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Research by Hugo Raffard

Articles written by or contributed to by Hugo Raffard.

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Highlighted research from the Strand Global Macro team.

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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 Raffard|20 Mar 2026|

Equities

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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 Raffard|26 Mar 2026|

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 Raffard|20 Mar 2026|

Equities