FTSE COMPANY REPORT Share price analysis relative to sector and index performance Associated British Foods ABF Food Producers — GBP 19.375 at close 27 September 2021 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 27-Sep-2021 27-Sep-2021 27-Sep-2021 25 115 120 1D WTD MTD YTD Absolute 2.9 2.9 -2.1 -14.4 24 115 Rel.Sector 1.5 1.5 0.3 -11.7 23 Rel.Market 2.8 2.8 -1.1 -22.7 110 110 22 105 VALUATION 21 105 100 20 Trailing Relative Price Relative Price Relative 95 19 PE 34.5 Absolute Price (local (local currency) AbsolutePrice 100 90 EV/EBITDA 9.8 18 PB 1.7 17 85 PCF 9.2 16 95 80 Div Yield 0.0 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Price/Sales 1.1 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.4 90 100 90 Div Payout 0.0 80 90 80 ROE 4.8 70 80 70 Share Index) Share Share Sector) Share - - 70 60 60 DESCRIPTION 60 50 50 50 40 The Company is a diversified international food, 40 RSI RSI (Absolute) 40 30 ingredients, and retail group. The Group conducts 30 business in China, South America, Africa Europe, 30 20 Australia, New Zealand, Asia, and the United States. 20 20 10 RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 10 10 0 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Associated British Foods 27 September 2021 Valuation Metrics Price to Earnings (PE) EV to EBITDA Price to Book (PB) 31-Aug-2021 31-Aug-2021 31-Aug-2021 45 18 4 40 16 3.5 35 14 3 +1SD +1SD +1SD 30 12 2.5 Avg Avg 25 10 2 Avg -1SD 20 8 -1SD 1.5 15 -1SD 6 1 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Associated British Foods 34.5 Greencore Group 17.1 Hilton Food Group 4.5 Hilton Food Group 24.5 Hilton Food Group 11.1 Devro 3.8 Cranswick 22.6 Cranswick 11.1 Cranswick 3.0 Food Producers 21.9 Associated British Foods 9.8 Greencore Group 2.9 Bakkavor Group 19.7 Food Producers 9.2 Tate & Lyle 2.3 Devro 16.2 Carrs Group 8.2 Food Producers 1.8 Carrs Group 15.8 Premier Foods 7.8 Associated British Foods 1.7 Tate & Lyle 13.1 Devro 7.8 Carrs Group 1.3 Anglo-Eastern Plantations 10.4 Bakkavor Group 7.2 Bakkavor Group 1.1 Premier Foods 9.8 Tate & Lyle 7.2 Premier Foods 0.9 Greencore Group -66.4 Anglo-Eastern Plantations 3.4 Anglo-Eastern Plantations 0.8 -80 -60 -40 -20 0 20 40 0 2 4 6 8 10 12 14 16 18 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS) 31-Aug-2021 31-Aug-2021 31-Aug-2021 22 3 2 20 2.5 1.8 18 +1SD 2 1.6 +1SD 16 +1SD 1.5 Avg 1.4 14 Avg Avg 1 1.2 12 -1SD -1SD 10 -1SD 0.5 1 8 0 0.8 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Greencore Group 80.0 Tate & Lyle 4.4 Devro 1.5 Cranswick 11.7 Devro 4.0 Anglo-Eastern Plantations 1.2 Premier Foods 11.5 Carrs Group 2.9 Tate & Lyle 1.2 Hilton Food Group 10.1 Hilton Food Group 2.2 Associated British Foods 1.1 Food Producers 10.0 Cranswick 1.8 Cranswick 1.1 Devro 9.8 Food Producers 1.4 Premier Foods 1.1 Associated British Foods 9.2 Premier Foods 0.8 Food Producers 1.1 Tate & Lyle 8.8 Anglo-Eastern Plantations 0.1 Greencore Group 0.6 Carrs Group 8.0 Greencore Group 0.0 Carrs Group 0.4 Bakkavor Group 7.6 Bakkavor Group 0.0 Bakkavor Group 0.4 Anglo-Eastern Plantations 4.9 Associated British Foods 0.0 Hilton Food Group 0.4 0 10 20 30 40 50 60 70 80 90 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 2 of 4 FTSE COMPANY REPORT: Associated British Foods 27 September 2021 Valuation Metrics Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE) 31-Aug-2021 31-Aug-2021 31-Aug-2021 0.45 60 16 0.4 50 14 +1SD 0.35 +1SD 40 12 0.3 +1SD Avg 0.25 30 Avg 10 0.2 20 8 -1SD 0.15 Avg -1SD 10 6 0.1 0.05 0 4 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Greencore Group 3.5 Tate & Lyle 56.1 Devro 26.6 Hilton Food Group 2.3 Hilton Food Group 53.6 Hilton Food Group 19.8 Devro 1.4 Carrs Group 46.1 Tate & Lyle 17.7 Bakkavor Group 0.7 Devro 45.5 Cranswick 14.2 Tate & Lyle 0.5 Cranswick 39.8 Food Producers 8.3 Food Producers 0.5 Food Producers 29.0 Carrs Group 8.2 Associated British Foods 0.4 Anglo-Eastern Plantations 1.2 Anglo-Eastern Plantations 8.0 Carrs Group 0.4 Premier Foods 0.0 Premier Foods 7.4 Premier Foods 0.3 Greencore Group 0.0 Bakkavor Group 5.8 Cranswick 0.2 Bakkavor Group 0.0 Associated British Foods 4.8 Anglo-Eastern Plantations 0.0 Associated British Foods 0.0 Greencore Group -4.1 0 0.5 1 1.5 2 2.5 3 3.5 4 0 10 20 30 40 50 60 -10 -5 0 5 10 15 20 25 30 ROE vs. PB — sector Du Pont Analysis 4.5 HFG 1.8 18 1.6 16 4.0 Regression DVO 1.4 14 3.5 1.2 12 3.0 CWK GNC 1 10 PB 2.5 0.8 8 TATE 2.0 0.6 6 Food Producers ABF 0.4 4 1.5 CARR 0.2 2 BAKK 1.0 PFDAEP 0 0 2017 2018 2019 2020 2021 0.5 0 2 4 6 8 10 12 14 16 18 20 22 24 26 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 3 of 4 FTSE COMPANY REPORT: Associated British Foods 27 September 2021 Brief description Brief description Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions.