Cranswick PLC: Well positioned to deliver sustained growth

研报英文原文证据摘录

Cranswick PLC: Well positioned to deliver sustained growth

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Cranswick PLC 21 May 2026

Europe Reuters Bloomberg Rating Buy

United Kingdom CWK.L CWK LN Price target (GBX) 6,300 Price at 20 May 26 5,460

52-week range 5,500 – 4,840

Consumer Staples

Food Manufacturing Valuation & Risks

Well positioned to deliver sustained growth

Damian McNeela

DB View Research Analyst

+44-207-5411565 Cranswick’s reputation for delivering compound earnings growth is well deserved

in our view given that it has achieved >10% adj EPS growth for more than decade. Daniel Tharian

The majority of this growth has been delivered from volume growth. We remain Research Associate

excited about the potential of the business to build on this as it invests across all +44-20-754-50195

major categories, in particular its pork operations, poultry and pets. We are also

optimistic about the business continuing to drive margin improvement beyond

our current forecasts for 25bps of margin expansion to FY30E. We think the

Key changes

drivers of this margin improvement are further efficiency improvements across

Price target (GBX) 6,100 6,300 3%

farming operations and factory automation, increased mix contribution from the

ongoing premiumisation trends and the potential of genetics to improve the Source: Deutsche Bank

margin profile of the business.

Forecasts edge higher

We have updated our forecasts to reflect management guidance of ~5% revenue

growth and stable margins in FY27. This drives adj EPS upgrades of ~3% across

our forecast period. Our forecasts suggest an adj EPS CAGR (2026-29E) of ~6%.

We continue to believe that guidance and our forecasts are relatively prudent,

which provides scope for the business to deliver upgrades through the year.