ABF’s stock price plummeted over 12% on Sept. 10, erasing all gains for the year. Concerns surround the company’s bread division and recent acquisition of Hovis. Unilever and Tate & Lyle shares remained stable amid the selloff.

ABF, Unilever, and Tate & Lyle have underperformed the Morningstar UK Index due to rising inflation. Tate & Lyle has seen the biggest loss in 2025 at 20%. The Morningstar Global Package Foods Index is up in USD but down in euros and pounds.

Tate & Lyle is considered the most undervalued UK food stock by Morningstar, trading significantly below its fair value estimate. Unilever is also undervalued and shows strength in developed markets. ABF’s fair value estimate remains unchanged, with potential undervaluation in the market.

Read more at Morningstar: After the Associated British Foods Selloff, Which UK Stocks Are Attractive?