EVENTS:   The Roaring 2020s or a Rerun of the 1970s? - Edward Yardeni/Yardeni Research - 24 Mar 26   Best Equity Short Ideas Conference Call 13 - Thomas Chanos/Badger Consultants & Dr. Aaron Fletcher/Bios Research & Jonathan Telgener/Channel Dynamics & Ed Steele/Iron Blue Financials & John Zolidis/Quo Vadis Capital & Mark Hiley/The Analyst - 26 Mar 26     ROADSHOWS: Chinese Equity Ideas & Channel Checks Across 50 sub-sectors - Don Ma /Horizon Insights   •   London   23 - 27 Mar 26       Long Short European Equity Research - Harry Grist /The Analyst   •   New York   26 Mar 26       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   27 - 27 Mar 26      
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Company Research

Kerry Group (KYGA ID) Ireland

Consumer Staples

Iron Blue Financials

Iron Blue initiates coverage on KYGA with a score of 28/60, which is top quartile and fertile grounds for shorting. Accounting concerns highlighted include: 1) A significant increase in stripped out restructuring expense over the past three years. 2) FY23 PPE capex exceeded depreciation by 9% of PBT adj. 3) 12.6% tax rate is lower than suggested by the geographic profit split and could see risk from Pillar Two. 4) Discount rates for pension liabilities and the goodwill impairment test both seem less conservative than average. Re. governance, they note a 21-year average KYGA career within the leadership team, a nationality mismatch with the group’s geographic mix and a CFO who previously was lead auditor on KYGA.

Edition: 200

- 29 November, 2024


The future is on our plate

EquiVal Research

Against the background of a growing world population, our food system is considered unfit for purpose as it entails unsustainable or socially unacceptable environmental, animal and health costs. Agriculture and the food industry are responsible for about a quarter of global greenhouse gas emissions, largely because of animal farming. What is more, diets are biased towards animal fats, which have potentially detrimental health effects. Piers Nestler looks at the possible implications for the industry as he tries to identify beneficiaries from a transition to alternative proteins. Companies discussed BASF, Bayer, Biotalys, Danone, GEA, Kerry Group, KWS Saat and Vilmorin.

Edition: 141

- 05 August, 2022