DAVY VIEW

We believe the operating quality gap between Cranswick and its peers has widened pronouncedly. Multi-year investment, portfolio diversification and premiumisation have shaped the evolution of the business. Consistent mid-teen returns on capital screens an outlier across our coverage and underscores astute capital allocation. Last week’s Capital Markets Day (CMD) showcased a gold-standard poultry operation anchored by technology. Allied with recent investments across cooked bacon and breaded poultry categories, Cranswick’s focus on growth has not diminished.