Mar 25 2025
Food and beverage
Recent Research
Meet your Food and beverage Research team
AG Barr
Outlook for FY26 positive
AG Barr is expected to sustain mid-single-digit (MSD) organic growth through FY26, continuing to stand out in a more challenging market. Strong continued delivery of its self-help...
Cranswick plc
Capital Markets Day – medium- term targets signal continued strength
Ahead of its Capital Markets Day today, Cranswick has outlined its medium-term ambitions – targeting mid-single-digit (MSD) organic revenue growth and an adjusted operating profit...
Greencore Group
Potential Bakkavor acquisition – details and analysis
Greencore has confirmed that it made two proposals to listed peer Bakkavor for a cash-and-share offer, both of which were rejected. While unexpected, we see the acquisition as...
C&C
Pre-close trading update
Given the impact of softer trading across the market in January and February of 2025, C&C now expects to deliver EBIT in the range of €76-78m for FY25 (Davy: €80m). Looking ahead,...
Dole plc
Model update
We are lowering our FY25 adjusted EBITDA forecasts by c.5% to $380m (guidance: $370-380m) due to the short-term, knock-on impact of Storm Sara on H1-25 profitability. However, we...
Glanbia
Updating forecasts: valuation at multi-year lows; equity intrinsically undervalued
We have updated our Glanbia model following its full year results – the net outcome is a 13.5% cut to our FY25 EPS forecast and 11.7% to FY26. The acute equity drawdown, well in excess...
Danone
Model update – moving to ‘Outperform’
Confidence in Danone’s operating model and growth algorithm has strengthened following a year of strong execution and record productivity. Margin delivery supports continued...
Origin Enterprises
Good H1 performance
In the seasonally quieter first half, Origin Enterprises delivered constant currency organic EBITA growth of 31.5% (€4m). The out-turn, allied with normalised plantings and good progress...
Origin Enterprises
Living Landscapes: a growth platform
Origin’s Living Landscapes platform is one of the more interesting growth angles across our coverage list. The business to business (B2B) platform, built via acquisitions and...
Dole plc
Solid finish to FY24; weather headwinds to weigh on FY25 profitability
Dole’s FY24 adjusted EBITDA increased 6.7% on a like-for-like (LFL) basis, coming in strongly above its guidance and beating consensus forecasts. Healthy progress was made on balance...
