Apr 24 2019
Food and beverage
Recent Research
Associated British Foods, Destination Primark
Apr 12 2019
Meet your Food and beverage Research team
Origin Enterprises
Contrarians at the farm-gate
Key debates around Origin’s equity are evolving, with the focus now on farm subsidy changes, supply chain and technology adoption at farm-gate. Despite the rate of change, we believe...
ARYZTA
Depressed valuation as the market awaits evidence of productivity programme
Despite ongoing inflationary pressures and a tepid demand environment, we expect ARYZTA to reiterate FY guidance on March 12th (Davy model weighted to H2). The equity contract...
Kerry Group
FY results to demonstrate continuing strong underlying performance
We expect Kerry’s FY results (February 19th) to confirm achievement of its EPS guidance. For 2019, we anticipate continuing good volume momentum and margin expansion in Taste &...
Glanbia
An evolving set of building blocks in place to drive future growth
With momentum strengthening through 2018, we expect Glanbia’s upcoming results to confirm the achievement of FY 2018 targets. 2019 is set to continue in this fashion, underpinned by...
Symrise
Capital Markets Day – revenue mix key to unlocking margin
Symrise’s 2020-2025 targets are premised on the on-going delivery of sector-leading organic revenue growth. It anticipates that revenue mix will drive margin expansion (20-23% EBITDA...
Ingredients
A deep dive into the construct of EBIT margins – Symrise, Givaudan and Kerry Group
Margin delivery (2012-2017) at Givaudan and Kerry Group has impressed, +480bps and +230bps respectively. In contrast, Symrise’s EBIT margin has modestly declined – in part related to...
Cranswick plc
Growth platform underpinned by poultry and international ambitions
Cranswick’s evolution has been shaped by its strategic agility and progressive reinvestment model. Dedicated supply chains have deepened retailer relationships. The roots of the...
Kerry Group
Eastern promise - Kerry’s SE Asia journey is only beginning
Enabled by its localised solutions-led model, Kerry has built an enviable track record in SE Asia with a ten-year organic volume CAGR of 14%. Success is built on consumer insights, an...
C&C
Robust performance across core brands expected as investors get first sight of MCB
C&C will report interim results on October 25th. We expect core brands (Tennent’s, Bulmers and Magners) to have performed well, aided by favourable weather and the World Cup. While...
ARYZTA
Capital and productivity proposals enter the fold
FY2018 proved a traumatic year for ARYZTA shareholders, its travails well documented. The proposed capital raise seeks to address excess leverage and provide necessary funds to...
