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MARKET COMMENT
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The punt may have been replaced by the euro, but the the Emerald Isle is still unmatched in terms of its unspoilt rolling green terrains. Some call it 'The Celtic Tiger' because Ireland enjoys one of the highest growth rates outside of the Tiger economies of the Far East. Interestingly, even though huge amounts of money have been invested in the high technology sector, agriculture and food processing still plays a huge part of the Irish economy. It accounts for some 10% of the country's total economic output. It is hardly surprising then that food-based companies feature highly on the Dublin stock market. Of the 20 biggest outfits quoted on the Dublin stock market, five are food-related set ups. These include the €2b international dairy firm Kerry Group (LSE: KYG) and Iaws Group (LSE: IAW), one of the biggest bakers in Ireland. The recently founded Glanbia (LSE: GLB) is no slouch either, and is the largest dairy products company in Ireland. Interestingly, these three companies are also listed on the London stock market, as indeed are Ireland's other two big food companies. They look attractively priced and could prove irresistible to value-hungry investors. Greencore Group
The little-known Greencore Group (LSE: GNC) is the UK's biggest sandwich maker. Its Manton Wood sandwich-making facility in Nottinghamshire is capable of turning out 2m sandwiches a week. Add in the company's 1m per week Park Royal sandwich-making facility in London and you have a business that produces a significant share of the 1.8b sandwiches consumed in Britain each year. Greencore's history has been blemished by its somewhat lumpy purchase of Irish Sugar in the early nineties. However, its recent acquisitions seem to have been much better integrated. At 201.5p per share, the company is valued at 8 times prospective earnings. Additionally, profit is expected to grow at a healthy lick, with earnings per share expected to improve 13% next year. The dividend yield of 4.2% is quite meaty too. Fyffes
Think of bananas and Fyffes (LSE: FFY) is one company immediately springs to mind. The fruit distributor does more than just bananas though. It is also involved in pineapple production in Guatemala. From its early days as a fruit wholesaler in Dundalk, Fyffes has grown through a bunch of mergers and acquisitions into one of the biggest distributors of fruit and veg in Europe. Earnings for this year are expected to come in at 14.9p per share, which would value the company at a modest 7 times forecast profits. Furthermore at 102.5p, the shares are also yielding an appealing 5.6%.