Davy Research

Food, beverage & pharma

Food, beverage & pharma

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 | Company Report | 3 pages

Blue Apron IPO – a window into the niche, growing and competitive DIY meal-kit segment

The niche DIY meal-kit segment has emerged at the confluence of several consumer trends – increasing health consciousness, a focus on provenance and food traceability, a preference...

Jul 7 2017 | Roland French | Sector Report | 5 pages

Plant-based anchors its roots

Growing consumer awareness of sustainability, ethics, traceability and health has put the spotlight on plant-based products. Danone’s acquisition of WhiteWave in 2016 acted as the...

Jul 6 2017 | Katy Hutchinson | Sector Report | 8 pages

Smaller companies address consumer sweet spot

Against the backdrop of a more health-conscious approach to food consumption, smaller food producers and manufacturers are capturing the growth trends of an industry that is...

Jun 16 2017 | Katy Hutchinson | Sector Report | 5 pages

Unrelenting Delivery of Growth

The UDG Healthcare investment thesis is a potent combination of structurally high organic growth and balance sheet capacity for investment that is potentially equivalent to 35% of the...

Jun 12 2017 | Allan Smylie CFA , Andrew Young CFA | Company Report | 55 pages

Revenue conversion is still key, but a clearer pathway to profit development is emerging

Following a good interim update and related management discussion, we believe a clearer pathway around profit development for the group is now emerging. Headwinds, such as raw material...

Jun 1 2017 | Cathal Kenny | Company Report | 3 pages

All about revenue conversion (and patience)

The integration of the Peacock Foods acquisition (Greencore’s largest to date) and the concurrent on-boarding of significant new business in the UK and North America mark an...

May 16 2017 | Cathal Kenny , Roland French | Company Report | 5 pages

FY2017 results due May 17th

C&C will release FY2017 results on May 17th. We are forecasting EBIT of €94.1m (-8.8% year-on-year), within the range (€94-96m) provided by the company on March 10th. Currency...

May 10 2017 | Cathal Kenny | Company Report | 2 pages

Post FY 2016 results forecast update; valuation remains attractive

Venn is a small, fast growing Contract Research Organization (CRO) that is strategically positioned to take advantage of structural drivers in the outsourcing market. Near-term...

Apr 13 2017 | Andrew Young CFA | Company Report | 4 pages

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