Report
Sonia Vora
EUR 101.80 For Business Accounts Only

Conagra’s renewed focus on its branded fare is unlikely to offset category-wide headwinds.

Media reports that no-moat Snyder’s-Lance has hired advisors to evaluate sale options after an approach from wide-moat Campbell have lifted its shares. While we believe the firm’s brands could draw an attractive bid, we are not altering our $35.50 per share fair value estimate at this time as we do not have any insight as to whether a deal will materialize.

The reports, which indicate talks are continuing with Campbell and one unnamed suitor, are consistent with our view that large food manufa...
Underlying
Conagra Brands Inc.

Conagra Brands is a packaged goods food company. The company's segments are: Grocery and Snacks, which includes branded, shelf stable food products sold in various retail channels; Refrigerated and Frozen, which includes branded, temperature controlled food products sold in various retail channels; International, which includes branded food products sold in retail and foodservice channels outside of the U.S.; Foodservice, which includes customized food products for sale to restaurants and other foodservice establishments; Pinnacle Foods, which includes and private-label food products; and Commercial Foods, which included commercially branded and private label food and ingredients, among others.

Provider
Morningstar
Morningstar

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.

Analysts
Sonia Vora

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