Kerry Group

FY22 results preview – updating model for FX and disposal

  • Sectors : Foods
  • Companies : Kerry Group

Ratings and price correct at time of issue.

  • Kerry Group

    Closing Price: 8766c

  • RATING 30/06/09



Kerry will report FY22 results on February 16th. We expect the results to confirm a year of strong execution against unprecedented inflation and supply chain pressures. Raw material inflation recovery via pricing and sector-leading volume growth are FY22 model features. For FY23, we update our model for FX and the planned disposal of the Sweet Ingredients business; combined, these serve to lower our EPS forecast by c.5% to 445c. Fundamentals remain strong, allied with a compelling valuation (FY23 EV/EBITDA 13.6x). We reiterate our ‘Outperform’ call.

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Feb 10 2023, 07:00 GMT