Feb 24 2021
Food and beverage
Recent Research
DSM, Robust FY 2021 guidance provided
Feb 16 2021
Danone, Infant formula exports to China contract
Jan 28 2021
Meet your Food and beverage Research team
Glanbia
EPS ahead as cash generation impresses
The key takeaways from Glanbia’s FY20 result include:(i) improved trajectory for Glanbia Performance Nutrition (GPN) through H2; (ii) impressive cash generation with year-end net...
Total Produce
Novel deal structure provides significant value unlock and pathway for US IPO
The proposed deal structure to consummate the acquisition of Dole is in equal part novel as it is value accretive. Achievement of the minimum agreed IPO valuation condition catalyses...
DSM
Robust FY 2021 guidance provided
DSM’s Q4 result showcases strong momentum across both its Animal and Human Nutrition platforms, bolstered by strong demand for immunity-related products. The EBITDA contribution from...
Kerry Group
FY20 results in line; T&N returns to volume growth in Q4
Kerry’s FY20 results bookend an unprecedented period for the group. Headline forecasts were in line with our forecasts, with the Taste & Nutrition (T&N) division returning to volume...
Cranswick plc
Dual profit upgrades driven by continued strong volumes and margin
Cranswick’s Q3 trading update highlights continued growth through the Christmas period. High-single-digit volume growth was underpinned by strong retail channel demand and complemented...
Givaudan
Strong Fragrance growth outturn drives like-for-like beat
Givaudan’s fourth quarter results reflect an acceleration relative to Q3, with Fragrance & Beauty driving like-for-like (LFL) performance. The strength of Fine Fragrance was notable,...
Danone
Infant formula exports to China contract
Infant formula (IF) trade data (volumes) confirm that China imported c.2% less IF in 2020 versus 2019. The rate of decline was more pronounced through H2 2020. The fall follows an...
Symrise
Cyberattack drives lower Q4 growth; recovery expected in Q1
A cyberattack in mid-December has led to a c.100bps headwind to FY organic growth, leading Symrise to fall short on its organic sales target of 3-4% for FY 2020. EBITDA margin is now...
Greencore Group
Resilient first quarter; increased mobility headwinds bite in Q2
Greencore’s Q1 was broadly in line with our forecasts and highlighted a resilient revenue outturn in the context of the mobility backdrop. Like-for-like revenues in the key Food-to-Go...
Associated British Foods
Adjusting forecasts – strength of Primark model intact
Widespread store closures across the Primark estate and the likelihood of restriction extensions have prompted us to lower our FY 2021 EBIT estimates – we model for restrictions...
