# Premier Foods (PFD.LSE)

Canonical: https://gigainvestors.com/s/PFD.LSE

Analysis as of: 2026-10-16T07:40:18.816Z. Financial observations: FY2015–FY2026.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 201.20 per share; close as of 2026-10-15.

Estimated value: low GBX 208.28 per share, central GBX 256.38 per share, high GBX 295.12 per share. Buy at or below the central value GBX 256.38 per share. Valuation as of 2026-10-16T07:40:18.816Z; scenarios are not confidence intervals.

Expected annual return: 12.2% at the stated quote. About 12.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.10×

- FY2019: 0.11×

- FY2020: 0.12×

- FY2021: 0.14×

- FY2022: 0.14×

- FY2023: 0.15×

- FY2024: 0.17×

- FY2025: 0.16×

- FY2026: 0.18×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.4%

- ROIC, second-lowest year: 6.9%

- Typical minus recent gross margin: -3.3 pp

- Typical gross margin (annual median): 32.6%

- Recent gross margin (lower of latest and 3-year median): 35.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: 5.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 7.6%

- FY2018: 6.9%

- FY2019: 9.4%

- FY2020: 6.0%

- FY2021: 12.9%

- FY2022: 8.5%

- FY2023: 18.6%

- FY2024: 16.4%

- FY2025: 16.4%

- FY2026: 20.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.14×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 619M

- Net income, five-year total: GBP 543M

- Return on incremental invested capital: 274.9%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: 0.8 pp

- Working capital / revenue, final three-year average: -0.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.26×

- FY2023: 1.50×

- FY2024: 1.09×

- FY2025: 1.02×

- FY2026: 0.98×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 7.6% vs 16.4%

- Per-share earnings: 0.01 to 0.14 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: GBP 1.3B

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 42.1%

- Per-share value change: GBP 0.13

- Per-share value, starting three-year median: GBP 0.01

- Per-share value, ending three-year median: GBP 0.14

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 0.3%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: GBP 675M

- ROIC, first three-year median: 7.6%

- ROIC, last three-year median: 16.4%

- Cumulative retained earnings: GBP 2.4B

- Acquisition spending: GBP 86M

Chart: Earnings per share; fiscal year observations.

- FY2017: GBP 0.01

- FY2018: GBP 0.01

- FY2019: GBP -0.04

- FY2020: GBP 0.05

- FY2021: GBP 0.12

- FY2022: GBP 0.09

- FY2023: GBP 0.10

- FY2024: GBP 0.13

- FY2025: GBP 0.14

- FY2026: GBP 0.15

### accounting: pass

- Sloan accruals: -2.2%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.36×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.71×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.5%

- FY2018: -2.1%

- FY2019: -4.1%

- FY2020: -1.3%

- FY2021: 0.9%

- FY2022: -0.5%

- FY2023: 0.2%

- FY2024: -0.4%

- FY2025: -1.5%

- FY2026: -2.2%

## Holders

## Price story

Price needs cash profits to grow 0% a year for ten years · sales +2.3%

Story as of 2026-10-16T10:00:11.375Z; price observation 2026-10-15.

Price needs cash profits to grow 0% a year for ten years

### Sales · FY2025–2026

sales +2.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: GBP 790M 

- FY2018: GBP 819M 

- FY2019: GBP 824M 

- FY2020: GBP 847M 

- FY2021: GBP 947M 

- FY2022: GBP 901M 

- FY2023: GBP 1.0B 

- FY2024: GBP 1.1B 

- FY2025: GBP 1.1B 

- FY2026: GBP 1.2B 

### Gross margin · FY2026

gross margin 36.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 30.2% 

- FY2018: 28.7% 

- FY2019: 30.0% 

- FY2020: 31.6% 

- FY2021: 32.2% 

- FY2022: 33.3% 

- FY2023: 33.0% 

- FY2024: 35.7% 

- FY2025: 35.9% 

- FY2026: 36.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in packaged foods; annual sales are GBP 1.2 billion.

- Source: https://eodhd.com/api/fundamentals/PFD.LSE.json#2026-03-31 (filed 2026-10-16T07:40:18.816Z); FY2026: revenue 1175500000; grossProfit 428000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PFD.LSE: Premier Foods plc, together with its subsidiaries, manufactures, distributes, and sells branded and own label food products in the United Kingdom, other European countries, and internationally. It operates through Grocery and Sweet Treats segments. The company's products portfolio categories include flavourings and seasonings under the Bisto, OXO, Paxo, SAXA, and Merchant Goumet brands; cooking sauces and accompaniments under the Sharwood's, Loyd Grossman, Homepride, and Spice Tailor brand names; quick and easy meals under the Batchelors, Nissin, FUEL10K, Merchant Goumet, and Sharwood's brands; ambient desserts under the Ambrosia, Bird's, Mr Kipling, and Angel Delight brands; and ambient cakes under the Mr Kipling and Cadbury brands. It also provides dumplings under the Atora brand name; plain flour under the Be-Ro brand; cup noodles under NISSIN brand; breakfast, such as granola, breakfast drinks, and porridge under FUEL10K and Ambrosia brands; and flour for baking under the McDougalls brand name. The company offers its products through supermarkets, discounters, convenience stores, and wholesale and food service operators, as well as e-commerce channels. Premier Foods plc was founded in 1975 and is headquartered in Saint Albans, the United Kingdom.

### Why customers stay

Margins ranged from 35.7% to 36.4% during 2024–26; it earns 9.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/PFD.LSE.json#2024-03-31 (filed 2026-10-16T07:40:18.816Z); FY2024: grossProfit / revenue = 35.7%.

- Source: https://eodhd.com/api/fundamentals/PFD.LSE.json#2025-03-31 (filed 2026-10-16T07:40:18.816Z); FY2025: grossProfit / revenue = 35.9%.

- Source: https://eodhd.com/api/fundamentals/PFD.LSE.json#2026-03-31 (filed 2026-10-16T07:40:18.816Z); FY2026: grossProfit / revenue = 36.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.816Z); 10-year return on capital observations [[2017,0.07625807420760101],[2018,0.06868200575215706],[2019,0.09379178848353883],[2020,0.05992622464338597],[2021,0.12903746171618533],[2022,0.0847053321894977],[2024,0.164376496269754],[2025,0.16409310831541524],[2026,0.20203597445878893]]; median 0.09379178848353883. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 33% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.816Z); Gross margin observations: [[2021,0.32196409714889124],[2022,0.33325930038867296],[2023,0.33048489666136727]]; range within 2 percentage points.

### Where the cash goes

Spends 3.3% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/api/fundamentals/PFD.LSE.json#2017-03-31 (filed 2026-10-16T07:40:18.816Z); FY2017: growth capex 0; upkeep 15100000; owner earnings 44500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PFD.LSE.json#2018-03-31 (filed 2026-10-16T07:40:18.816Z); FY2018: growth capex 0; upkeep 15800000; owner earnings 44300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PFD.LSE.json#2019-03-31 (filed 2026-10-16T07:40:18.816Z); FY2019: growth capex 0; upkeep 14300000; owner earnings 3300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PFD.LSE.json#2020-03-31 (filed 2026-10-16T07:40:18.816Z); FY2020: growth capex 0; upkeep 12800000; owner earnings 78700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PFD.LSE.json#2021-03-31 (filed 2026-10-16T07:40:18.816Z); FY2021: growth capex 0; upkeep 23600000; owner earnings 128180000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PFD.LSE.json#2022-03-31 (filed 2026-10-16T07:40:18.816Z); FY2022: growth capex 0; upkeep 23200000; owner earnings 97280000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PFD.LSE.json#2023-04-01 (filed 2026-10-16T07:40:18.816Z); FY2023: growth capex 0; upkeep 0; owner earnings 137100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PFD.LSE.json#2024-03-31 (filed 2026-10-16T07:40:18.816Z); FY2024: growth capex 0; upkeep 32800000; owner earnings 122560000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PFD.LSE.json#2025-03-31 (filed 2026-10-16T07:40:18.816Z); FY2025: growth capex 0; upkeep 41400000; owner earnings 127420000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PFD.LSE.json#2026-03-31 (filed 2026-10-16T07:40:18.816Z); FY2026: growth capex 4400000; upkeep 47500000; owner earnings 134400000. Growth capex / owner earnings = 0.03273809523809524.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.816Z); Incremental return on capital 2.7488132759613015, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.816Z); Dividend observations: [[2017,42000000],[2018,0],[2019,0],[2020,0],[2021,0],[2022,8500000],[2024,12400000],[2025,14900000],[2026,24200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/PFD.LSE.json#2026-03-31 (filed 2026-10-16T07:40:18.816Z); FY2026: cash repurchases 12400000 GBP.

### Are managers owners

Insiders own 26.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PFD.LSE SharesStats.PercentInsiders = 26.458 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0% yearly over ten years; actual growth was 7.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:18.816Z); Ten-year compound average after fade. Initial solved rate -0.012326701895500947. Price 201.2; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.07237034381712606 → FY2026 0.15235987765864586. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 45.50 per share

- 2016-11: GBX 44.00 per share

- 2016-12: GBX 46.75 per share

- 2017-01: GBX 39.75 per share

- 2017-02: GBX 39.50 per share

- 2017-03: GBX 44.00 per share

- 2017-04: GBX 42.75 per share

- 2017-05: GBX 40.75 per share

- 2017-06: GBX 40.50 per share

- 2017-07: GBX 39.25 per share

- 2017-08: GBX 41.50 per share

- 2017-09: GBX 42.00 per share

- 2017-10: GBX 39.25 per share

- 2017-11: GBX 43.00 per share

- 2017-12: GBX 42.75 per share

- 2018-01: GBX 40.80 per share

- 2018-02: GBX 39.15 per share

- 2018-03: GBX 37.80 per share

- 2018-04: GBX 37.45 per share

- 2018-05: GBX 40.00 per share

- 2018-06: GBX 37.90 per share

- 2018-07: GBX 41.15 per share

- 2018-08: GBX 42.20 per share

- 2018-09: GBX 42.35 per share

- 2018-10: GBX 38.10 per share

- 2018-11: GBX 35.75 per share

- 2018-12: GBX 33.00 per share

- 2019-01: GBX 40.00 per share

- 2019-02: GBX 39.35 per share

- 2019-03: GBX 36.40 per share

- 2019-04: GBX 35.45 per share

- 2019-05: GBX 35.50 per share

- 2019-06: GBX 33.75 per share

- 2019-07: GBX 33.80 per share

- 2019-08: GBX 32.75 per share

- 2019-09: GBX 32.40 per share

- 2019-10: GBX 32.30 per share

- 2019-11: GBX 40.00 per share

- 2019-12: GBX 37.85 per share

- 2020-01: GBX 36.20 per share

- 2020-02: GBX 32.85 per share

- 2020-03: GBX 24.15 per share

- 2020-04: GBX 45.70 per share

- 2020-05: GBX 43.95 per share

- 2020-06: GBX 70.00 per share

- 2020-07: GBX 86.90 per share

- 2020-08: GBX 85.00 per share

- 2020-09: GBX 92.50 per share

- 2020-10: GBX 92.40 per share

- 2020-11: GBX 88.40 per share

- 2020-12: GBX 100.20 per share

- 2021-01: GBX 93.60 per share

- 2021-02: GBX 90.40 per share

- 2021-03: GBX 95.20 per share

- 2021-04: GBX 97.50 per share

- 2021-05: GBX 106.00 per share

- 2021-06: GBX 109.60 per share

- 2021-07: GBX 111.40 per share

- 2021-08: GBX 121.00 per share

- 2021-09: GBX 116.60 per share

- 2021-10: GBX 109.80 per share

- 2021-11: GBX 103.00 per share

- 2021-12: GBX 111.80 per share

- 2022-01: GBX 118.00 per share

- 2022-02: GBX 109.80 per share

- 2022-03: GBX 114.00 per share

- 2022-04: GBX 111.00 per share

- 2022-05: GBX 118.40 per share

- 2022-06: GBX 112.80 per share

- 2022-07: GBX 116.40 per share

- 2022-08: GBX 107.60 per share

- 2022-09: GBX 95.30 per share

- 2022-10: GBX 103.60 per share

- 2022-11: GBX 104.40 per share

- 2022-12: GBX 108.60 per share

- 2023-01: GBX 112.00 per share

- 2023-02: GBX 113.80 per share

- 2023-03: GBX 122.00 per share

- 2023-04: GBX 125.40 per share

- 2023-05: GBX 133.40 per share

- 2023-06: GBX 127.40 per share

- 2023-07: GBX 126.80 per share

- 2023-08: GBX 123.20 per share

- 2023-09: GBX 120.00 per share

- 2023-10: GBX 117.20 per share

- 2023-11: GBX 128.40 per share

- 2023-12: GBX 135.60 per share

- 2024-01: GBX 142.20 per share

- 2024-02: GBX 137.80 per share

- 2024-03: GBX 149.40 per share

- 2024-04: GBX 161.80 per share

- 2024-05: GBX 171.20 per share

- 2024-06: GBX 158.80 per share

- 2024-07: GBX 180.00 per share

- 2024-08: GBX 179.40 per share

- 2024-09: GBX 183.40 per share

- 2024-10: GBX 188.40 per share

- 2024-11: GBX 195.60 per share

- 2024-12: GBX 187.60 per share

- 2025-01: GBX 187.80 per share

- 2025-02: GBX 183.80 per share

- 2025-03: GBX 184.00 per share

- 2025-04: GBX 199.20 per share

- 2025-05: GBX 208.00 per share

- 2025-06: GBX 199.40 per share

- 2025-07: GBX 192.80 per share

- 2025-08: GBX 188.60 per share

- 2025-09: GBX 192.00 per share

- 2025-10: GBX 182.40 per share

- 2025-11: GBX 178.80 per share

- 2025-12: GBX 172.60 per share

- 2026-01: GBX 188.80 per share

- 2026-02: GBX 197.40 per share

- 2026-03: GBX 184.80 per share

- 2026-04: GBX 197.70 per share

- 2026-05: GBX 201.80 per share

- 2026-06: GBX 204.20 per share

- 2026-07: GBX 194.30 per share

- 2026-08: GBX 199.50 per share

- 2026-09: GBX 195.50 per share

- 2026-10: GBX 201.20 per share

## Annual estimated value (GBX per share)

- FY2019: low GBX 58.17 per share, central GBX 66.01 per share, high GBX 76.44 per share

- FY2020: low GBX 78.92 per share, central GBX 87.23 per share, high GBX 98.30 per share

- FY2021: low GBX 66.59 per share, central GBX 75.78 per share, high GBX 88.00 per share

- FY2022: low GBX 107.84 per share, central GBX 122.14 per share, high GBX 141.18 per share

- FY2023: low GBX 138.61 per share, central GBX 157.18 per share, high GBX 181.91 per share

- FY2024: low GBX 160.67 per share, central GBX 181.58 per share, high GBX 209.42 per share

- FY2025: low GBX 193.87 per share, central GBX 240.30 per share, high GBX 277.43 per share

- FY2026: low GBX 203.17 per share, central GBX 250.09 per share, high GBX 287.88 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:46:03.784Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.