Thomas Randall

Tom Randall joined the team in April 2025 from Unilever IR. David Hayes joined Jefferies in October 2023 to cover the European Food and HPC sectors. He has 20+ years of experience covering the Staples sector. Molly Wylenzek joined Jefferies in April 2019 and has been covering Food/HPC for over 10 years. Feng Zhang joined the team as a graduate in 2020, after finishing her master’s degree.

What We Are Known For

• Identifying changes in growth dynamics Having seen the evolution of performance across Staples over a combined 30+ years, we are able to better consider what has changed. Why were companies like NESN, UNA posting over 5% underlying sales growth before c.2015 and then exhibiting just c.3% 2017/19? Are 2019 peak margin levels the right base level from here, what conditions help support this attainment, and so what now?
• Detailed modelling, including logical reconciliation on margin evolution. We are prepared to take anti-consensus views on estimates & ratings and provide detailed explanation on how we arrive at our forecasts.