Davy Research

Food, beverage & pharma

Food, beverage & pharma

All about revenue conversion (and patience)

The integration of the Peacock Foods acquisition (Greencore’s largest to date) and the concurrent on-boarding of significant new business in the UK and North America mark an...

May 16 2017 | Cathal Kenny , Roland French | Company Report | 5 pages

FY2017 results due May 17th

C&C will release FY2017 results on May 17th. We are forecasting EBIT of €94.1m (-8.8% year-on-year), within the range (€94-96m) provided by the company on March 10th. Currency...

May 10 2017 | Cathal Kenny | Company Report | 2 pages

Post FY 2016 results forecast update; valuation remains attractive

Venn is a small, fast growing Contract Research Organization (CRO) that is strategically positioned to take advantage of structural drivers in the outsourcing market. Near-term...

Apr 13 2017 | Andrew Young CFA | Company Report | 4 pages

Disciplined value creator

Glanbia has earned a reputation as an ambitious and sensible allocator of shareholder capital. It continues to execute on its growth agenda in a measured manner by managing active...

Apr 7 2017 | Cathal Kenny | Company Report | 9 pages

FY results to display strong underlying earnings growth ex-currency

Kerry will release FY 2016 results on February 21st. We expect the group to deliver low-double-digit EPS growth in constant currencies, with FX a c.5% headwind on the reported outturn....

Feb 14 2017 | | Company Report | 4 pages

Careful navigation required on margin and returns

A lower-than-expected margin out-turn in FY2016 prompted us to re-assess Givaudan’s underlying costs base and investment plans. We believe that any risk to margin and returns is more...

Feb 14 2017 | | Company Report | 9 pages

Turning cautious on near-term margin potential as dairy markets reflate; moving to 'Neutral' rating

After two consecutive years of margin progression, we believe Danone will struggle to lift underlying operating margins (ex-WhiteWave) in 2017. Margin development from 2018 onwards will...

Feb 9 2017 | Cathal Kenny , Declan Morrissey | Company Report | 28 pages

Fair value uplift as investment activity intensifies; €17 price target; reiterate 'Outperform' rating

Recent quarters have been particularly eventful across the Malin portfolio. We estimate that investment activity and valuation uplifts could have increased the group’s observable fair...

Jan 23 2017 | | Company Report | 5 pages

Value trumping growth; confidence on earnings outlook; DSM a top pick

In our 2016 mid-year review, we wrote that we were exiting the most benign investment period for the European food and beverage sector – what we did not expect, however, was the...

Jan 16 2017 | Cathal Kenny | Sector Report | 30 pages

Forecasts upgraded after strong Q3 outturn

A modest but welcome upgrade to FY guidance means that SZU is on track to deliver 60-70% growth in operating profit in the current year – back in absolute terms to 2009/10...

Jan 12 2017 | | Company Report | 3 pages

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