Davy Research

Associated British Foods

H1 results as anticipated; excellent progress in Sugar, Retail and Grocery
Foods
Associated British Foods

DAVY VIEW

Associated British Foods (ABF) has delivered “excellent” progress in adjusted operating profit and adjusted EPS in the first half, underpinning its outlook for the year of “good growth” in operating profit and EPS (Davy: +9.4% year-on-year (yoy)). All divisions are performing as expected. Primark like-for-like (lfl) metrics remained in line with the Q1 update, while Sugar, Grocery and Ingredients continue to perform well. With £200m of net cash on hand, the group has plenty of growth levers.

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • Associated British Foods

    Closing Price: 2718p

  • RATING 05/07/11

  • PREVIOUS RATING 03/11/10

    Neutral

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