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Boparan - Q1 25/26 Results, time TBC
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Introduction 23/07/2021

Supply Chain, Feed Prices 23/07/2021

Investment Discussion 23/07/2021

SARRIA News - BOPARAN
Boparan - comment

The appointment of a new head for the Meals and Bakery business may be a sign of changes; we expect this division will eventually be

Boparan - comment

The upgrade to B+ will not make too much difference to the potential holder base, as the company rating was already B. We are sceptical that the current

Boparan – Slow burn - Model Update
Boparan – Slow burn - Model Update

Please find our slightly updated model here.

Boparan delivered full-year results ahead of our expectations, and whilst we expect some pressure on poultry margins as grocers are forced to

Boparan - comment
Boparan - comment

The Q4 numbers exceeded our expectations, but we expect FYE 2026 to be tougher, as grocery customers seek to shore up their

Boparan - comment

We expect the Meals and Bakery business to eventually be sold by Boparan. The rescue of Roberts Bakery by the Boparan Private Office suggests a

Boparan - Waiting Game - Model Update
Boparan - Waiting Game - Model Update

Please find our updated analysis here.

Boparan has performed better than we anticipated since it completed its refinance in November 2024. We remain concerned that inflation,

Boparan - comment
Boparan - comment

Revenue and EBITDA (including margins) were ahead of our estimates. Poultry benefited from destocking, which boosted prices. However,

Boparan - comment

Purchasing the other 50% of the Hook2Sisters will give the Boparan Family Office more opportunities to manage the margins at

Boparan - comment

Quickly finding a replacement for the old CFO is a positive for Boparan/2 Sisters. With the refinance behind them, the new CFO has

Boparan - comment

Congratulations to Ranjit Boparan for finishing the London Marathon and raising £140k for charity. 

Boparan comment
Boparan comment

Topline and Gross Profit/EBITDA were broadly in line with our estimates; operating cash flow was higher due to a better-than-expected payables performance in

Boparan - comment

Sourcing some of its chicken from Germany is more about ASDA’s lower prices campaign than it is about supply chain challenges. It sends a warning shot to

Boparan - comment

CMA approval for the Boparan family to purchase ForFarmers may provide some scope to support Boparan, but with 75% of sales subject to ratchets

Boparan – Breaking the cycle
Boparan – Breaking the cycle

Please find our new analysis here.

Boparan got its refinancing away in November 2024, pushing its maturities to November 2029. Part of the European Poultry business was disposed of,

Boparan - comment

The impact of Avian Flu on Boparan is small so far. In Norfolk, four farms have reported cases and a handful of new control zones have been set up; the control zones