Davy Research

Food, beverage & pharma

Food, beverage & pharma

Still too bulky

While Tate & Lyle is on track to deliver its FY 2018 guidance (constant currency), we think the business is too reliant on its Bulk Ingredients (BI) division for profit growth – where...

March 5 2018 | Liz Coen , Katy Hutchinson | Company Report | 12 pages

High Noon - 2018 a defining year as productivity initiatives take centre stage

2018 will be a defining year for Danone – equity performance hinges on the success of its productivity initiatives. Its productivity programme has taken on greater significance in light...

February 14 2018 | Cathal Kenny , Katy Hutchinson | Company Report | 29 pages

Entering year one of its five-year plan in rude health

Across the ingredients sector, we believe that Kerry Group has the greatest potential for earnings growth over the medium term. The group has the dual organic growth levers of...

February 6 2018 | Liz Coen , Katy Hutchinson | Company Report | 14 pages

Beyond dairy: the next frontier

Starbucks’s new range of Evolution Fresh Daily Probiotic smoothies will reach shelves in February 2018, signalling the arrival of probiotics to fast moving consumer goods (FMCG)...

February 6 2018 | Katy Hutchinson , Liz Coen | Sector Report | 18 pages

Updating forecasts post Q1 – FY 2018 EPS unchanged, lower EBIT

We are updating our Associated British Foods (ABF) forecasts post its Q1 trading update. Our revised FY 2018 EBIT is 1.5% lower while EPS is broadly unchanged. For Primark, we forecast...

January 19 2018 | Liz Coen , Katy Hutchinson | Company Report | 9 pages

Free cash step-up and earnings stability prerequisites to higher rating

Greencore is exiting a phase of intense capital investment against a backdrop of negative earnings momentum and subdued sentiment towards the UK consumer. The change in trajectory...

November 16 2017 | Cathal Kenny , Roland French CFA | Company Report | 18 pages

A relatively unique natural ingredients company; organic growth yet to stabilise

With an exclusive focus on plant-based ingredients and flavours, Naturex is reasonably well-positioned to capitalise on the growing demand for naturals. However, significant SKU...

October 26 2017 | Katy Hutchinson | Company Report | 11 pages

A unique life sciences opportunity

Since its IPO in 2015, Malin has made significant progress in executing its strategy. It has allocated €372.5m across 18 portfolio companies, offering investors diversification of...

October 16 2017 | Andrew Young CFA | Company Report | 47 pages

New playbook required as European sugar market liberalises

After nearly 50 years of regulation, the European sugar market has now been liberalised. As such, we are entering a period of uncertainty for European sugar processors. Until visibility...

October 10 2017 | Cathal Kenny , Roland French CFA | Company Report | 21 pages

M&A activity levels on the rise in a dynamic sector

Food and beverage markets in the developed world are in the midst of a super-cycle in food renovation, with legacy supply chains and models being challenged and altered. Fragrance and...

October 6 2017 | Cathal Kenny , Katy Hutchinson , Liz Coen , Roland French CFA | Sector Report | 29 pages

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