Dec 4 2018
Food and beverage
Recent Research
Meet your Food and beverage Research team
Cranswick plc
Growth platform underpinned by poultry and international ambitions
Cranswick’s evolution has been shaped by its strategic agility and progressive reinvestment model. Dedicated supply chains have deepened retailer relationships. The roots of the...
Kerry Group
Eastern promise - Kerry’s SE Asia journey is only beginning
Enabled by its localised solutions-led model, Kerry has built an enviable track record in SE Asia with a ten-year organic volume CAGR of 14%. Success is built on consumer insights, an...
C&C
Robust performance across core brands expected as investors get first sight of MCB
C&C will report interim results on October 25th. We expect core brands (Tennent’s, Bulmers and Magners) to have performed well, aided by favourable weather and the World Cup. While...
ARYZTA
Capital and productivity proposals enter the fold
FY2018 proved a traumatic year for ARYZTA shareholders, its travails well documented. The proposed capital raise seeks to address excess leverage and provide necessary funds to...
Givaudan
South-East Asian growth platform
The South-East (SE) Asian market growth opportunity took centre stage at Givaudan’s half-year investor conference. A number of themes – regional diversity, the dominance of the...
Food and beverage
The great polarisation – growth trumping value
We are in danger of becoming conditioned to what feels like the perpetual underperformance of value stocks. 2016 was the only year over the last decade in which the MSCI World Value...
Symrise
Organic growth acceleration, led by Scent & Care; FY sales outlook raised
Symrise’s interim update confirms a strong first half with a better-than-expected revenue out-turn. An acceleration in organic growth to 10.6% in Q2 (H1: 9.0%) solidifies its leadership...
ARYZTA
Planned capital raise announced
Following a detailed review of its capital structure, ARYZTA has announced its intention to raise up to €800m of new equity, primarily via a rights issue. Recent share price capitulation...
Glanbia
Interim results in line with expectations; FY guidance reiterated
As anticipated, Glanbia’s performance reflects a period of intense product and channel investment against a backdrop of softer dairy markets. Good volume growth was achieved across...
Kerry Group
Interims in line; a good start to the five-year plan
Kerry Group’s interim statement confirms another strong period of delivery. Within T&N, healthy volume growth was sustained (H1: +4.1%), led by developing markets (+9.6%). Group...
