Feb 18 2020
Food and beverage
Recent Research
Danone, The rocky road to 2020 targets
Feb 10 2020
Meet your Food and beverage Research team
Kerry Group
In line result – strengthening momentum in evidence
Kerry’s full-year result confirms that it exited 2019 with strengthening momentum as it continues to enhance its leadership position in Ingredient Solutions. In the context of a...
Ingredients
IFF: broad guidance range reflects market uncertainties
Management’s broad guidance range for 2020 is emblematic of the current revenue environment – marked by volatility and complexity. The market is still trying to get comfort on the...
DSM
Nutrition momentum slows – moving to a ‘Neutral’ rating
DSM’s transformation to a growth-led organisation has impressed. From 2015 to 2019, it grew EBITDA by close to 60%, driven by sustained organic revenue growth and margin expansion...
Ingredients
China – Q1 headwinds under-appreciated
While the outbreak of coronavirus across China has been well-documented, its economic impact remains under-appreciated by the market. Inter-connected supply chains are likely to amplify...
Danone
The rocky road to 2020 targets
We buy into the ‘New Danone’ ethos of greater discipline, relevance and adaptivity – as evidenced by margin and revenue progression. However, Danone has a habit of reminding investors...
Tate & Lyle
Robust performance despite slowing volumes
Tate & Lyle has delivered a robust Q3 performance, pointing to ongoing operational progress across the group. The absence of volume growth in Food & Beverage Solutions is the only...
Greencore Group
Muted start to FY 2020 against challenging backdrop
The muted start to FY 2020 was not unexpected in the context of a challenged retail backdrop and strong prior year comp. Like-for-like growth in Food-to-Go (FtG) (+0.5%) was driven...
Givaudan
Growth headwinds persist through Q4
Givaudan’s Q4 revenue out-turn has missed expectations and points to slowing momentum as pricing-led organic growth begins to taper. Weakness in North America Flavours has now...
C&C
Enhanced platform, enhanced potential
Twenty months on from the Matthew Clark Bibendum (MCB) acquisition, C&C’s ambitions for its integrated platform continue to develop. MCB has quickly re-emerged as a highly relevant...
Ingredients
2020: risk of a growth sabbatical – time for vigilance
Delivery of best-in-class revenue growth has been a defining tenet of sector leadership in Flavour and Fragrance (F&F)/Ingredients. A strong relationship exists between the rate of...
