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Feb 6 2018, 08:15 GMT
Across the ingredients sector, we believe that Kerry Group has the greatest potential for earnings growth over the medium term. The group has the dual organic growth levers of volume and margin advancement. It also has ample balance sheet capacity to expand through M&A (net debt/EBITDA falling to 1.2x by December 2018). Strengthening fundamentals, growing relevancy and ambitious five-year targets anchor our view of Kerry as an enterprise with structural growth attributes. The next catalyst will be FY 2017 results, due on February 20th, when Edmond Scanlon delivers his first set of full year results as CEO.