Despite strong execution and premiumization efforts, Pinnacle faces intense competition.
We do not plan a large change for our $53 per share valuation for no-moat Pinnacle after it posted third-quarter earnings, with soft profitability offset by a time value of money adjustment.Thus far in 2017, Pinnacle's sales fell by 0.4%, in line with our 0.7% full-year growth mark (sales should benefit from a 53rd week, which should lift full-year sales by about 1%). However, its adjusted EBITDA margin lags our 100-basis-point 2017 expansion target (to 21.6%), at 50 basis points (19.7% year to...
Pinnacle Foods is a holding company. The company is a manufacturer, marketer and distributor of convenience food products. The company's operations are managed and reported in four operating segments: frozen, which is comprised of the retail businesses of the company's legacy frozen brands, including vegetables, complete bagged meals, frozen dinners and entrees, among others; grocery, which is comprised of the retail businesses of the company's grocery brands; boulder, which is comprised of the retail businesses of the company's health and wellness lifestyle brands; and specialty, which includes the company's snack products (Tim's Cascade and Snyder of Berlin) and all of its U.S. foodservice and private label businesses.
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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.
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