Davy Morning Equity Briefing
Aug 27, 2025
Givaudan
Launches 2030 strategy; CEO and Chair succession announced
Givaudan has announced it 2030 strategy, which includes an ambition to deliver annual like-for-like (LFL) revenue growth of 4-6%, which compares with the previous target of 4-5%. Congruently, Givaudan has announced its Chief Executive Officer (CEO) and Chair transition. After an illustrious 30-year career at Givaudan, Gilles Andrier will retire as CEO, effective March 1st 2026, and will be proposed as the new Chair at the AGM in 2026. Christian Stammkoetter, current President Asia, Middle East & Africa at Danone, will become CEO, effective March 1st 2026. Givaudan’s decision to appoint a CEO from outside the organisation is a significant development.
Malin Corporation
H1 results
Malin has reported its interim results to June 30th, showing an intrinsic equity value of €9.52/share. This has reduced slightly to €9.45/share at August 25th. This follows the €150m tender offer that was completed in March. The company has reduced the estimated value of its interest in Viamet.
Irish economy
Population meets our forecast; well above official projections
Ireland’s population rose 1.5% in the year to April 2025, reaching 5.46m and matching our long-standing forecast. The result is above the baseline post-Census 2022 projection of 1.3% growth to 5.42m. Both immigration and emigration fell, with net inward migration just under 60k. However, this could prove to be an underestimate given the typical pattern of Census revisions. In keeping with public service numbers data, immigration for most working-age adults (aged 25-44) remained high despite a surprising 51% decline in estimated arrivals aged 45 and over. Net outward migration of Irish nationals continued for a fourth year in a row, although we expect this could begin to reverse if housing availability improves over the coming years. We continue to expect population growth at c.1.5-1.6% a year out to 2030.