DAVY VIEW

We believe Cranswick’s continued share and volume growth signal a fundamental shift in the competitive landscape, with the company’s deepening moat fortifying its position as a market leader through superior innovation, execution and operational acumen. Following its recent trading update, we are raising our adjusted operating profit forecasts by c.6% in both FY25 and FY26. We maintain our ‘Outperform’ rating and increase our price target to £56, implying c.11% upside.