It is also pleasing to see the company flag improvements in cash flow with increased cashflow from operations in the first half more than offsetting the budgeted increase in capital expenditure. We are encouraged that grocery profits will be well ahead of last year despite the £19m reorganisation charge at Twinings. ABF is up over 15% since we turned buyers in early December. Even after the share price rally, the company remains at a discount to our sum of the parts valuation which points to a valuation range between 1000p-1050p. Buy, 950p target price. Panmure Gordon also has a buy recommendation on the stock, saying: We believe ABF offers an attractive combination of defensive earnings and strong profit growth. We expect to see strong profit growth for the half, and while we are not increasing full-year forecasts today, we do see the risk to forecasts as being on the upside.