Acquisition Process Continues for No-Moat WhiteWave; Raising Fair Value Estimate
We are raising our fair value estimate for no-moat WhiteWave to $55 per share from $54, reflecting the time value of money after the company’s second-quarter 2016 earnings report. Year to date, the firm reported a 14% net sales increase along with a 9.3% adjusted operating margin (up 61 basis points), compared with our 12% and 10% full-year standalone expectations, respectively. In July, the company announced it was being acquired by narrow-moat Danone for $56.25 per share; WhiteWave indicated t...
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