Associated British Foods

Model update – further upgrades

  • Sectors : Foods
  • Companies : Associated British Foods

Ratings and price correct at time of issue.

  • Associated British Foods

    Closing Price: 2384p

  • RATING 05/07/11

  • PREVIOUS RATING 03/11/10



Post Associated British Foods’ (ABF) Q1-24 results, we are raising our EPS forecasts for FY24 and FY25 by 5.1% and 4% respectively. Upgrades reflect increased confidence in Primark’s margin outlook allied with greater profitability expectations across the Ingredients and Grocery divisions. Further upside to Primark margin hinges on enhanced volume delivery and de-escalation of Red Sea disruptions throughout FY24. We increase our share price target to £28, implying upside of c.19%.

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Jan 29 2024, 07:15 GMT