Food and beverage

Meet your Food and beverage Research team

ARYZTA

Volume challenges in North America persist

Better-than-expected margin and cash delivery in FY 2019 (driven by self-help initiatives) was overshadowed by a steep decline in North America volumes for Q4. As such, concerns over...

Greencore Group

Acquisition of Freshtime enhances food-to-go salad capabilities

Greencore has enhanced its food-to-go (FtG) salad capabilities via the £56m acquisition of Freshtime, a supplier of snack salads and prepared vegetables to the UK grocery and...

Food and beverage

Is growth the new margin of safety?

Against a backdrop of accommodative monetary policy, the importance of growth to valuation has risen exponentially. The classic barometer for ‘margin of safety’ has also shifted –...

Kerry Group

Reassuring update – good foundation for FY delivery

In the context of an underwhelming results season from its peer set, Kerry’s interim report and outlook reassures and suggests continued operating momentum through H2 2019. Kerry...

DSM

Good delivery against a more challenging backdrop

DSM continues to execute well in an environment with broadening complexities. Momentum slowed in the key Human Nutrition segment as larger food and beverage customers showed signs of...

Danone

Improving execution triggers modest upgrade

Danone’s interim result was notable in so far as it simultaneously lifted gross and EBIT margin – a dynamic that was absent in FY17 and FY18. The out-turn impressed in the context of...

C&C

Matthew Clark Bibendum – building a downstream moat

The acquisition of Matthew Clark Bibendum (MCB) materially enhances C&C’s position across the UK drinks supply chain – offering a scale route-to-market for suppliers and a composite...

Danone

Rethinking Danone

The vestiges of inconsistent financial delivery at Danone are being discarded. Recent execution (margin expansion) in an inflationary cost environment gives us confidence that...

Origin Enterprises

Capital Markets Day showcases supply chain relevance; maiden five-year targets revealed

Origin’s management presented a robust defence of its supply chain relevance and potential at its recent Capital Markets Day. Maiden five-year targets reflect a pragmatic growth...

Origin Enterprises

Contrarians at the farm-gate

Key debates around Origin’s equity are evolving, with the focus now on farm subsidy changes, supply chain and technology adoption at farm-gate. Despite the rate of change, we believe...