olivLaw · European equity research
Cranswick plc CWK.L
United Kingdom · London Stock Exchange · ISIN GB0002318888 · Vertical: Listed companies from United Kingdom
Cranswick plc is a British meat and protein producer focused on pork and chicken, running an extensive vertically integrated model from farms to processing. As demand grows for more affordable proteins and the poultry sector changes, the company's investments in capacity and animal welfare define its medium-term position, alongside uncertainties on costs and animal disease risks in fiscal 2026.
At the close of 05 Nov 2026, Cranswick plc (CWK.L) stock was 55.30 GBP (+0.00% on the day), with market capitalisation 3.0 bn GBP, P/E 19.1 on diluted EPS of 2.90 GBP over the last 12 months, dividend yield 1.86%, beta 0.24, 52-week range 48.40–56.90 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 69.9
- strong (55–70)
- Bollinger (20, 2)
- 49.95 – 55.25
- above the upper band · %B 1.01 · band width 10.1%
- SMA 50 / 200
- 51.80 / 53.14
- mixed trend
- MACD (12, 26, 9)
- 0.90 / 0.57
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.0% | −0.6% | +11.7 pp | — |
| 3 months | +6.1% | −4.2% | +10.3 pp | — |
| 6 months | +4.9% | +4.3% | +0.6 pp | — |
| Year to date | +11.6% | +7.5% | +4.1 pp | — |
| 1 year | +11.2% | +9.9% | +1.2 pp | +5.8% |
| 3 years | +57.4% | +49.8% | +7.5 pp | +26.3% |
| 5 years | +58.5% | +42.8% | +15.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 17.7, median 19.5, max 20.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | unavailable | 2.6 bn | 2.7 bn | 3.0 bn |
| Revenue YoY | unavailable | unavailable | +4.8% | +9.5% |
| Net income | unavailable | 113.1 m | 134.3 m | 158.3 m |
| Net income YoY | unavailable | unavailable | +18.7% | +17.9% |
| Diluted EPS | unavailable | 2.10 | 2.46 | 2.90 |
| Diluted EPS YoY | unavailable | unavailable | +17.4% | +17.9% |
| net % | unavailable | 4.4% | 4.9% | 5.3% |
| Free cash flow | unavailable | 137.0 m | 78.7 m | 111.6 m |
Balance sheet & financial health
Fiscal year 2026 · 28 Mar 2026
- Cash
- 12.5 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 1.1 bn GBP
- Total assets
- 1.7 bn GBP
- Debt / equity
- unavailable
- Current ratio
- 1.76x
- ROE
- 15.2%
- ROA
- 9.7%
- FCF margin
- 3.7%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | — | 2.6 bn | 2.7 bn | 3.0 bn | esef· 30 Jun 2026verified |
| Operating income | — | 166.9 m | 190.6 m | 232.8 m | esef· 30 Jun 2026verified |
| Interest expense | — | 8.9 m | 9.2 m | 17.0 m | esef· 30 Jun 2026verified |
| Pre-tax income | — | 158.4 m | 181.6 m | 215.8 m | esef· 30 Jun 2026verified |
| Income tax | — | 45.3 m | 47.3 m | 57.5 m | esef· 30 Jun 2026verified |
| Net income | — | 113.1 m | 134.3 m | 158.3 m | esef· 30 Jun 2026verified |
| Diluted EPS | — | 2.10 | 2.46 | 2.90 | esef· 30 Jun 2026verified |
| Dividend per share | 0.59 | 0.67 | 0.92 | 1.03 | esef· 30 Jun 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 20.3 m | 27.0 m | 5.9 m | 12.5 m | esef· 30 Jun 2026verified |
| Receivables | — | 325.3 m | 355.0 m | 384.6 m | esef· 30 Jun 2026verified |
| Inventories | — | 113.7 m | 126.9 m | 142.5 m | esef· 30 Jun 2026verified |
| Current assets | — | 551.7 m | 586.8 m | 637.5 m | esef· 30 Jun 2026verified |
| Property, plant & equipment, net | — | 518.9 m | 605.4 m | 707.9 m | esef· 30 Jun 2026verified |
| Total assets | — | 1.4 bn | 1.5 bn | 1.7 bn | esef· 30 Jun 2026verified |
| Current liabilities | — | 331.4 m | 347.2 m | 361.2 m | esef· 30 Jun 2026verified |
| Total liabilities | — | 472.5 m | 543.3 m | 648.4 m | esef· 30 Jun 2026verified |
| Equity | 842.9 m | 911.5 m | 987.9 m | 1.1 bn | esef· 30 Jun 2026verified |
| Shares outstanding at year end | — | 53.8 m | 53.6 m | 53.5 m | esef· 30 Jun 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | — | 228.4 m | 216.3 m | 275.0 m | esef· 30 Jun 2026verified |
| Capex | — | 91.4 m | 137.6 m | 163.4 m | esef· 30 Jun 2026verified |
| Free cash flow | — | 137.0 m ≈ | 78.7 m ≈ | 111.6 m ≈ | esef· 30 Jun 2026derived |
| Investing cash flow | — | -123.3 m | -160.4 m | -195.2 m | esef· 30 Jun 2026verified |
| Financing cash flow | — | -98.4 m | -77.0 m | -73.2 m | esef· 30 Jun 2026verified |
| Dividends paid | — | 43.9 m | 49.5 m | 55.1 m | esef· 30 Jun 2026verified |
| Share repurchases | — | 15.6 m | 25.3 m | 22.1 m | esef· 30 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.0 bn GBP
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.3% | 40 (vs peers) | 12% |
| FCF conversion · Quality | 70.5% | 58 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 13.7x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.8x | 80 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 19.1x | 28 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.8% | 47 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 2.6% | 37 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 49.4% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet92/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality49/100 · 2/3 factors with a value
- Returns62/100 · 2/2 factors with a value
- Valuation36/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CRANSWICK PLC (CWK.L). Latest full fiscal year: 2026; data up to 2026-03-28.
Figures computed from the financial statements: revenue 3.0 bn GBP in 2026; YoY growth 9.5%; net margin 5.3%; ROE 15.2%.
The estimated value range is 21.43–31.50 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 26.52 GBP, the price of 55.30 GBP leaves a potential of -52.1% (value / price − 1) and a margin of safety of -108.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 13.7x
- Current ratio: 1.8x
- Payout ratio (FCF): 49.4%
What contradicts it
- P/E (TTM): 19.1x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| CWK.LCranswick PLC | 3.0 bn | 19.1 | 15.2% | 5.3% | +9.5% | +7% / +44% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for CWK.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 35.01 Total return -35% · Per year -35% | 61.75 Total return 14% · Per year 14% | 92.82 Total return 70% · Per year 70% |
| 3 years | 37.49 Total return -27% · Per year -10% | 74.07 Total return 41% · Per year 12% | 121.73 Total return 129% · Per year 32% |
| 5 years | 40.15 Total return -19% · Per year -4% | 88.84 Total return 73% · Per year 12% | 159.64 Total return 205% · Per year 25% |
- Exit P/E± 18.52
- Net margin± 12.96
- Annual revenue growth± 10.15
- Annual dilution± 1.09
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Cranswick plc is a British meat and protein producer focused on pork and chicken, running an extensive vertically integrated model from farms to processing. As demand grows for more affordable proteins and the poultry sector changes, the company's investments in capacity and animal welfare define its medium-term position, alongside uncertainties on costs and animal disease risks in fiscal 2026.
SWOT
Strengths
- Vertical integration from farm to processing gives control over quality and supply.
- Long-term customer relationships and extended contracts provide commercial stability.1
- Industrial infrastructure and investment programmes support capacity for growth.
Weaknesses
- Dependence on a few protein categories and large customers exposes the company to changes in orders.
- Costs of specialist labour and supplies are difficult to control.
- Investment in capacity and animal welfare adds pressure on cash flow.
Opportunities
- Demand for pork and chicken as affordable alternatives to red meat could support volumes.
- Premium products and ready-to-cook meals could raise value added per product.
- Preference for natural, nutrient-rich proteins could open new categories.
Threats
- Animal disease risks such as African Swine Fever or avian influenza could disrupt production and exports.
- Tariffs and changes to trade arrangements with the US could affect market access.
- Inflationary pressure and lower discretionary spending could reduce margins.
Risks
- Infection within livestockhigh
Diseases such as African Swine Fever and avian influenza could have a significant and prolonged impact on operations and exports.1
- Labour availability and costmedium
Reliance on specialist labour and changes to visa rules could raise costs and recruitment difficulty.1
- Reliance on key customersmedium
Relationships with major customers are essential, and losing important contracts could affect revenue.1
- Cost and availability of suppliesmedium
The Middle East conflict could raise the cost of CO2, fertiliser and fuel.1
- Cyber securitylow
Recent incidents across the food industry show that cyber attacks could disrupt operations.1
Investment thesis
What would need to be true (bull case)
- If demand for affordable proteins persists, volumes in pork and chicken could support the group's growth.
- Vertical integration and capacity investment could improve long-term margins.
- Long-term customer relationships and extended contracts offer a more predictable revenue base.
What would break the thesis
- If disease risks materialise in the UK, production and exports could be seriously affected.
- Pressure from energy, supply and labour costs could reduce margins.
- Changes in welfare standards could tighten supply and raise investment costs.
What to watch
- Status of African Swine Fever and avian influenza risks2027
- Effect of the East Anglia and Eye investments on chicken volumes2027
- Impact of visa rule changes and the Employment Rights Act on labour costs2026/27
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Cranswick plc is a British food group that produces and processes pork, chicken and other proteins, selling to both retailers and foodservice customers. The business model rests on vertical integration, with the group controlling farms, processing and distribution, which supports supply security and efficiency. Strategy is organised around five enablers: iconic products, customer partnerships, lean processing, supply chain and innovation, and the group aims to consolidate its core and expand into growth categories.1
Segments
Pork and processed meat
Pork is a central part of the portfolio, and the company invests in primary pork processing and scalable capacity to meet demand for affordable proteins.1
Chicken and cooked products
The chicken segment is expanding through investment in lower-density farms, incubators and processing capacity at Eye, in the context of the move to higher welfare standards.1
Market context
The UK food market is constantly evolving, and persistently high beef and lamb prices have widened the price gap in favour of pork and chicken for budget-conscious consumers. The company sees volume growth in these categories and rising demand for natural, minimally processed products and convenient meals. Welfare trends and stocking density rules are also reshaping the structure of poultry supply.1
Competitive position
Cranswick operates in a competitive UK meat processing and fresh food sector, where it faces integrated producers and retailer own-label suppliers. The company's advantages are vertical integration, long-term customer relationships and production infrastructure, although pressure on prices remains high. The consulted sources do not explicitly name competitors, so the list below is limited.1
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202630 Jun 2026
- Annual report 202630 Jun 2026
- Annual report 202501 Jul 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-28 (ESEF) · SEC / Cranswick plc · 28 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.