2025-05-20-Jefferies-克兰斯威克（CWK）_初步观点更多投资_更多增长_7页_104kb

报告摘要

UK Consumer Staples Equity Research Summary: Cranswick PLC

Rating: Buy
Price Target: £57.00 (up from £52.60)
Consensus Target: £57.00 (current price £52.60)
Analysts: Andrew Wade, Grace Gilberg

Key Highlights:

Strong Financial Performance:
- FY25 Profit Before Tax (PBT) reached £197.9m, exceeding the guided range of £190m-£195m and analyst consensus (£192m).
- Revenue grew +6.4% (LFL basis +52W high-low £54.60 vs £42.03), driven by solid performance in fresh pork (+4%) and poultry (+20%).
- Operating margin improved by 50bp, contributing to strong profit growth (+12% YoY).
Strategic Capital Investment:
- The company maintains a high-return capital program, reaching a record FY25 investment of £138m (vs £91m in FY24).
- Announced the acquisition of Blakemans (sausage manufacturer) for £32m in May 2025, expanding its food-service portfolio.
Outlook & Valuation:
- Positive FY26 outlook with steady trading and cautious growth guidance.
- Valuation based on 2026E 10x EV/EBITDA, reflecting long-term ROCE track record.
- Risks include pig price volatility, regulatory hurdles (planning permissions), integration challenges, biological outbreaks, and broader retail environment factors.
Market Position:
- Traded at ~20x PE, with analysts highlighting Cranswick’s superior capital allocation and execution capabilities relative to peers.
- 12-month total return expectation of +15-20% for buy-rated stocks underpinning the BUY rating.