Pioneer Foods (PFG) – Finding its Feet

We highlight the opportunity for PFG to expand its reach in the KZN’s informal markets and also give our perspecitve of LLFJ volumes which we believe remain at risk despite recent wins. Heinz Foods SA comes with the potential to rejuventate PFG’s Groceries business with green shoots already visible in 2H18. We expect PFG UK’s branded presence in the health and wellness space place to spur growth and express our scepticism regarding the potential to significantly grow African (ex-SA) exports through improved distribution.