DAVY VIEW

Cranswick’s proposed step-up in capital investment signals clear intent towards future growth in a market increasingly characterised by underinvestment, further deepening its competitive advantage. While such an increase might be perceived as higher risk, Cranswick’s consistent track record of translating investment into sales and profit provides a strong degree of reassurance around delivery. Extending our model into the medium term, we now forecast c.41% growth in absolute adjusted operating profit from FY24 to FY29F. We increase our share price target to £61, implying c.25% upside.