DAVY VIEW

We upgrade our Cranswick FY28 and FY29 adjusted operating profit forecasts by c.5%, reflecting higher Poultry forecasts and stronger medium-term profit conversion. While individual projects are typically well received once announced, we continue to believe the market does not fully recognise the broader growth opportunity embedded within Cranswick’s forward investment pipeline. We reiterate our ‘Outperform’ rating and £66 price target (c.20% upside).