Food and beverage

Meet your Food and beverage Research team

Greencore Group

Cost and cash measures in response to COVID-19

The marked reduction in demand for Food-to-Go (FtG) products is not unexpected given its strong dependence on workforce footfall. Growth in longer-lived products will only partially...

Associated British Foods

Adjusting forecasts – quality to win out

The recent closure of Primark’s global store estate has led us to materially lower EBIT estimates. Our Primark assumptions are anchored by conservatism — we model a six-month period...

Total Produce

COVID-19 update highlights resilience of model

Total Produce’s trading update highlights the resilient and defensive nature of its operating model. While it has modestly lowered full-year expectations, this is a strong performance...

Ingredients

A new operating age — the strong will get stronger

A new operating age is about to commence. We predict fundamental changes in how companies are governed — Boards will consider risk with a radically different mindset. Stakeholder models...

ARYZTA

Negative operating leverage prompts revision to mid-term North America margin guidance

Continued volume losses in North America and the associated negative operating leverage have prompted management to revise its medium-term guidance for EBITDA margin in the region....

Corbion

Refresh strategy requires reinvestment to accelerate growth

Advance 2025, Corbion’s refreshed strategy seeks to create a more focused business supported by increased investment to deliver sustainable growth. The business will be anchored by...

Total Produce

Stand-out performance from Dole

The key takeaway from the 2019 results is the stand-out performance from Dole and the near-30% year-on-year (yoy) increase in Dole EBITDA. The performance exceeds our expectations...

Origin Enterprises

Interim result confirms exceptional on-farm challenges

The recent ad-hoc trading release captured the key drivers of the interim result. The backdrop to the result was the lowest level of UK autumn/winter plantings in 30 years – with...

Total Produce

A fresh perspective

We believe the market is overlooking the value and growth opportunity of the Dole investment and the benefits afforded by the prudent deal structure. The agreed structure provides...

Danone

Setting new boundaries around sustainability

In a move that is both surprising and progressive, Danone has announced an accelerated re-investment plan in brand packaging, carbon neutrality and climate resilience – the initiative...