Wall St -

Is Givaudan SA's (VTX:GIVN) ROE Of 18% Concerning?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Givaudan: 18% = CHF663m ÷ CHF3.7b (Based on the trailing twelve months to December 2018.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … The Importance Of Debt To Return On Equity Most companies need money -- from somewhere -- to grow their profits. … Givaudan's Debt And Its 18% ROE While Givaudan does have some debt, with debt to equity of just 0.88, we wouldn't say debt is excessive.

Simply Wall St -

How Much Of Givaudan SA (VTX:GIVN) Do Institutions Own?

Our analysis of the ownership of the company, below, shows that institutions own shares in the company. … General Public Ownership The general public, who are mostly retail investors, collectively hold 60% of Givaudan shares. … But other times, private equity is selling out, having taking the company public.

Simply Wall St -

Despite Its High P/E Ratio, Is Givaudan SA (VTX:GIVN) Still Undervalued?

Today, we'll introduce the concept of the P/E ratio for those who are learning about investing. … How Do I Calculate Givaudan's Price To Earnings Ratio … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Company Info

Description

Givaudan SA, together with its subsidiaries, manufactures and sells fragrance and flavor products to the food, beverage, consumer goods, and fragrance and cosmetics industries worldwide. The company operates through two divisions, Fragrance and Flavour. The Fragrance division provides fragrance ingredients and active beauty products; fine fragrances; and fragrances for use in fabric and personal care, skin and hair care, household, and oral care products. The Flavour division offers flavors and tastes for products in confectionery, biscuits and crackers, cereals, chewing gums, chocolates, and candies; beverages, such as soft drinks, fruit juices, and instant beverages; dairy products, including ice creams, yoghurts, desserts, cream cheese, and spreads; and savory products comprising readymade meals, noodles, processed meat and snacks, and poultry products. The company operates in Switzerland, Europe, Africa, the Middle East, North America, Latin America, and the Asia Pacific. Givaudan SA was founded in 1796 and is headquartered in Vernier, Switzerland.

Details
Name: Givaudan SA
GIVN
Exchange: SWX
Founded: 1796
CHF27,608,044,775
9,218,045
Website: http://www.givaudan.com
Address: Givaudan SA
Chemin de la Parfumerie 5,
Vernier,
Geneva, 1214,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX GIVN Registered Shares SIX Swiss Exchange CH CHF 08. Jun 2000
OTCPK GVDB.F Registered Shares Pink Sheets LLC US USD 08. Jun 2000
DB GIN Registered Shares Deutsche Boerse AG DE EUR 08. Jun 2000
LSE 0QPS Registered Shares London Stock Exchange GB CHF 08. Jun 2000
BMV GIVN N Registered Shares Bolsa Mexicana de Valores MX MXN 08. Jun 2000
OTCPK GVDN.Y ADR Pink Sheets LLC US USD 06. Jun 2008
DB GIN1 ADR Deutsche Boerse AG DE EUR 06. Jun 2008
Number of employees
Current staff
Staff numbers
14,969
Givaudan employees.
Industry
Specialty Chemicals
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 21:06
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/01/24
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.