ABF Reports Strong 3Q Sales Update; Shares Remain Expensive
In its third-quarter update, ABF reported strong sales at 13% constant-currency growth. Adjusted for currency, the level of growth was 20%, as the company benefited from the depreciation in the British pound sterling following Brexit. The main contributor was Primark, which achieved 13% year-to-date growth at constant currency, driven by increased retail selling space and growth in like-for-like sales. We have revised our fair value estimate upward to GBP 2,440 to account for the better-than-exp...Associated British Foods is an international food, ingredients and retail group. Co. operates in five segments: Grocery, which manufactures grocery products, including hot beverages, sugar and sweeteners, vegetable oils, bread and baked goods, cereals, ethnic foods, and meat products; Sugar, which grows and processes sugar beet and sugar cane for sale to industrial users; Agriculture, which manufactures animal feeds and provides other products and services for the agriculture sector; Ingredients, which manufactures bakers' yeast, bakery ingredients, enzymes, lipids, yeast extracts and cereal specialities; and Retail, which buys and merchandises value clothing and accessories.
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