Givaudan SA

Givaudan, based near Geneva, is the world's largest maker of flavours and fragrances, creating the tastes and scents in food, drinks, perfumes and household products for customers worldwide. These are small, invisible ingredients that are hard to replace once designed into a recipe, giving it sticky revenue and high margins. Givaudan has raised its dividend every year for well over a decade without a cut, funded by dependable cash flow. The yield is modest because the shares trade at a premium, so the appeal is steady, compounding dividend growth from a defensive, high-quality niche leader.