Sep 16 2021
Food and beverage
Recent Research
DSM, Transformation continues
Sep 14 2021
DSM, $450m value-add Ingredient acquisition
Sep 3 2021
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THG plc
Top-line delivery tempered by margin headwinds; strategic updates underscore optionality
The slowdown in growth through Q2 was modestly behind expectations. Coupled with margin headwinds, we will pare our FY 2021 EBITDA by c.6-7%. The group restructuring remains on track,...
C&C
Strong first-half delivery – results well ahead
C&C has delivered a strong first half with revenue and EBIT well ahead of our forecasts. The interim result reflects model relevancy and operational excellence and sets a strong...
DSM
Transformation continues
A strategic review of its Materials business accelerates DSM’s transition towards a group that is fully focused on Health, Nutrition & Bioscience. DSM enters the strategic review...
Associated British Foods
Strong operating control drives full-year profit upgrades
ABF’s pre-close statement points to a better-than-expected performance through Q4, driven by higher profits at Primark and non-retail businesses. Primark’s Q4 like-for-like (LFL)...
Givaudan
Investor conference – mapping growth ambitions
Givaudan’s recent half-year investor conference added substance to its 2025 strategy. The conference centered on the CHF14bn addressable market for Nutrition and Functional...
Dole plc
A fresh produce category leader with over 30% upside
Following conclusion of the IPO blackout, we have today published our Dole financial model. The combination of Total Produce and Dole creates the global leader in fresh produce and...
ARYZTA
Sale of Brazilian assets to Grupo Bimbo
ARYZTA has agreed to dispose of its Brazilian assets to Grupo Bimbo. While no transaction details were disclosed, we estimate a sale price of c.€100m (c.6x EBITDA). Following completion of...
Glanbia
High quality interim result
While the headline EPS out-turn was pre-announced, the construct of Glanbia’s interim result impressed on several levels – it married stellar earnings growth across both growth...
C&C
A better business to emerge post-crisis
C&C is on a pathway to developing a highly efficient and relevant composite-wholesale platform in GB and Ireland. We expect platform attributes to translate into a higher quality...
Symrise
Top-line momentum sustained
Symrise’s Q2 result confirms strong organic revenue delivery across both platforms – key themes such as a steep recovery in Fine Fragrance sales and impressive beverage category...
