Jan 13 2026
Food and beverage
Recent Research
Givaudan, Model update
Dec 11 2025
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Symrise
Launches inaugural buyback programme
Symrise has announced the launch of its first ever buyback with a programme of up to €400m. In the context of valuation (multi-year lows), a strong balance sheet and healthy free...
Associated British Foods
Model update – further downside
We are cutting our FY26 and FY27 adjusted EPS forecasts by c.11% and c.6% respectively, reflecting weaker expected volume delivery (FY26: -c.2.3%) and ongoing margin pressure at...
Greggs plc
Model update – reduced FY26 forecasts
We are lowering our FY26 adjusted profit before tax (PBT) forecasts by c.6.5%, with the reduction largely driven by softer like-for-like (LFL) growth assumptions through the year, as...
Associated British Foods
FY26 profit warning
Primark like-for-like (LFL) growth remains challenging, declining c.3% in the period due to a meaningful pullback in European performance. Management now anticipates an adjusted operating...
Greggs plc
Q4 update – FY26 to remain challenging
Greggs increased Q4-25 managed shop like-for-like (LFL) sales by 2.9% (VA consensus: c.3%), noting that market conditions have remained challenging. For FY25, management expects the...
Robertet
Scent and Sensibility: initiating on Robertet
We are initiating coverage of Robertet, a mid-sized house in the global fragrance and flavour (F&F) sector with a long-standing focus on natural ingredients and a vertically integrated...
Givaudan
Model update
We update our Givaudan model for FY25 and FY26. The adjustment reflects a more cautious stance on end market demand and inventory management for Q4, principally relating to the...
Glanbia
Thoughts on recent Capital Markets Day – positive equity set-up
Glanbia’s recent Capital Markets Day (CMD) conveyed a positive tone. The outlook for its flagship brand, Optimum Nutrition (ON), is encouraging as it is positioned at the intersection of...
Greggs plc
Fresh out of the oven: initiating on Greggs
We are initiating coverage of Greggs plc (GRG), a scale and vertically integrated provider of branded ‘on the go’ food and beverage in the UK. Greggs combines owned manufacturing with...
Cranswick plc
Solid H1-26 outcome
Cranswick delivered a strong performance in H1-26, with like-for-like growth of 7.9% (reported: +10.4%). Combined with margin expansion to 7.7%, this resulted in an adjusted operating...
