Sep 10 2025
Food and beverage
Recent Research
Treatt plc, Cash offer at modest premium
Sep 8 2025
Dole plc, Model update – unpeeling the upside
Aug 13 2025
Glanbia, H1-25 results ahead, guidance raised
Aug 13 2025
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Associated British Foods
Subdued LFL sales growth at Primark
Associated British Foods’ (ABF) year-end trading update reads more cautious relative to its interim outlook. In a challenged consumer environment, Primark sales were softer than...
Givaudan
2030 strategy unveiled – moving to ‘Outperform’
Givaudan’s 2030 strategy is a continuum of its 2025 roadmap, with a step-up in its revenue ambitions allied with a broadening of its addressable market. The elevation of the Pet...
Treatt plc
Cash offer at modest premium
The Board of Treatt is recommending a cash offer for the business – the offer is a very modest 16% premium to the closing price on September 5th. As of September 5th, the shares...
Givaudan
Launches 2030 strategy; CEO and Chair succession announced
Givaudan has announced it 2030 strategy, which includes an ambition to deliver annual like-for-like (LFL) revenue growth of 4-6%, which compares with the previous target of 4-5%....
Dole plc
Model update – unpeeling the upside
We are upgrading our FY25 and FY26 adjusted EBITDA forecasts by c.2% and c.3% to $400m and $421m respectively. The Fresh Vegetables sale resets Dole’s equity story. Balance sheet...
Glanbia
H1-25 results ahead, guidance raised
Glanbia’s H1-25 EBITDA came in 6.5% ahead of our forecast. Notably, Optimum Nutrition (ON) returned to positive like-for-like (LFL) revenue growth in the second quarter (+2%), ahead of...
Dole plc
H1-25 results: robust Q2 outcome, further guidance raise
Dole delivered robust Q2 adjusted EBITDA growth of +9.3% to c.$137m, c.9% ahead of consensus, driven by a strong performance across the Diversified Fresh Produce segments. Given its...
Dole plc
Disposal of the Fresh Vegetables division
Dole has announced the disposal of its Fresh Vegetables division, which is an important milestone for the group. The event strengthens the Dole investment case and frees up management...
dsm-firmenich
H1-25 adjusted EBITDA in-line; growth driven by Animal Nutrition & Health
DSM-firmenich (DSFIR) delivered an in-line EBITDA result for Q2-25. It is a mixed picture under the bonnet for Q2 with flat organic sales growth for Perfumery & Beauty (P&B) and 2%...
Symrise
Lower Q2 organic sales growth offset by margin; outlook revised
Symrise’s Q2 organic sales of +2.0% were lower than expected with a flat volume out-turn in its Taste, Nutrition and Health business, driven by Pet Food activities. Better-than-expected...
