DAVY VIEW

The centrepiece of Givaudan’s Summer Investor Conference was CEO Christian Stammkoetter’s report card on his first six months in office – the original framework for the group’s 2030 strategy remains valid. The conference provided a greater understanding regarding the drivers of recent underperformance within Taste & Wellbeing (T&W) alongside management's renewed focus on improving execution and driving growth. Givaudan remains confident in delivering a sequential improvement in like-for-like (LFL) sales growth for T&W, reflected in consensus expectations. The key unlock for the equity, which has underperformed the sector year-to-date, is improved T&W execution.