DAVY VIEW

C&C has announced that Q4 FY22 trading will be impacted by COVID and associated government restrictions. On-trade volumes in December, a key month for the group, were c.30% below company expectations. Previous guidance released in October was premised on the continuation of current trading conditions. C&C will provide updated guidance in its FY2022 pre-close statement in March. For the current FY, we anticipate moving our EBIT forecast to c.€42.0m from €53.5m. For FY23 and FY24, we leave our forecasts unchanged. Our positive view on the investment case remains.