May 28 2020
Food and beverage
Recent Research
ARYZTA, EGM proposal received
May 21 2020
DSM, Nutrition guidance to reassure
May 7 2020
Meet your Food and beverage Research team
Greencore Group
Lower for longer revenue and margin friction prompts further forecast revisions
Our forecast revisions reflect a flatter revenue curve and lower anticipated operating margin through FY21. The latter assumes friction from the on-boarding of network costs prior to...
ARYZTA
Q3 update – passed the nadir but significant uncertainties remain
ARYZTA has passed through the eye of the COVID-19 storm with revenue scars highlighting the unprecedented operating backdrop. With sales declining by nearly 50% in April, ARYZTA moved...
Tate & Lyle
Good underlying delivery as transitory headwinds mount
Tate & Lyle’s FY 2020 results confirm good execution across the platform, with volume growth and operating leverage improving for value-add activities. FY 2021 will be impacted by...
ARYZTA
EGM proposal received
The boardroom battle at ARYZTA is set against a challenging operational backdrop and associated share price weakness. Its timing will likely distract from an unprecedented operational...
Greencore Group
Adapting the operating model in a highly uncertain environment
While Greencore has adapted its operating model to the current lockdown situation, the demand picture remains highly uncertain. Social distancing measures and recessionary forces will...
Greencore Group
Forecast updates and equity musings
The key debate for Greencore’s equity is the extent to which the current pandemic influences its long-term growth model. In the near-term, social distancing measures and recessionary...
DSM
Nutrition guidance to reassure
DSM’s first-quarter performance points to a strong organic growth out-turn in its Animal Nutrition division as the rebuild of swine stocks boosts volumes. Despite exiting the quarter...
Kerry Group
Updating forecasts to capture transitory headwinds
The overarching takeaway from Kerry’s Q1 conference call was the scale and intensity of customer engagement, underlining a growing partnership ethos. The current crisis is placing a...
Symrise
Modest changes to forecasts; growth weighted to H2
Q2 is likely to bear the peak COVID-19 impact for Symrise as growth in higher-mix activities such as Fine Fragrance temporarily halts. Symrise’s Nutrition division continues to deliver...
ARYZTA
Further COVID-19 update: managing cash, costs and covenants
The key takeaways from ARYZTA’s May 4th update include the increase in liquidity since late March and the agreement with lenders to increase headroom under the banking covenants out...
