Oct 17 2018
Food and beverage
Recent Research
Greencore Group, A value accretive back-step
Oct 15 2018
Südzucker, Reports full detail of Q2 out-turn
Oct 11 2018
Meet your Food and beverage Research team
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...
Corbion
Q2 results: EBITDA modestly lower – key projects on track
While our 2018 EBITDA forecast is likely to be nudged lower, we believe that Corbion continues to make progress across key initiatives — PLA commissioning (H2 2018), AlgaPrime...
Greencore Group
Q3 statement highlights strong growth in Peacock Foods; FY2018 guidance unchanged
Greencore’s Q3 update suggests that revenue growth is running ahead of our expectations. This is largely driven by Convenience Foods North America, where revenue growth has...
Tate & Lyle
New CEO outlines growth ambitions
Post Tate & Lyle’s FY 2018 results, we are upgrading our FY 2019 operating profit and adjusted diluted EPS forecasts by 6% and 10% respectively with profit growth remaining weighted...
