DAVY VIEW

The Capital Markets Day (CMD) reassured on a number of fronts including progress on integration, ingredient toolkit relevancy and a sharper focus on operational execution allied with the achievement of financial targets. Mid-term targets are broadly in-line with our pro-forma FY27 margin forecast, although we are below on organic sales growth. Self-help measures continue to underpin FY24 and FY25 forecasts. A credible scientific and research overlay permeates the organisation, which will drive ingredient and product relevancy into the future. We reiterate our ‘Outperform’ rating and price target of €119.