Jun 19 2025
Food and beverage
Recent Research
Cranswick plc, Solid finish to FY25
May 20 2025
AG Barr, Milton Keynes site visit
May 16 2025
Meet your Food and beverage Research team
Food
Model update for Givaudan and dsm-firmenich
Ahead of Q2 results we update our Givaudan and dsm-firmenich models and price targets. Headline forecast changes are modest. The sector continues to trade within a narrow range as...
Origin Enterprises
Q3 update reflects improving momentum
Origin Enterprises has delivered a good Q3 result, led by volume growth, which underpins its full-year EPS guidance of 50-52c (Davyf: 51.2c). Its burgeoning Living Landscapes platform...
Greencore Group
Bakkavor acquisition: a detailed study
We view the Greencore-Bakkavor acquisition as a compelling value creation opportunity. It establishes a c.£4bn revenue leader in chilled convenience foods by combining complementary...
AG Barr
Capital Markets Day – current strategy underpins continued momentum
At its recent Capital Markets Day (CMD), AG Barr outlined its medium-term ambitions, targeting organic revenue growth of 4-6%, an adjusted operating profit margin of 14-16% (FY25:...
C&C
FY25 results in line, encouraging start to FY26
Headline results for FY25 were in line with our forecasts and pre-announced figures. Progress on platform stabilisation was evident during the year as Matthew Clark Bibendum returned...
Cranswick plc
Solid finish to FY25
Cranswick’s FY25 adjusted operating profit came in modestly ahead of consensus at c.£207m (VA consensus: c.£202m, +c.2%). Like-for-like (LFL) growth remained robust in H2-25 at c.7%...
AG Barr
Milton Keynes site visit
AG Barr’s strong operational capabilities and commercial acumen were clearly evident during our recent visit to its Milton Keynes manufacturing facility. The company’s sharp focus on...
Greencore Group
Bakkavor acquisition – significant value potential
Greencore has finalised its agreement to acquire Bakkavor, and there are no meaningful changes to transaction details. Greencore expects to deliver at least £80m in cost synergies by...
Dole plc
Model update – FY25 upgrade
We are upgrading our FY25 adjusted EBITDA forecasts by c.3.5% to c.$393m following Dole’s strong performance in Q1-25. We continue to believe Dole’s current valuation undervalues its...
Treatt plc
H1 results in line
H1 results were in line, with figures pre-announced on April 10th. Full-year guidance is unchanged with added disclosure on the second half revenue bridge. Treatt implemented several...
