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May 31 2024, 07:00 IST/BST
Greencore Group
Breadwinning execution
- Sectors : Foods
- Companies : Greencore Group
DAVY VIEW
Given strong execution, emphasized by its H1-24 performance, allied with the material ongoing progress made towards its multi-horizon approach, we believe Greencore will return to pre-COVID profitability (c.£106m) ahead of schedule. Self-help measures underpin the forecast model. We upgrade our adjusted operating profit for FY24 by 5.9% and FY25 by 1%. We pitch FY26 operating profit at £110m. We reiterate our ‘Outperform’ rating and upgrade our price target to 190p.
