Total Produce

Forecast revisions and IPO considerations

  • Sectors : Foods
  • Companies : Total Produce

Ratings and price correct at time of issue.

  • Total Produce

    Closing Price: 207c

  • RATING 14/05/10

  • PREVIOUS RATING 30/06/09

    NEUTRAL

DAVY VIEW

The proposed Dole acquisition and IPO structure has unlocked the Total Produce (TP) equity. The strong full-year outturn confirms the quality of the model and sets an excellent foundation ahead of the IPO process. Operational excellence, sustainability credentials and global sector leadership represent key tenets of the equity story. An unencumbered balance sheet provides a day-one mandate for organic and investment growth. Investor focus is now turning to the IPO process and potential demand and pricing. Peer multiples infer a prudent agreed minimum valuation floor.

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Mar 5 2021, 07:00 GMT

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