CCR

C&C Group PLC

Food, Beverage and Tobacco First-pass screen £436m

420/1000 Overall fit

AI beneficiary 35% 25

Operating leverage 25% 62

Valuation 25% 30

Downside protection 15% 70

First-pass take

C&C Group demonstrates operational leverage through margin expansion (operating margin +100bps to 4.6%, EBITDA +19.5% on flat revenue) and depot rationalization. Low leverage (0.9x) and €369m liquidity provide downside protection. However, commodity exposure, regulatory headwinds (UK National Insurance, DRS, tariffs), cider market weakness (-8% volumes), and zero AI exposure limit appeal for Stockemon strategy.

Flags

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