Despite its robust brand franchises in both cheese and butters and spreads as well as significant scope for international expansion in by-products – demineralised whey and GOS – Dairy Crest’s (DCG LN, HOLD, T/P 630p) share price has so far lagged our UK FMCG coverage universe in 2016. With a return to a >4% yield and a clearly articulated investment case, there is near term scope for the shares to outperform. Dairy Crest’s CEO Mark Allen and FD Tom Atherton presente
