DAVY VIEW

Kerry’s FY23 result was in line with its guidance range. The adjusted EPS result of 430.1c compares with Visible Alpha consensus of 432c. The business advanced the EBITDA margin through FY23 despite softer volumes in Q4-23. Strong free cash generation was notable and came in ahead of our expectations. FY24 guidance calls for 5-8% EPS growth, with the mid-point implying an EPS of c.458c – we expect to move to the mid-point, which is 3% below our current EPS forecast. The Board of Kerry Group plans a further buyback programme in 2024 once the current €300m programme completes.