APN

Applied Nutrition PLC

Food, Beverage and Tobacco First-pass screen £546m

330/1000 Overall fit

AI beneficiary 35% 15

Operating leverage 25% 48

Valuation 25% 30

Downside protection 15% 52

First-pass take

Sports nutrition company with strong 24% revenue growth and robust FCF conversion (72%), but zero AI/ML exposure. Margin compression from commodity costs (whey protein +30% YoY) and product mix offset capacity expansion leverage; share price undisclosed since Oct-2024 IPO.

Flags

no-valuation-datacommodity-exposurecustomer-concentrationsingle-facility-riskmargin-pressurediscretionary-consumer