Nov 24 2020
Food and beverage
Recent Research
Meet your Food and beverage Research team
Cranswick plc
Strong H1 growth underpinned by retail channel shift
Against a challenging backdrop, Cranswick has delivered a very strong first-half performance, underpinned by the stay-at-home economic circumstance and strong demand for primary...
Symrise
Acquisition of Sensient’s fragrance business
Symrise has announced the acquisition of the fragrance business unit (revenues €77m) of listed US player Sensient Technologies overnight. The acquisition plays to the trends of...
Total Produce
Strong trading through October prompts further earnings upgrade
Total Produce’s (TP) trading update highlights continued positive operating performance through to the end of October, with key financial metrics now expected to be ahead of FY 2019....
Equity research
Bitcoin: the technology prodigy and ultimate category killer
Against a backdrop of growing interest, in this thematic report we undertake a deep-dive on the economic and technological principles of Bitcoin. Software is eating the world and...
Origin Enterprises
Strong rebound in cropping area provides solid foundation for FY21
The key takeaways from the Q1 release include (1) the strong rebound in UK winter plantings following more normalised weather conditions and (2) the expectation for year-on-year...
Givaudan
Research partnership announced with Novozymes
Givaudan’s new research partnership with Novozymes for the development of enzymatic and microbial solutions interests us on a few levels — firstly, the concept of sustainable...
Kerry Group
Model update – improving outlook
We maintain our FY20 EPS forecast (in line with company guidance) and pare our FY21 EPS by 3%. For Taste & Nutrition (T&N), we model for a return to volume growth in Q4-20 and an...
C&C
Model update – near-term demand influenced by pandemic and policy response
The near-term demand environment across C&C’s core markets remains shaped by the cadence of the pandemic and the related policy response on trade and mobility restrictions. We have...
Associated British Foods
Strong operational performance against unprecedented challenges
Associated British Foods’ (ABF) FY statement confirms an exceptional cash performance and a solid profit turnout at Primark despite significant end-market dislocation. ABF’s plan to...
DSM
Q3 results lend confidence to FY estimates
DSM’s Q3 result confirms continued momentum across its Nutritional platforms with the associated EBITDA margin towards the top end of its long-term range. Its Materials division saw a...
