Oct 9 2025
Food and beverage
Recent Research
Greencore Group, Q4 update – upgrade #4
Oct 8 2025
Glanbia, Participates in equity placing
Oct 1 2025
AG Barr, H1-26 results – outlook maintained
Sep 30 2025
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Treatt plc
FY25 trading update
Following its trading update in July, Treatt has continued to face headwinds, including lower demand in Heritage Tea due to sustained high citrus oil prices and softer customer demand in...
Greencore Group
Q4 update – upgrade #4
Greencore has sustained its strong trading momentum into Q4-25, achieving 8% reported sales growth (VA implied: +5.5%), driven by new business wins, new product innovation and...
Glanbia
Participates in equity placing
Glanbia has confirmed that it has purchased 7,380,073 shares in an equity placement by its largest shareholder, Tirlán Co-operative Society Limited (c.2.9% of existing share capital). The...
Givaudan
Acquisition of Belle Aire Creations
Givaudan has announced its intention to acquire Belle Aire Creations, a US-based fragrance house. The acquisition will deepen the group’s offering for local and regional customers in...
AG Barr
H1-26 results – outlook maintained
Solid H2-26 trading momentum across AG Barr’s core brand portfolio is being driven by an uptick in brand activity, innovation and strong commercial execution. Guidance remains...
Food
Davy Ingredients Chartbook: revenue growth concerns driving drawdown
The value-add Ingredients sector is experiencing one of its worst 12-month drawdowns. The central question is whether the current ratings adjustment reflects a structural shift,...
Origin Enterprises
FY25 – strong execution drives 6% EPS beat
Origin Enterprises delivered a strong second half in FY25, resulting in a 6% EPS beat and 12.8% year-on-year (yoy) EPS growth. Cash generation was stronger than forecast, resulting in...
C&C
Trading update – H1 in line with expectations; CFO moving on
For H1-26, C&C expects to deliver EBIT in the range of €41.5-42.0m, which compares with our forecast of €40.3m and prior year EBIT of €40.3m. We envisage no material change to our FY26...
Associated British Foods
Model update – moving to ‘Neutral’
We see challenging trading conditions persisting for Associated British Foods (ABF) through 2026. Primark’s like-for-like (LFL) growth is likely to remain subdued, with increasing...
Ingredients
Updating dsm-firmenich model as vitamin prices decline; previewing Givaudan Q3
We have updated our dsm-firmenich (DSFIR) model to reflect the recent decline in vitamin markets, which in part drives a 2-2.5% cut to EBITDA forecasts for FY25 and FY26. We lower our...
