Boparan - comment

Bonds will be firmer today after the Q3 results; poultry and Meals and Bakery margins were both above our expectations. So far,

Aengus McMahon18 June 2026BOPARAN

Boparan – Relationships - Model Update

Please find our updated analysis here.

Boparan continues to deliver in Poultry, but the smaller Meals and Bakery division is having problems recovering inflation-driven cos

Aengus McMahon17 June 2026BOPARAN

Boparan - comment

The news that 2 Sisters has passed £70m of additional tax and wage costs to supermarkets will be supportive of the SSNs, but the

Aengus McMahon13 May 2026BOPARAN

Boparan - comment

Boparan continues to surprise us on the upside. Strong performance in the Poultry business more than made up for continued weakness in

Aengus McMahon24 March 2026BOPARAN

Boparan - comment

Rangit and Baljinder’s private office has bought German turkey producer Heidemark through its European arm,

Aengus McMahon20 February 2026BOPARAN

Boparan - comment

Poultry beat our expectations by £5m EBITDA, but it’s the topline that surprises us. Still driven by inflation recovery, it more than

Wolfgang Felix16 December 2025BOPARAN

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

Aengus McMahon3 December 2025BOPARAN

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

Aengus McMahon14 November 2025BOPARAN

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

Aengus McMahon6 November 2025BOPARAN

Boparan - comment

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

Aengus McMahon30 October 2025BOPARAN

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

Aengus McMahon15 October 2025BOPARAN

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,

Aengus McMahon25 September 2025BOPARAN

Boparan - comment

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

Aengus McMahon17 June 2025BOPARAN

Boparan - comment

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

Aengus McMahon17 June 2025BOPARAN

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

Aengus McMahon29 May 2025BOPARAN

Boparan - comment

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

Buy Side, Sell SideAengus McMahon1 May 2025BOPARAN

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

Buy Side, Sell SideAengus McMahon20 March 2025BOPARAN

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

Buy Side, Sell SideAengus McMahon19 March 2025BOPARAN, ASDA

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

Aengus McMahon18 February 2025BOPARAN