DAVY VIEW

We are initiating coverage of Genus plc, a global animal-genetics group with leading positions across porcine and bovine genetics. The investment case is underpinned by proprietary genetics, embedded customer relationships and a growing contribution from recurring royalty income. Sustained reinvestment in genetic improvement reinforces the competitive position of the franchise, while the increasing contribution from higher-return activities will support a progressively stronger earnings, cash flow and returns profile.