Davy Research

Food, beverage & pharma

Food, beverage & pharma

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

Capital Markets Day: new five-year targets underscore ambition

Glanbia’s Capital Markets Day, which took place at its Downers Grove Innovation Centre in Illinois, showcased an ambitious and relevant business at the centre of dynamic consumer trends....

May 29 2018 | Cathal Kenny , Roland French CFA | Company Report | 18 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

A differentiated and scalable business model with structural growth attributes

Few stocks under our coverage offer Kerry’s attractive combination of organic growth levers (volume growth and margin) and M&A optionality. Kerry’s winning strategy and competitive...

May 2 2018 | Liz Coen , Katy Hutchinson | Company Report | 24 pages

Dole investment: planting the seeds for the world’s largest fresh produce company

Total Produce’s (TP) investment in Dole represents a coming of age for its regional consolidation model and provides significant runway for future earnings and value growth. Vertically...

April 9 2018 | Roland French CFA | Company Report | 30 pages

‘Pure play’ orphan drug company with promising pipeline; ‘Outperform’ with 41p price target

Amryt Pharma presents an attractive investment opportunity in the orphan (rare) disease sector – a high growth sub-segment of the pharma market. Amryt is a ‘pure play’ orphan drug...

March 29 2018 | Andrew Young CFA | Company Report | 52 pages

Asia Food Service – growth roadmaps highly favourable for the sector

According to the Chinese Cuisine Association (CCA), China’s catering industry sales rose by 10.7% in 2017 to US$607bn and are forecast to increase by 10% in 2018. 2017 was a period of...

March 27 2018 | Liz Coen , Katy Hutchinson | Sector Report | 19 pages

Moving to ‘Neutral’ following material EPS downgrade

While Greencore’s restructuring of its US network is not surprising, the associated impact on profit development is unexpected. Greencore’s legacy US business has been its Achilles...

March 13 2018 | Cathal Kenny , Roland French CFA | Company Report | 6 pages

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