Food and beverage

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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...