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雷达卡
Table of Contents
Flavours and Fragrances ................................................................... 5
Summary table of industry............................................................... 6
Company reviews.............................................................................. 7
Symrise ....................................................................................................................................8
Givaudan ................................................................................................................................26
Industry key themes........................................................................ 37
Improving growth from H1 09 lows............................................... 38
Long term growth of 2-3% pa ................................................................................................38
End markets for F&F are relatively resilient to economic trends.............................................39
Q2 09 signs of destocking abating, customer newsflow improves ........................................40
Market share gains expansions for top tier players.................................................................44
Profitability robust, upside leverage.............................................. 50
Upside leverage of forecasts driven by 5 factors:...................................................................51
Strong Cash flow, deleveraging balance sheets........................... 55
Cash flow to sales remains strong..........................................................................................55
Geared balance sheets deleveraging ......................................................................................56
Consolidation and cash return.................................................................................................57
Valuation opportunity..................................................................... 60
Valuation within F&F peers .....................................................................................................60
Valuations relative to non-cyclical chemicals...........................................................................60
Valuation relative to consumer peers......................................................................................61
Historical PE and PE relative in sector ....................................................................................62
F&F share price performance ......................................................... 64
Industry data.................................................................................... 65
Category breakdown of participant sales................................................................................66
Geographical breakdown of participant sales .........................................................................67
Market shares .........................................................................................................................68
Quarterly growth progressions ...............................................................................................70
Yearly growth progressions ....................................................................................................71
R&D .......................................................................................................................................74
Briefs pitches and win rate calculations..................................................................................75
Profit and cost comparisons ...................................................................................................76
Cash flow measures ...............................................................................................................79
Balance sheet comparisons ....................................................................................................81
F&F companies in a page................................................................ 85
Symrise ..................................................................................................................................86
Givaudan ................................................................................................................................87
International Flavors and Fragrance (IFF) ................................................................................88
Firmenich ...............................................................................................................................89
Takasago................................................................................................................................90
Sensient .................................................................................................................................91
T Hasegawa ............................................................................................................................92
Robertet.................................................................................................................................93
Mane Fils ...............................................................................................................................94
Appendix .......................................................................................... 95
Barriers to entry include..........................................................................................................95
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