DAVY VIEW

C&C is on a pathway to developing a highly efficient and relevant composite-wholesale platform in GB and Ireland. We expect platform attributes to translate into a higher quality earnings stream, driven by strengthening customer and supplier relevancy and augmented by tight cost control and cash conversion. An opportunity now exists for C&C to lead out on key initiatives such as ESG, digital and customer insights. A pathway to progressive earnings growth and free cash generation exists – which we believe is not reflected in valuation multiples. We reiterate our ‘Outperform’ call.