DAVY VIEW

C&C expects to deliver EBIT of €84m for FY23, which is €2m below our forecast due to unanticipated costs relating to the recent ERP roll-out. We will leave our FY24 EBIT forecast unchanged. Strong cash generation was evident in the year, with net debt coming in lower than forecast. Dividend will be reinstated post its FY23 results, with further capital returns to be considered in due course. Our model needs to reflect higher interest costs, which will lower our FY23 and FY24 EPS forecasts by c.6% and c.2% respectively. C&C will report FY23 results on May 24th.