PDF Report issued on the 01/15/2024

Greencore Group plc Company Profile

LON / GNC / IE0003864109

Business Summary Sector

Greencore Group plc is an Ireland-based manufacturer of convenience foods. The Company's Consumer Non-Cyclicals
segments include Convenience Foods UK and Ireland. The Company supplies a range of
chilled, frozen and ambient foods to some of the retail and food service customers in the Food & Beverages
United Kingdom. It UK convenience food categories, including sandwiches, salads, sushi,
chilled snacking, chilled ready meals, chilled soups and sauces, chilled quiche, ambient Food & Tobacco
sauces and pickles and frozen Yorkshire Puddings, as well as an Irish ingredient trading
business. It supplies all of the supermarkets in the United Kingdom. It also supplies convenience and travel retail outlets, Food Processing
discounters, coffee shops, foodservice and other retailers. It manufactures approximately 795m sandwiches and other food to
go products, 127m chilled prepared meals, 249m bottles of cooking sauces, pickles and condiments and 47m of chilled Other Food Processing
soups and sauces. It has over 16 manufacturing and 18 distribution centers in the United Kingdom.

Income Statement Evolution

Financials
Sales 2024 * 1.87B Sales 2025 * 1.93B Capitalization 453M

Net income 2024 * 44M Net income 2025 * 53M EV / Sales 2024 * 0.34 x

Net Debt 2024 * 179M Net Debt 2025 * 150M EV / Sales 2025 * 0.31 x

P/E ratio 2024 * 10.9 x P/E ratio 2025 * 8.38 x Employees 13,602

Yield 2024 * 2.23% Yield 2025 * 3.52% Free-Float 99.15%

* Assessed data

Sales per Business

GBP in Million 2022 Weight 2023 Weight Delta

Food to Go 1,161 66.8 % 1,253 65.5 % +7.86%

Other Convenience 578 33.2 % 661 34.5 % +14.32%

Managers
Sales per region
Managers Title
GBP in Million 2022 Weight 2023 Weight Delta
Dalton Timothy Philips Chief Executive Officer
United Kingdom 1,648 94.7 % 1,834 95.8 % +11.29%
Daniel Holmes Chief Tech/Sci/R&D Officer
Ireland 92 5.3 % 80 4.2 % -12.93%
Lee Finney Chief Operating Officer

Share class Damien Moynagh Director/Board Member

Vote Quantity Free-Float Company-owned shares Total Float Nigel Smith Corporate Officer/Principal
Stock A 1 475,477,144 471,435,582 ( 99.15 %) 0 99.15 %
Members of the board
Upcoming events Members of the board Title
2024-01-25 05:30 am Annual General Meeting Sly G. Bailey Director/Board Member

2024-05-20 Q2 2024 Earnings Release (Projected) Alastair Sholto Neil Murray Director/Board Member

Philippe van de Walle Chairman

Past Events
Linda Hickey Director/Board Member
2023-11-28 02:00 am Q4 2023 Earnings Release
Helen C. Rose Director/Board Member
2023-11-28 04:30 am Q4 2023 Earnings Call

Shareholders
Name Equities %

Polaris Capital Management

30,784,225 6.458%
LLC

Rubric Capital Management

27,415,831 5.751%
LP

The Vanguard Group, Inc. 17,412,123 3.653%

Cobas Asset Management

16,966,959 3.559%
SGIIC SA

Black Creek Investment

15,834,000 3.322%
Management, Inc.

Company contact information

No. 2 Northwood Avenue Northwood Business Park
9, Dublin
+353 1 605 1000
http://www.greencore.ie

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
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knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

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 PDF Report issued on the 01/15/2024

Greencore Group plc Financials and Forecast

LON / GNC / IE0003864109

Income Statement Evolution Financial Ratios

Size 2024* 2025*

Capitalization (GBP) 453M -

Enterprise Value (EV) (GBP) 632M 603M

Valuation 2024* 2025*

P/E ratio 10,9x 8,38x

Capitalization / Revenue 0,24x 0,23x

EV / Revenue 0,34x 0,31x

EV / EBITDA 4,49x 4,00x

Yield 2,23% 3,52%

Price to Book 0,91x 0,82x

Profitability 2024* 2025*

Operating Margin 4,38% 4,75%

Net margin 4,38% 4,75%

ROA (Net income/ Total Assets) - -

Fiscal Period : September 2021 2022 2023 2024 2025 2026
ROE (net income / shareholders'
Net sales 1 1 325 1 740 1 914 1 872 1 934 1 981 8,94% 9,76%
equity)
EBITDA 1 95,7 127 133 141 151 159 Ratio Versement Dividende 24.46% 29.52%
EBIT 1 39,0 72,2 76,3 82,1 91,9 103 * Assessed data

Operating Margin 2,94% 4,15% 3,99% 4,38% 4,75% 5,20% Price Earning Ratio
Earnings before Tax (EBT) 1 27,8 39,8 45,2 56,3 68,8 -

Net income 1 25,4 32,3 35,9 44,7 53,8 -

Net margin 1,92% 1,86% 1,88% 2,39% 2,78% -

EPS 2 0,05 0,06 0,07 0,09 0,12 0,12

Free Cash Flow 1 65,6 44,3 63,0 26,5 46,4 -

FCF margin 4,95% 2,55% 3,29% 1,41% 2,40% -

FCF Conversion (EBITDA) 68,5% 34,9% 47,4% 18,8% 30,8% -

FCF Conversion (Net income) 258% 137% 175% 59,2% 86,3% -

Dividend per Share 2 - - - 0,02 0,03 0,04

Announcement Date 11/30/21 11/29/22 11/28/23 - - -

1GBP in Millions 2GBP Estimates

Balance Sheet Analysis Annual profits - Rate of surprise

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
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knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

Page 2 / 6
 PDF Report issued on the 01/15/2024

Greencore Group plc Analysts' Consensus

LON / GNC / IE0003864109

Evolution of the average Target Price Consensus

Sell Buy

Mean consensus OUTPERFORM

Number of Analysts 8

Last Close Price 0.9665 GBP

Average target price 1.035 GBP

Spread / Average Target +7.09%

High Price Target 1.3 GBP

Spread / Highest target +34.51%

Low Price Target 0.85 GBP

Spread / Lowest Target -12.05%

Consensus detail

Target Price consensus revisions : last 18 months

Consensus revision (last 18 months)

Revenue Revisions & EPS Revisions

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
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knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

Page 3 / 6
 PDF Report issued on the 01/15/2024

Greencore Group plc Sector and Competitors

LON / GNC / IE0003864109

Sector Comparison

Sector : Food Processing Ratings

1st Jan Investor ESG
Capi.
change Rating Refinitiv

GREENCORE GROUP PLC +1.31% 578 M $ B-

NESTLÉ S.A. +0.71% 306 B $ A-

+0.93%
MONDELEZ INTERNATIONAL, INC. 99 509 M $ C+

KRAFT HEINZ +1.89% 46 216 M $ C+

DANONE +4.99% 42 835 M $ B-

THE HERSHEY COMPANY +2.25% 38 986 M $ B-

-3.68%
ARCHER-DANIELS-MIDLAND COMPANY 37 102 M $ B-

GENERAL MILLS, INC. -2.69% 35 999 M $ B-

NESTLÉ INDIA LIMITED -4.18% 29 683 M $ - A

-4.73%
YIHAI KERRY ARAWANA HOLDINGS 24 131 M $
CO., LTD A
-3.68%
ASSOCIATED BRITISH FOODS PLC 21 803 M $ A-

AJINOMOTO CO., INC. +7.92% 20 842 M $ A

KELLANOVA -0.88% 18 982 M $ B-

-3.03%
MCCORMICK & COMPANY, INCORPORATED17 790 M $ A-

ALMARAI COMPANY +12.01% 16 665 M $ B+

-3.64%
WILMAR INTERNATIONAL LIMITED 16 193 M $ B+

LAMB WESTON HOLDINGS, INC.-0.87% 15 470 M $ B

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
https://www.marketscreener.com
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

Page 4 / 6
 PDF Report issued on the 01/15/2024

Greencore Group plc Technical Analysis

LON / GNC / IE0003864109

Daily chart Technical analysis trends

Short Term Mid-Term Long Term

Trend Neutral Bullish Bullish

Resistance 100.10 101.50 101.40

Spread/Res. -2.39% -3.73% -3.64%

Spread/Supp. +2.86% +12.77% +16.32%

Support 95.00 86.65 84.00

Basic data
Number of securities 468 452 017

Capitalization (GBX) 454 145 005

Capitalization (USD) 577 785 983

Free-Float 99.15 %

Performance
1 day +0.78%

1 week +0.48%

Current month +1.31%

1 month +1.15%

3 months +8.21%

6 months +15.50%

Current year +1.31%

Weekly chart

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
https://www.marketscreener.com
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

Page 5 / 6
 PDF Report issued on the 01/15/2024

Greencore Group plc Summary

LON / GNC / IE0003864109

Summary
Investor Rating
• The company has strong fundamentals. More than 70% of companies have a lower mix of growth, profitability, debt
and visibility. Trading Rating
• Overall, and from a short-term perspective, the company presents an interesting fundamental situation.
ESG Refinitiv B-
Strengths Financials
• The company's attractive earnings multiples are brought to light by a P/E ratio at 10.94 for the current year. Sales growth
• The company is one of the most undervalued, with an "enterprise value to sales" ratio at 0.34 for the 2024 fiscal year. Earnings Growth
• The company appears to be poorly valued given its net asset value. EBITDA / Sales
• The average price target of analysts who are interested in the stock has been strongly revised upwards over the last Profitability
four months. Finances
• The opinion of analysts covering the stock has improved over the past four months.
• Consensus analysts have strongly revised their opinion of the company over the past 12 months. Valuation
P/E ratio
Weaknesses EV / Sales
• As estimated by analysts, this group is among those businesses with the lowest growth prospects. Price to Book
• The company's profitability before interest, taxes, depreciation and amortization characterizes fragile margins. Price to Free Cash Flow
• The company sustains low margins. Yield
• For the last twelve months, sales expectations have been significantly downgraded, which means that less important
Momentum
sales volumes are expected for the current fiscal year over the previous period.
1 year Revenue revision
• The sales outlook for the group was lowered in the last twelve months. This change in forecast points out a decline in
4 months Revenue revision
activity as well as pessimistic analyses of the company.
7 days Revenue revision
• Financial statements have repeatedly disappointed market stakeholders. Most often, they were below expectations.
1 year EPS revision
4 months EPS revision
Ratings chart - Surperformance
Consensus
Analyst Opinion
Potential Price Target
4m Target Price Revision
4m Revision of opinion
12m Revision of opinion

Business Predictability
Analyst Coverage
Divergence of Estimates
Divergence of analysts'
opinions
Divergence of Target Price
Earnings quality

Environment
Emissions
Innovation
Use of resources

Social
Social commitment
Human Rights
Product liability
Human Resources

Governance
CSR Strategy
Management
Shareholders

Controversy
Controversy

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
https://www.marketscreener.com
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

Page 6 / 6