Jan 22 2026
Food and beverage
Recent Research
Greencore Group, Bakkavor acquisition revisited
Jan 15 2026
Symrise, Launches inaugural buyback programme
Jan 13 2026
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Food
Results preview by stock: 2026 modelled to be below algorithm growth
Results season for the Ingredients sector commences with Givaudan on January 29th. The story of 2025 was slowing top-line growth as we exited the year, which is likely to inform the...
Ingredients
Ingredients chartbook: decadal valuation reversal; model updates
2025 was characterised by slowing top-line growth, which led to a further sector de-rating. For 2026, we model organic growth of c.3% for all names with improving momentum expected in...
Treatt plc
FY25 results in line with expectations
Treatt’s FY25 result bookends a difficult year for the group. FY25 results were broadly in line across key operating metrics. We expect operating momentum to improve through 2026,...
Greencore Group
Bakkavor acquisition revisited
With the Bakkavor acquisition set to complete on January 16th, we remain confident that the transaction represents a compelling value creation opportunity. The acquisition materially...
Symrise
Launches inaugural buyback programme
Symrise has announced the launch of its first ever buyback with a programme of up to €400m. In the context of valuation (multi-year lows), a strong balance sheet and healthy free...
Associated British Foods
Model update – further downside
We are cutting our FY26 and FY27 adjusted EPS forecasts by c.11% and c.6% respectively, reflecting weaker expected volume delivery (FY26: -c.2.3%) and ongoing margin pressure at...
Greggs plc
Model update – reduced FY26 forecasts
We are lowering our FY26 adjusted profit before tax (PBT) forecasts by c.6.5%, with the reduction largely driven by softer like-for-like (LFL) growth assumptions through the year, as...
Associated British Foods
FY26 profit warning
Primark like-for-like (LFL) growth remains challenging, declining c.3% in the period due to a meaningful pullback in European performance. Management now anticipates an adjusted operating...
Greggs plc
Q4 update – FY26 to remain challenging
Greggs increased Q4-25 managed shop like-for-like (LFL) sales by 2.9% (VA consensus: c.3%), noting that market conditions have remained challenging. For FY25, management expects the...
Robertet
Scent and Sensibility: initiating on Robertet
We are initiating coverage of Robertet, a mid-sized house in the global fragrance and flavour (F&F) sector with a long-standing focus on natural ingredients and a vertically integrated...
