Nov 21 2024
Food and beverage
Recent Research
Dole plc, Model update – further upside
Nov 18 2024
Cranswick plc, H1-25 results preview
Nov 13 2024
Greencore Group, FY24 results preview
Nov 13 2024
Meet your Food and beverage Research team
Origin Enterprises
Q1 trading update – outlook healthy
Q1-25 presented a challenging start for Origin as Agriculture revenues declined by 14.2%, impacted by unfavourable planting conditions. However, this was partially offset by a solid...
Symrise
CMD update – long-term margin target raised
At its recent Capital Markets Day (CMD), Symrise outlined its long-term targets through 2028, maintaining its organic sales growth ambition of 5-7% CAGR, while raising its EBITDA margin...
Dole plc
Model update – further upside
We are upgrading our FY24 and FY25 adjusted EBITDA forecasts by c.1.5% and c.2% to $388.5m and $400m respectively, underpinned by Dole’s strong and consistent performance. We believe...
Symrise
Capital Markets Day November 20th – growth algorithm in focus
On November 20th, Symrise will host its second Capital Markets Day (CMD) in the space of 13 months – the shares are little changed in the period. The CMD is an opportunity for new CEO...
Dole plc
Healthy Q3 results; FY24 EBITDA guidance upgraded
Dole’s adjusted EBITDA delivery remained healthy in Q3-24, driven in part by a strong performance in the Diversified Fresh Produce Americas and ROW segment. Given its strong...
Cranswick plc
H1-25 results preview
Cranswick’s recent trading update underscores its solid performance throughout H1-25, prompting an upgraded outlook for FY25. We anticipate no major surprises in its H1-25 results...
Greencore Group
FY24 results preview
Following Greencore’s recent trading update and profit upgrade, we anticipate that ongoing commercial and operational self-help initiatives, coupled with above-market volume growth in...
Kerry Group
Proposed sale of Dairy Ireland for €500m – minimum dilution
Kerry Group has announced the proposed sale of its Dairy Ireland division to Kerry Co-op for an estimated consideration of €500m. The consideration implies an EV/EBITDA multiple of 7.5x...
Glanbia
Model update: lowering FY25 EPS by c.4%; equity oversold
Glanbia has lost c.25% of its market value from its June-24 highs, largely related to a shift in earnings momentum triggered by adjustments to Branded margin expectations for FY25. The...
Glanbia
Q3 update: guidance reiterated; transformation programme announced
Glanbia has reiterated its full year guidance of 5-8% EPS growth, as such we envisage no material change to our FY24 forecasts. The group has announced the separation of its Glanbia...
