Download full report with analyst certification and important disclosures
Jan 29 2024, 07:15 GMT
Associated British Foods
Model update – further upgrades
- Sectors : Foods
- Companies : Associated British Foods
DAVY VIEW
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%.
