Calbee Has Disappointing 2Q Results, but Some Positive Development Into 2019; Shares Undervalued
Narrow-moat Calbee’s second-quarter results fell short of our expectations and its internal targets with sales down 4% (like-for-like 1% excluding the impact of divestiture of the domestic bakery business) and operating profits down nearly 14% resulting from sluggish domestic granola sales and lackluster U.S. growth. While management has maintained its full-year guidance, we have lowered our profit forecasts of the explicit forecast period by 5%-7% to reflect slower margin expansion. We accordin...Calbee is mainly engaged in the manufacture and sale of snack confectionery, bakery product and cereal. Co.'s snack food includes potato-based snacks, such as potato chips under the names of "Potato Chips," "Jagarico," and "Jagabee;" flour-based snacks under the names of "Kappa Ebisen," "Sapporo Potato," "Sayaendo," and "Yaki Morokoshi;" and corn-based snacks under the names of "Mike Popcorn Butter Shoyu (butter and soy sauce) flavor," "Doritos," and "Cheetos." Co. provides cereal food under the name of "Fruit Granola" as well as bakery products such as pastries and sandwiches for retailer. In addition, Co. is also engaged in the logistics business.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.