Feb 13 2025
Food and beverage
Recent Research
dsm-firmenich, Enzyme disposal – value unlock
Feb 11 2025
Greencore Group, Next phase of evolution
Feb 11 2025
Greencore Group, Solid start to FY25
Jan 30 2025
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dsm-firmenich
EBITDA in line, buyback announced
2024 was a year of progress for dsm-firmenich with 18% organic EBITDA growth led by cost savings and synergies. Q4 EBITDA was in line and its EBITDA outlook of ‘at least’ €2.4bn is...
dsm-firmenich
Enzyme disposal – value unlock
dsm-firmenich has announced the sale of its stake in the Feed Enzymes Alliance to its partner Novonesis for a healthy gross consideration of €1.5bn (5x sales). The transaction equates...
Greencore Group
Next phase of evolution
At its recent Capital Markets Day (CMD), Greencore outlined a comprehensive roadmap to achieving its medium-term growth, margin and return targets. Extending our model into the medium...
Greencore Group
Capital Markets Day – medium- term targets striking an ambitious chord
Ahead of its Capital Markets Day today, Greencore has outlined its medium-term ambitions – targeting revenue growth of 3-5% and an adjusted operating profit margin above 7%. This is...
Associated British Foods
Model update – disconnect presents opportunity
We are lowering our FY25 adjusted operating forecasts by c.3% following Primark’s weak Q1 performance for UK/Ireland, which we expect to remain subdued through FY25 before recovering...
Greencore Group
Solid start to FY25
Greencore’s healthy Q1 like-for-like (LFL) growth of +4.9% was supported by strong underlying and above market volume growth of +2.6%. Food to Go (FtG) performance was supported by...
Symrise
FY results in line – volume led organic growth expected for FY25
Symrise delivered an in line result for FY24 with EBITDA growth of 14.4% – its efficiency program delivered €50m in savings and accounted for 40% of the EBITDA uplift. FY25 guidance calls...
Treatt plc
In line start to FY25
Treatt has issued a brief trading update, which coincides with its AGM. Trading for the seasonally quiet Q1 period was in line with management expectations. The statement notes a good...
AG Barr
Strong finish to FY25
AG Barr is set to deliver a strong FY25 trading performance, with revenue growth of c.5% driven by continued strength in its Soft Drinks division. The FY25 adjusted operating margin...
Givaudan
Full year report caps a year of strong delivery
Givaudan finished FY24 with good momentum across both divisions. Its Fragrance & Beauty division was at the vanguard of sector growth in 2024, delivering c.25% EBITDA. Taste & Wellbeing...
