Food and beverage

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C&C

Matthew Clark Bibendum – building a downstream moat

The acquisition of Matthew Clark Bibendum (MCB) materially enhances C&C’s position across the UK drinks supply chain – offering a scale route-to-market for suppliers and a composite...

Danone

Rethinking Danone

The vestiges of inconsistent financial delivery at Danone are being discarded. Recent execution (margin expansion) in an inflationary cost environment gives us confidence that...

Origin Enterprises

Capital Markets Day showcases supply chain relevance; maiden five-year targets revealed

Origin’s management presented a robust defence of its supply chain relevance and potential at its recent Capital Markets Day. Maiden five-year targets reflect a pragmatic growth...

Origin Enterprises

Contrarians at the farm-gate

Key debates around Origin’s equity are evolving, with the focus now on farm subsidy changes, supply chain and technology adoption at farm-gate. Despite the rate of change, we believe...

ARYZTA

Depressed valuation as the market awaits evidence of productivity programme

Despite ongoing inflationary pressures and a tepid demand environment, we expect ARYZTA to reiterate FY guidance on March 12th (Davy model weighted to H2). The equity contract...

Kerry Group

FY results to demonstrate continuing strong underlying performance

We expect Kerry’s FY results (February 19th) to confirm achievement of its EPS guidance. For 2019, we anticipate continuing good volume momentum and margin expansion in Taste &...

Glanbia

An evolving set of building blocks in place to drive future growth

With momentum strengthening through 2018, we expect Glanbia’s upcoming results to confirm the achievement of FY 2018 targets. 2019 is set to continue in this fashion, underpinned by...

Symrise

Capital Markets Day – revenue mix key to unlocking margin

Symrise’s 2020-2025 targets are premised on the on-going delivery of sector-leading organic revenue growth. It anticipates that revenue mix will drive margin expansion (20-23% EBITDA...

Ingredients

A deep dive into the construct of EBIT margins – Symrise, Givaudan and Kerry Group

Margin delivery (2012-2017) at Givaudan and Kerry Group has impressed, +480bps and +230bps respectively. In contrast, Symrise’s EBIT margin has modestly declined – in part related to...

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...