DAVY VIEW

Kerry’s full-year result confirms that it exited 2019 with strengthening momentum as it continues to enhance its leadership position in Ingredient Solutions. In the context of a multifarious operating environment, the statement reassures – with Kerry executing against its Taste & Nutrition (T&N) strategic growth priorities with above market volume growth, margin expansion and reinvestment. Guidance of 5-9% constant currency EPS growth captures Q1 developments in China. We envisage a 3-4% upgrade (base effect and FX) to FY2020 adjusted EPS forecasts.