Morningstar

Morningstar, Inc.

Equity Bottom-Up

With nearly two years under his belt at the helm, Mondelez’s CEO Dirk Van de Put has taken a conciliatory tone, calling out the progress made while emphasizing the need for further investments to ensure recent momentum persists. We’ve never thought righting the ship at Mondelez would necessitate seismic shifts in its operations but rather more tactical initiatives to facilitate sustainable improvement, particularly as it relates to sales. We weren’t surprised that accelerating the top line is at…

The major question in advance of Mondelez’s first-quarter results was the extent to which the firm would be able to string together another period of improving top-line gains in the face of intense competitive angst (on top of the 1.2% and 2.5% organic sales growth realized in the last two quarters to close out fiscal 2018). And we think the firm’s 3.7% organic sales growth should serve to quell concerns that Mondelez’s strategic course to elevate its top-line trajectory by extending the…

Shares of wide-moat Mondelez have soared more than 30% from trough levels of around $37 per share over the past year. As such, we don’t believe the stock offers investors an attractive margin of safety to our $52 fair value estimate, which is based on our outlook for 3%-4% average annual sales growth over the next decade and another 400 basis points of operating margin improvement (over 2018 results) to north of 19% by fiscal 2028
From our vantage point, continued visibility into the strategic…

United States

Mondelez International Inc. is a food and beverage company.  The Company manufactures and markets packaged food products, including snacks, beverages, cheese, convenient meals and various packaged grocery products.  Mondelez International sells its products throughout the world.

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