DAVY VIEW

We believe Cranswick’s sustained share and volume growth points to a structural shift in the competitive landscape, with the company’s deepening moat and enhanced level of reinvestment (see “Breaking the piggy bank”) fortifying its position as a market leader through superior innovation, execution and operational capability. Following its recent trading update, we are raising our FY26 adjusted operating profit forecasts by c.2.7% to £227.5m. We see Cranswick’s current share price as a fair reflection of its existing operations but meaningfully undervalues the expanding potential of future growth and profit opportunities – we reiterate our share price target of £61.