Davy Research

Food and beverage

Food and beverage

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...

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

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...

August 13 2018 | Roland French CFA , Cathal Kenny | Company Report | 5 pages

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...

August 9 2018 | Cathal Kenny , Roland French CFA | Company Report | 6 pages

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...

August 9 2018 | Liz Coen , Katy Hutchinson | Company Report | 6 pages

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...

August 8 2018 | Cathal Kenny , Liz Coen | Company Report | 6 pages

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...

July 31 2018 | Cathal Kenny , Roland French CFA | Company Report | 6 pages

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...

May 30 2018 | Liz Coen , Katy Hutchinson | Company Report | 14 pages

Poultry in motion

Cranswick’s evolution has been shaped by its strategic agility and measured capital allocation. Dedicated supply chains (pork and poultry) and embedded customer relationships have...

May 15 2018 | Roland French CFA , Katy Hutchinson | Company Report | 34 pages

A new vintage: Matthew Clark Bibendum in the right hands

The acquisition of Matthew Clark Bibendum (MCB) is transformational for C&C’s UK platform. The transaction marks a material up-scaling of C&C’s downstream activities across core...

May 14 2018 | Cathal Kenny , Roland French CFA | Company Report | 21 pages

Cool runnings – a unique way to play the cold storage market

Norish has ownership of what we believe are scarce and well-located cold storage assets in the UK. The business is well-positioned in an expanding chilled and frozen goods sector. Having...

May 4 2018 | Katy Hutchinson | Company Report | 19 pages

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