Dairy Crest (DCG LN, HOLD, T/P 680p) - Key Brands Power Ahead in H1 with +16% Sales Growth
Dairy Crest (DCG LN, HOLD, T/P 680p) released interim results broadly in line with both market and our own expectations. Net revenue increased sharply from £190m to £220m, while adjusted PBT rose 8% to £20.0and EPS advanced 7%. We leave our forecasts unchanged for the full year but note the strong first half. We raise our price target from 630p to 680p.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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