Dairy Crest (DCG LN, BUY, T/P 680p) - Recent Share Price Weakness Unjustified - Upgrade to BUY
Dairy Crest’s (DCG LN, BUY, T/P 680p) recent share price weakness – which leaves 25% upside to our recently revised price target – is, in our view, unjustified. With leading brands in both cheese and cooking oil, as well as phenomenal performance in spreads H1 performance, any suggestion that Dairy Crest should be a slave to dividend yield is in our opinion wrong. We raise our recommendation from HOLD to BUY.Dairy Crest Group is a dairy company. Co. processes and markets dairy products and ingredients. Co.'s product groups are: Cheese & functional ingredients and Butters, spreads & oils. Within its Cheese & functional ingredients segment, Co. produces and markets Cathedral City cheese brand, and Davidstow cheddar brand. Co.'s functional ingredients business produces and sells demineralised whey powder and galacto-oligosaccharide and other dairy ingredients including whey butter. Within its Butters, spreads & oils segment, Co. manufactures a number of butters, spreads & oil brands, which include Country Life (butter) and Clover (spread). Co. also produces Frylight, a one calorie cooking spray.
Whitman Howard is an independent institutional stockbroking and investment banking business focused on servicing the needs of our corporate clients and institutional investor base.
The company began trading in 2011 with a team of highly experienced market professionals and the goal of building a leading capital markets business in an entrepreneurial environment.
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