Food and beverage

Meet your Food and beverage Research team

THG plc

Top-line delivery tempered by margin headwinds; strategic updates underscore optionality

The slowdown in growth through Q2 was modestly behind expectations. Coupled with margin headwinds, we will pare our FY 2021 EBITDA by c.6-7%. The group restructuring remains on track,...

C&C

Strong first-half delivery – results well ahead

C&C has delivered a strong first half with revenue and EBIT well ahead of our forecasts. The interim result reflects model relevancy and operational excellence and sets a strong...

DSM

Transformation continues

A strategic review of its Materials business accelerates DSM’s transition towards a group that is fully focused on Health, Nutrition & Bioscience. DSM enters the strategic review...

Associated British Foods

Strong operating control drives full-year profit upgrades

ABF’s pre-close statement points to a better-than-expected performance through Q4, driven by higher profits at Primark and non-retail businesses. Primark’s Q4 like-for-like (LFL)...

Givaudan

Investor conference – mapping growth ambitions

Givaudan’s recent half-year investor conference added substance to its 2025 strategy. The conference centered on the CHF14bn addressable market for Nutrition and Functional...

Dole plc

A fresh produce category leader with over 30% upside

Following conclusion of the IPO blackout, we have today published our Dole financial model. The combination of Total Produce and Dole creates the global leader in fresh produce and...

ARYZTA

Sale of Brazilian assets to Grupo Bimbo

ARYZTA has agreed to dispose of its Brazilian assets to Grupo Bimbo. While no transaction details were disclosed, we estimate a sale price of c.€100m (c.6x EBITDA). Following completion of...

Glanbia

High quality interim result

While the headline EPS out-turn was pre-announced, the construct of Glanbia’s interim result impressed on several levels – it married stellar earnings growth across both growth...

C&C

A better business to emerge post-crisis

C&C is on a pathway to developing a highly efficient and relevant composite-wholesale platform in GB and Ireland. We expect platform attributes to translate into a higher quality...

Symrise

Top-line momentum sustained

Symrise’s Q2 result confirms strong organic revenue delivery across both platforms – key themes such as a steep recovery in Fine Fragrance sales and impressive beverage category...