Davy Morning Equity Briefing
Apr 22, 2026
Danone
Q1 results – resilient start
Q1 like-for-like (LFL) growth came in marginally above consensus estimates at +2.7% (Visible Alpha (VA): +2.6%). Volume/mix contributed +1.5%, with positive performance across all categories, although European growth was impacted by the recent IMF recalls. Danone continues to deliver strong volume growth in a challenging environment. The company has confirmed FY26 guidance, and we envisage limited changes to our forecasts at this time.
Givaudan
Spring conference – showcasing Middle East Fine Fragrance
The Fine Fragrance opportunity in the Middle East is underpinned by a deepârooted cultural affinity with perfumery, favourable demographics and the global ascent of Arabian fragrance. Givaudan has capitalised on these dynamics through firstâclass execution, delivering 48% fiveâyear annual average sales growth in the SAMEA region. The group continues to deliver sector-leading growth across Fragrance and, following a strong Q1-26, we expect this trend to continue. We explore the market dynamic in this report.
Kenmare
Guidance maintained in Q1 production report
Kenmare has maintained guidance on all metrics for FY2026 in its Q1 production report. This is positive given the macro backdrop. Production decreased in Q1, which conserves cash and is supported by the sale of inventory and cost reductions. Industry supply is declining, which supports the outlook on market pricing.
UK economy
Inflation meets consensus in March before likely falls in April
UK consumer price inflation (CPI) was in line with consensus for March, and slightly below consensus for core inflation. While services inflation remains higher than the Bank of England would prefer, on balance we think the labour market data also published this week points to ongoing disinflation, especially with respect to slowing growth in private-sector regular pay growth. There should be no imminent need for an increase to Bank Rate as a result.
Irish economy
Growth is still likely to exceed the latest official projections
The latest macroeconomic and fiscal forecasts by the Department of Finance remain aligned to the consensus view of slower increases in employment and economic activity. We think faster growth looks likely given the Government’s capital spending plans. We also see upside risk to revised forecasts of the public finances, helped by the economy’s demonstrated resilience.
