Efficiency will not improve without sector consolidation, plant sharing and business withdrawals As we noted in our report DuPont analysis identifies conditions for a sector re-rating, the sector's total asset turnover has structurally deteriorated, which we view as one reason why ROE is not improving. We analysed capex and sales-to-capex ratios across food companies. We conclude that (1) capex reached a record high in FY2025 despite sluggish sales growth, (2) the sales-to-capex ratio continues to trend upw ...