Nov 27 2019
Food and beverage
Recent Research
Glanbia, BellRing Brands’ maiden results
Nov 25 2019
Meet your Food and beverage Research team
Cranswick plc
Analyst briefing – earnings momentum skewed to the upside
The African Swine Fever (ASF) situation in China marks a critical juncture for the global protein market. The magnitude of the pork volume shortfall in China is offering substantial...
Cranswick plc
Strong revenue and profit delivery underpinned by export performance
Against the backdrop of competitive domestic markets, Cranswick has delivered a strong set of results. The African Swine Fever (ASF) situation in China has prompted a surge in...
Greencore Group
FY results in line – against a more subdued revenue environment
Greencore delivered an in line FY 2019 result. Good underlying free-cash conversion was notable. It exited FY 2019 with slowing top-line momentum as market conditions in the UK remained...
Glanbia
BellRing Brands’ maiden results
The recent IPO of BellRing Brands expands the universe of listed sports nutrition peers and showcases the success of a brand-focused model aligned to structurally growing formats and...
Plant-based protein
Cut the bull: a ready-made opportunity for the Ingredients sector
The innovation floodgates have opened on the meat-alternative space – akin to a fast-moving arms race. As the market prepares for second generation innovations, this movement has...
Corbion
AlgaPrime in focus
While Corbion’s Q3 EBITDA was modestly ahead of expectations, slower-than-expected growth (demand-pull) for AlgaPrime is a cause for concern. Corbion is transitioning a new CEO who has...
Symrise
Modest miss on top-line as Scent & Care weaker than expected
Symrise has posted a modest miss on the top-line as Scent & Care growth came in below expectations. A substantial slowdown in the North America region in Q3 signals that pockets of...
ARYZTA
Volume challenges in North America persist
Better-than-expected margin and cash delivery in FY 2019 (driven by self-help initiatives) was overshadowed by a steep decline in North America volumes for Q4. As such, concerns over...
Greencore Group
Acquisition of Freshtime enhances food-to-go salad capabilities
Greencore has enhanced its food-to-go (FtG) salad capabilities via the £56m acquisition of Freshtime, a supplier of snack salads and prepared vegetables to the UK grocery and...
Food and beverage
Is growth the new margin of safety?
Against a backdrop of accommodative monetary policy, the importance of growth to valuation has risen exponentially. The classic barometer for ‘margin of safety’ has also shifted –...
