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BASIC INDUSTRIES: Givaudan (GIVNVX Baa1[N]/A-/NR): Outlook Stable

BASIC INDUSTRIES
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  • S&P moved Givaudan to outlook stable from negative earlier today. It follows a strong 3Q sales release https://marketnews.com/basic-industries-givaudan-givnvx-baa1-n-a-n-nr-3q24-sales and expected solid future growth. Competition investigations remain as a potential negative, however.
  • Adj. Debt/EBITDA at 2-3x and FOCF / debt of 15-25% are key metrics for the rating.
  • Margins expanded strongly in 1H. It’s upgraded its 24 EBITDA base case by 6% to CHF 1.7-1.8bn. It expects adj. leverage in a 2.5-2.7x range allowing for midsize acquisitions. S&P anticipates CHF400-600mn, in line with historical averages.
  • FFO / debt is expected comfortably above at 30-35%. It sees CHF1-1.1bn FOCF in the next 2 years.
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  • S&P moved Givaudan to outlook stable from negative earlier today. It follows a strong 3Q sales release https://marketnews.com/basic-industries-givaudan-givnvx-baa1-n-a-n-nr-3q24-sales and expected solid future growth. Competition investigations remain as a potential negative, however.
  • Adj. Debt/EBITDA at 2-3x and FOCF / debt of 15-25% are key metrics for the rating.
  • Margins expanded strongly in 1H. It’s upgraded its 24 EBITDA base case by 6% to CHF 1.7-1.8bn. It expects adj. leverage in a 2.5-2.7x range allowing for midsize acquisitions. S&P anticipates CHF400-600mn, in line with historical averages.
  • FFO / debt is expected comfortably above at 30-35%. It sees CHF1-1.1bn FOCF in the next 2 years.