Greencore Group

Model update – on a roll

  • Sectors : Foods
  • Companies : Greencore Group

Ratings and price correct at time of issue.

  • Greencore Group

    Closing Price: 215p

  • RATING 04/04/24

  • PREVIOUS RATING 13/03/18

    NEUTRAL

DAVY VIEW

Following its recent trading update and third consecutive upgrade, we are raising our adjusted operating profit numbers for FY24 and FY25 by 7.6% and 5% respectively. We now forecast Greencore to return to absolute pre-COVID profitability (£106m) by the end of FY25. We posit its current valuation does not fully reflect the quality of its self-help delivery, nor its tangible path towards further growth in returns and profitability. We maintain our ‘Outperform’ rating and increase our share price target to 250p (c.17% upside).

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Oct 23 2024, 07:10 IST/BST

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