Substack

Sector Stories

Everything we have picked from this writer, newest first.

Hermès faces leather-volume and margin risk, EXLService beats and raises despite AI concerns, and Sika gains share while trading at 22…

Sector Stories Jul 29

Next reported FY26 EPS growth of 17% and free-cash-flow growth of 11%, with international expansion, third-party commissions and online…

Sector Stories Mar 30

Campari posts three consecutive quarters of accelerating organic sales growth while Diageo and Pernod face deleveraging pressure, with…

Sector Stories Mar 26

IFF’s $7.1bn Frutarom acquisition and $26bn DuPont Nutrition & Biosciences merger failed to deliver expected synergies, contributing to…

Sector Stories Dec 3

Flavour and fragrance suppliers control 67% of a $40 billion market, earning recurring, protected margins through deep FMCG R&D ties.

Sector Stories Oct 15

Next PLC’s 9% IRR buyback hurdle helped cut its share count 53% over 20 years, lifting EPS 418% despite profit growth of just 2% annually.

Sector Stories Oct 1

Diageo and Campari remain preferred as spirits sales face destocking, elevated inventories and weak guidance, while Campari increases…

Sector Stories Sep 4

Campari and Diageo outperformed spirits peers by turning working capital faster, while Rémy Cointreau's aged-cognac inventory constrained…

Sector Stories Jul 28