Givaudan: Finally Smelling A Buying Opportunity

2025-11-10 13:57:46 ET

We've really made the money out of high-quality businesses . - Charlie Munger

Givaudan SA ( GVDNY )( GVDBF ) is the world leader in perfume and flavor ingredients, a company we have been following for some time, but it always appeared too richly priced. Few renowned investors have stressed more the importance of focusing on high-quality businesses than Charlie Munger. At the same time, he also warned that "No matter how wonderful a business is, it's not worth an infinite price," and both Charlie and Warren Buffett have said that having a valuation "margin of safety" is critical in successful investing. When we have covered Givaudan in the past we have stressed the attributes that make it a wonderful business, but found the valuation difficult to justify. ...

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