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Barry Callebaut

Barry Callebaut AG (Barry) is the world's largest chocolate producer, with a 40% global market share. The group, which is based in Switzerland, was created through the merger in 1996 of the Belgian company Callebaut and the French company Cacao Barry. The group is entirely a business to business company, selling chocolate & cocoa to food manufacturers (57% of total FY2018 revenue) and to catering professionals (17%) and cocoa raw material ingredients that it doesn't consume in its own manufacturing to third parties (26%). EMEA (44% of the total FY2017 revenue) is Barry's biggest region followed by America (24% of total revenue). The group is controlled by the family of Callebaut's founder Klaus Johan Jacobs through an investment vehicle called Jacobs Holding AG (50.11%) while other members of the family have smaller indididual stakes. Renata Jacobs held an 8.48% stake at 31 Aug 2018. Individual family members sold around 2.7% of the total share capital in Nov 2018. Each share carries one vote at the AGM. The company is listed on the Swiss SIX Stock Exchange. (23 Nov 2018)

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IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.
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Barry Callebaut: New Partly Sustainable Euro Bond?

Worth Watching: 23 Nov 2018, 4:38 AM ET - Barry Callebaut (BARY: Baa3/BBB-/NR), where we hold a Market perform opinion relative to our investment grade European food & beverage names, has announced plans to issue a new sustainable Reg S euro benchmark-sized bond with almost indecent ha ..
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Barry Callebaut: Change in Family Fortunes

Worth Watching: 16 Nov 2018, 5:37 AM ET - Barry Callebaut : individual members of the founding family (the Jacobs family) of Barry Callebaut  (BARY: Baa3/BBB-/NR), where we hold a Market perform opinion, have collectively sold 150,000 shares in the company (around 2.7% of the total share ..
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Barry Callebaut: FY2018 - Sweet Success

Worth Watching: 07 Nov 2018, 2:47 PM ET - Barry Callebaut (BARY: Baa3/BB+/NR), the family controlled B2B chocolate producer, reported positive results for the year to 31 Aug 2018 (FY2018) as revenue and EBITDA grew while LTM credit metrics mostly strengthened. We believe that the compa ..

October 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Oct 2018, 10:02 PM ET - Our monthly report provides executive summaries for the fourteen companies recommendation changes made on European companies during the month of October.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
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IG European Food & Bev/HPC: New Names in the Frame

Sector Analysis: 15 Oct 2018, 11:29 PM ET - Amendments to our investment grade European IG food & Beverage/HPC membership, left us downgrading our opinion on Barry Callebaut but upgrading our recommendation on Nestlé.            

Global HY/IG Strategy: Rising Stars

Strategy Analysis: 16 Jul 2018, 10:20 PM ET - We highlight the near- and medium-term rising star candidates from our sector research analysts. 
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Barry Callebaut: F9M18 – Chocolate Rush

Worth Watching: 13 Jul 2018, 5:24 AM ET - Barry Callebaut (BARY: Ba1/BB+/NR), where we hold an Outperform opinion, reported this morning flat sales revenue and a higher volume increase than the top of its targeted medium-term growth rate range, for the nine months ended 31 May 2018 (F9 ..

IG European Food & Bev/HPC: 2H18 Opinion Changes

Sector Outlook: 05 Jul 2018, 9:38 PM ET - We set out specific bond choices to execute our new opinions on AB InBev, Pernod and Reckitt Benckiser. 

IG European Food & Bev/HPC: Second Half

Sector Outlook: 03 Jul 2018, 9:32 PM ET - AB InBev falls to a Market performer as a result of our European food & bev/HPC 2H18 outlook. 

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.
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Barry Callebaut F1H18: Still Sweet

Earnings Note: 11 Apr 2018, 2:34 PM ET - Barry Callebaut’s F1H18 results strengthened its case for investment grade.
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Barry Callebaut: F1Q18 – M/T Guidance Unch'd

Worth Watching: 24 Jan 2018, 5:49 AM ET - Barry Callebaut (BARY: Ba1/BB+/NR), the industrial chocolatier, where we hold an Outperform opinion, reported volumes and sales revenues for the three months ended 30 Nov 2017 (F1Q18) this morning. Although revenues ticked down by by -0.7% in it ..

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.

IG European Consumer: 2018 New Issuance

Sector Outlook: 21 Dec 2017, 9:59 PM ET - A brief look at possible investment grade and crossover European food & beverage and retail issuance in 2018.

IG European Consumer: 2018 Outlook Opinion Changes

Sector Outlook: 11 Dec 2017, 9:29 PM ET - We set out more on our five opinion changes in European food & beverage and retail for 2018 and give specific bond recommendations in order to execute them. 

2017 Euro Conference: IG Consumer

Transcript: 11 Dec 2017, 8:47 PM ET - We spoke about our outlook for our high grade and crossover European food & beverage and retail names in 2018, the 50th anniversary of the Apollo 8 space mission.

IG European Consumer 2018: M&A Orbits

Sector Outlook: 07 Dec 2017, 9:37 PM ET - We have updated our frameworks for assessing relative value in our high grade and crossover European food & beverage and retail names for 2018, the 50th anniversary of the Apollo 8 space mission, and have made five changes to our opinions.

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