Research

Research by Hugo Raffard

Articles written by or contributed to by Hugo Raffard.

Filter by Author

Filter by Theme

Featured analysis

Highlighted research from the team

FeaturedEquitiesPDF

Keurig Dr Pepper

Long thesis on Keurig Dr Pepper as the market appears to have overreacted to the JDE Peet’s deal, leaving shares well below a modelled fair value of about $42 versus roughly $28. The case rests on manageable post-deal leverage, beverage growth, margin improvement, and execution of synergies, with key risks from coffee costs, regulation, and weak coffee volumes.

Hugo Raffard20 Mar 2026

Latest research

Everything else, newest first

EquitiesPDF

McCormick Overweight

McCormick and Company is rated Overweight with a fair value of $67 and a target purchase price of $47 because the analysis predicts that temporary headwinds from tariffs and inflation will be resolved by organic growth and Mexico business synergies by the year 2027.

Hugo Raffard26 Mar 2026With Gabriel Zubiria

EquitiesPDF

Dominos Pizza Group Plc

Bullish on Domino’s Pizza Group because the market appears to have overreacted to two headline fears: the GLP-1 weight-loss craze hitting fast-food demand and Andrew Renney’s late-2025 CEO exit, both of which helped drive a sharp selloff. The thesis is that GLP-1 risk is likely smaller for Domino’s core customer base than investors assume, and with management stability, the shares could rerate from about 186p toward a modelled fair value of 284p.

Hugo Raffard20 Mar 2026