Davy Research

Food, beverage & pharma

Food, beverage & pharma

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...

Nov 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...

Oct 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...

Oct 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...

Oct 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...

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

New phase - optimising the operating franchise and free cash flow

A new phase of development at ARYZTA is underway as the baton of responsibility passes to the incoming executive team. CEO Kevin Toland must deliver on debt reduction while optimising...

Sep 20 2017 | Cathal Kenny | Company Report | 11 pages

Margin and returns in focus

Following a major profit setback in FY2016, Origin is expected to report a solid improvement in underlying EBIT for FY2017. Of focus will be the extent to which operating margins and...

Sep 19 2017 | Cathal Kenny | Company Report | 11 pages

US field trip: North American growth platform bearing fruit

The emergence of a North American growth platform provides a compelling opportunity for Total Produce and a unique point of difference to its equity story. With high quality anchor...

Sep 8 2017 | Cathal Kenny , Roland French CFA | Company Report | 31 pages

Asia – an introduction to Kerry’s leading emerging markets platform

When Kerry unveils its new five-year targets on October 11th under incoming CEO Edmond Scanlon, we expect the Asia Pacific (ASPAC) division to be an area of focus. Asia (within ASPAC)...

Aug 1 2017 | Liz Coen | Company Report | 32 pages

Site visit – ensuring ‘MUP ready’ ahead of potential spring 2018 implementation in Scotland

C&C’s site visit on June 28th provided further colour on the potential implications of Minimum Unit Pricing (MUP) for alcohol in Scotland. Management believes the group will be ‘MUP...

Jul 10 2017 | Roland French CFA | Company Report | 3 pages

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