Oct 29 2026
Food and beverage
Recent Research
C&C, On track to meet full-year expectations
Oct 28 2026
Meet your Food and beverage Research team
Associated British Foods
FY26 results preview – limited margin of safety
We remain cautious on Associated British Foods (ABF) ahead of its FY26 results (November 3rd). While Primark’s recent price reductions should support its competitive position, we...
Symrise
Q3 sales ahead; investments to weigh on margin
Q3 organic sales growth of 5.3% was modestly ahead of expectations, supported by strong volume growth. Encouragingly, Pet Food and Care & Wellness both returned to growth....
Danone
Q3 update – volume miss; guidance confirmed
Q3 like-for-like (LFL) sales growth was marginally ahead of consensus at +4% (VA: +3.9%), although volume/mix growth was softer at +0.4% (VA: +0.9%), led by weakness in Waters. We...
C&C
On track to meet full-year expectations
C&C’s interim results are in line with the September 11th pre-announcement, with the key positive a better-than-expected sequential rebuild in Distribution margins. Guidance is unchanged,...
Kerry Group
Q3 volumes ahead – guidance reiterated, further buyback
Kerry Group returned to +4% volume growth for the first time since Q4-24, with all regions delivering a sequential improvement. The performance of the Americas business was notable...
Greencore Group
Model update – shares remain significantly undervalued
We are increasing our FY27 and FY28 adjusted operating profit forecasts for Greencore by c.2.5%, reflecting stronger-than- anticipated FY26 profit conversion. We are also meaningfully...
Kerry Group
US investor event showcases model strength
Kerry’s recent North America-focused investor event conveyed a clear sense of momentum and ambition. Since our previous visit two years ago, confidence in the relevance of the...
Greencore Group
Q4 update: a further upgrade to FY26 profitability
Greencore has sustained its strong trading momentum into Q4-26, achieving +4.5% pro-forma sales growth (Davy implied: +3.6%), underpinned by +2.1% manufactured volume growth. Underlying...
Givaudan
Q3 volume-led beat; Fine Fragrance shines
Givaudan delivered Q3 like-for-like (LFL) sales growth of 8.6%, which was well ahead of expectations. Fragrance & Beauty was the standout performer with exceptional growth in Fine...
Givaudan
Investor field trip – focus on Taste & Wellbeing Europe
We attended Givaudan’s recent investor field trip in Naarden, the Netherlands, which showcased Taste & Wellbeing (T&W) Europe, the division’s largest region at 28% of T&W sales. The...
