Davy Morning Equity Briefing
Sep 01, 2026
Symrise
Sells its terpene ingredients business
Symrise has agreed to sell its terpene ingredients business to Mutares, a private equity firm quoted on the German market. The disposal was expected and in line with its strategy to concentrate on core growth platforms under ONE Symrise. The terpene business generated approximately €170m in sales. No financial terms were disclosed. The disposal removes a more commoditised non-core part of the business.
Givaudan
Summer Investor Conference – key highlights
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.
Irish economy
Energy drives inflation to 3.4%; core inflation moderates to 3%
Similar to Spain’s result last week, Irish inflation for August was driven higher by energy prices owing to renewed US-Iran conflict. This was somewhat offset by food prices, which were unchanged compared to July and up by just 0.6% in annual terms. Core inflation moderated to 3%, in line with our forecast, helped by some favourable base effects. Services prices were unchanged compared to July, suggesting underlying inflation pressures are not yet acute. However, upside risks to inflation remain for the months ahead due to a lagged impact of energy price increases.
