Competitive Activity Hits Post’s Cereal Unit in First Quarter, Consistent With Our Long-Term View
We do not plan to significantly alter our $83 per share valuation for no-moat Post after it reported first-quarter earnings with softer-than-expected profitability offset by a time value of money adjustment. Management cited competitive intensity in cereal for the underperformance, consistent with our thesis that the firm faces significant challenges from rivals in a category that still accounts for around 35% of proforma sales. As such, our long-term targets (low-single-digit organic growth and...
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