DAVY VIEW

Cranswick’s continued focus on accretive reinvestment in capacity and capability has further deepened its moat and extended the duration of its competitive advantage period. Aligned with its strategic pivot into nascent growth sectors, leadership persistently propels returns potential upward, unlocking strong future value for shareholders. We increase our FY24 and FY25 adjusted operating profit by 3.8% and 5.2% respectively. The group’s acumen in capacity rollout is underpinned by expected cumulative operating profit growth of c.34% from FY22 to FY25f. We are also increasing our share price target to £46.5, implying 19% upside.