Darling Ingredients Inc.: The Quarter Bulls Have Been Waiting For Is Met With a Surprisingly Muted Response; Maintain OW

研报英文原文证据摘录

Darling Ingredients Inc.: The Quarter Bulls Have Been Waiting For Is Met With a Surprisingly Muted Response; Maintain OW

J P M O R G A N North America Equity Research

30 July 2026

Darling Ingredients Inc. Overweight

DAR, DAR US

The Quarter Bulls Have Been Waiting For Is Met With a Price (29 Jul 26):$58.62

Surprisingly Muted Response; Maintain OW ▲Price Target (Dec-27):$82.00 Prior (Dec-27):$79.00

The DAR shares were up only 4% at time of writing (equivalent to $400MM+ in

market cap) following a $219MM EBITDA beat and guiding for core ingredients Food Producers & Retailers

EBITDA to come in above the Bloomberg consensus estimate in 3Q (initial take). Thomas Palmer, CFA AC

We appreciate that it’s a tough tape today (the S&P 500 Staples index is -3%). There (1-212) 622-5582

are also questions about the status of small refinery exemptions, which can thomas.palmer@jpmorgan.com

J.P. Morgan Securities LLC

effectively reduce RIN demand and therefore demand of biofuels in the US. And

admittedly there were some discrete benefits in the quarter, including tariff refunds

and timing benefits at DGD from the lag between buying feedstocks and selling the Key Changes (FYE Dec)

output that can arise when RIN prices are rapidly rising. All of that said, the Prev Cur Δ

industry environment is clearly in DAR’s favor, with (a) increased demand for Adj. EPS - 26E ($) 5.18 6.50 25.4%

biofuels driving margins at DGD higher and boosting the prices of the waste fats

and oils produced by DAR’s Feed segment, (b) strong demand from the livestock Quarterly Forecasts (FYE Dec)

and poultry industry supporting protein prices, and (c) growing collagen demand Adj. EPS ($)

2025A 2026E 2027E

aiding the Food segment. DAR capitalized on these conditions in 2Q and seems Q1 (0.12) 0.87A 1.53