Published On: May 31st, 2021Categories:

While pressures from discounters have accelerated during the past few years, pressuring grocers’ performance, 2020’s volatile environment has been supportive for grocers due to a demand surge as more people work from home. As a UK grocer, the leader in frozen food Iceland Foods has been a Covid19-beneficiary as seen in the recovery in bond prices from the lows in March 20, experiencing revenue growth well above other grocers amid the pandemic. Based on its current business model, although far from being competitive with the Big Four, we view the short dated issue as a cheap exposure in the high yield spectrum.

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