Davy Research

Food, beverage & pharma

Food, beverage & pharma

Smaller companies address consumer sweet spot

Against the backdrop of a more health-conscious approach to food consumption, smaller food producers and manufacturers are capturing the growth trends of an industry that is...

Jun 16 2017 | Katy Hutchinson | Sector Report | 5 pages

Unrelenting Delivery of Growth

The UDG Healthcare investment thesis is a potent combination of structurally high organic growth and balance sheet capacity for investment that is potentially equivalent to 35% of the...

Jun 12 2017 | Allan Smylie CFA , Andrew Young CFA | Company Report | 55 pages

Revenue conversion is still key, but a clearer pathway to profit development is emerging

Following a good interim update and related management discussion, we believe a clearer pathway around profit development for the group is now emerging. Headwinds, such as raw material...

Jun 1 2017 | Cathal Kenny | Company Report | 3 pages

All about revenue conversion (and patience)

The integration of the Peacock Foods acquisition (Greencore’s largest to date) and the concurrent on-boarding of significant new business in the UK and North America mark an...

May 16 2017 | Cathal Kenny , Roland French | Company Report | 5 pages

FY2017 results due May 17th

C&C will release FY2017 results on May 17th. We are forecasting EBIT of €94.1m (-8.8% year-on-year), within the range (€94-96m) provided by the company on March 10th. Currency...

May 10 2017 | Cathal Kenny | Company Report | 2 pages

Post FY 2016 results forecast update; valuation remains attractive

Venn is a small, fast growing Contract Research Organization (CRO) that is strategically positioned to take advantage of structural drivers in the outsourcing market. Near-term...

Apr 13 2017 | Andrew Young CFA | Company Report | 4 pages

Disciplined value creator

Glanbia has earned a reputation as an ambitious and sensible allocator of shareholder capital. It continues to execute on its growth agenda in a measured manner by managing active...

Apr 7 2017 | Cathal Kenny | Company Report | 9 pages

FY results to display strong underlying earnings growth ex-currency

Kerry will release FY 2016 results on February 21st. We expect the group to deliver low-double-digit EPS growth in constant currencies, with FX a c.5% headwind on the reported outturn....

Feb 14 2017 | | Company Report | 4 pages

Careful navigation required on margin and returns

A lower-than-expected margin out-turn in FY2016 prompted us to re-assess Givaudan’s underlying costs base and investment plans. We believe that any risk to margin and returns is more...

Feb 14 2017 | | Company Report | 9 pages

Turning cautious on near-term margin potential as dairy markets reflate; moving to 'Neutral' rating

After two consecutive years of margin progression, we believe Danone will struggle to lift underlying operating margins (ex-WhiteWave) in 2017. Margin development from 2018 onwards will...

Feb 9 2017 | Cathal Kenny , Declan Morrissey | Company Report | 28 pages

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