Premier Foods+ (PFD, House Stock, 139p) - Pension cash contributions suspended

LIBERUM: Genus: Time to go the whole hog?

Carr's Group - An enhanced value creation strategy

Carr’s Group has announced an updated strategy that offers the potential for value realisation and creation from a number of avenues. These include: value realisation of the Engineering Division; the ability to significantly reduce central costs; and longer-term value creation in the Agriculture Division as a focused business with recovery potential and a strategy to leverage its strong market positions for growth.

Greggs - Showing us how it's done

The second full year of Greggs’ five-year growth plan to double revenue by FY26 should be marked down as very successful, especially so given the challenging external environment. Unlike many consumer-facing companies, high selling price inflation was accompanied by volume growth, leading to good market share gains. The consumer is responding well to new initiatives to grow revenue in new dayparts and digital channels. Profitability was well-managed with better recovery of input cost inflation t

BWMX: 1Q Preview: Moving to the Offensive; Reiterate Buy, $22.50 PT

We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico with the company announcing 1Q24 (March) results after the close on Thursday. We believe, with momentum returning at the Betterware division, JAFRA remaining on a new product and marketing focus, the United States market becoming a larger emphasis and BWMX continuing to offer a compelling (and secure) dividend yield of 8.5%, BWMX remains well positioned to reward investors on multiple levels, and we r

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

BWMX: Snapping the Catalog: 1Q Registered Progress; Reiterate Buy, $22.50 PT

We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the March catalog. March completed a 1Q with material YoY positives, from higher SKU counts, rising cadence of new and debuting products, a return of key favorites and continued reductions in overall discounting levels. We believe Betterware management has been able to capitalize on the return to normalcy for their supply chain to roll out compelling new items, offer normalized pricing

Anpario+ (ANP) - House Stock (from Buy), 208p - Appointment as NOMAD & Broker leads to withdrawal of recommendation.

Anpario+ (ANP, House Stock at 230p) - FY24F upgrades - recovery play

Cake Box Holdings+ (CBOX, House Stock at 161p) - Robust trading - a modest upgrade

Morning Note – 23 January 2024