Revising Earnings Estimates Due to Weakness in British Pound
After speaking to Kerry last week, we are revising our earnings estimates downward by 4%-5% for 2017 and beyond, given the weakness of the British pound in recent months. Our 2016 estimates are barely affected. After a negative 4.9% currency impact on 2016 sales, we are pencilling in a negative 3.4% impact in 2017, which is the main factor driving the earnings revision. There is no change to our narrow moat rating or our EUR 68 fair value estimate, because the downward earnings revision is simpl...Kerry Group is an international food corporation. Co. is engaged in ingredients and flavor technologies serving the food, beverage and pharmaceutical industries and is also a consumer foods processor and supplier in selected European Union (EU) markets. Co. has two operating segments: Ingredients & Flavors, and Consumer Foods. The Ingredients & Flavors operating segment is engaged in manufactures and distributes application specific ingredients and flavors spanning a number of technology platforms; and Consumer Foods segment is engaged in manufactures and supplies added value brands and customer branded foods primarily to the Irish and U.K. markets.
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