Dec 5 2023
Food and beverage
Recent Research
Treatt plc, FY23 results – no surprises
Nov 28 2023
Dole plc, Model update – further profit upgrades
Nov 23 2023
Meet your Food and beverage Research team
Cranswick plc
Sector stalwart deepens moat
Cranswick’s continued focus on accretive reinvestment in capacity and capability has further deepened its moat and extended the duration of its competitive advantage period. Aligned...
Dole plc
Model update – further profit upgrades
We are upgrading our FY23 adjusted EBITDA forecasts by c.4% to c.$380m following Dole’s continued strong performance in Q3 – we expect this to persist through Q4. We believe that...
Cranswick plc
Robust H1 performance; full- year guidance upgraded
Cranswick has delivered a strong H1 performance, with revenue growth supported by positive volumes across all ‘core’ food divisions. Robust profit delivery was underpinned by margin...
Symrise
Sell-side briefing with CEO; recap on Capital Markets Day
We attended a sell-side briefing with Symrise CEO Dr Heinz-Jürgen Bertram in London. We would describe the tone as cautiously optimistic. Initial commentary on 2024 suggests an ambition...
Dole plc
Q3 results ahead; FY23 EBITDA guidance upgraded
Dole’s Q3 EBITDA performance was ahead of our expectations, driven by a strong performance in Diversified EMEA and a significant recovery in Diversified Americas and RoW. No further...
DSM-Firmenich
Teach-in upweights understanding of legacy Firmenich; integration on track
We attended dsm-firmenich’s teach-in at its Perfumery & Beauty (P&B) HQ in Switzerland. The visit included workshops across its P&B and Taste, Texture & Health (TTH) divisions,...
Associated British Foods
FY24 outlook positive; further £500m share buyback announced
Associated British Foods’ (ABF) FY23 adjusted operating profit came in modestly ahead of our expectations, supported by greater than anticipated margin delivery at Primark and strong...
Danone
Q3 update – FY23 LFL growth guidance raised
Q3 like-for-like (LFL) growth came in above our estimates at +6.2% (Davy: +4.5%), driven by further pricing across all categories and regions – volumes were resilient, improving...
C&C
H1 results in line, capital returns quantified
The recent pre-close update removed the element of surprise in the H1 result. C&C has reported H124 EBIT of €30.5m (in line with recent guidance). Noteworthy in the statement is a...
Kerry Group
FY guidance revised, Q3 Taste & Nutrition in line, buyback launched
While Taste & Nutrition (T&N) Q3 was in line with volume growth and with margin expansion in evidence, the Dairy Ireland (DI) division was impacted by challenging market conditions. Revised...
