DAVY VIEW

Cranswick and Greencore will release their FY26 and H1-26 results on May 19th and 27th respectively. We believe both companies are particularly well positioned, with the themes outlined in “Private label growth: a detailed study” compounded by the cost implications of the recent geopolitical instability rather than disrupted by them. In our view, the prospect of renewed cost pressure should further support private label adoption and strengthen the position of scaled own-label suppliers with embedded retail relationships, surplus capacity and established pass-through mechanisms. We maintain our price targets of £66 for Cranswick and £3.60 for Greencore.