Dr. Pepper Snapple’s Annual Results Meet Expectations; Shares Still Look Overvalued
Narrow-moat Dr. Pepper Snapple reported annual results that were consistent with our expectations, and we do not plan to change our $74 fair value estimate outside of adjustments for the time value of money, which should add a few dollars to our valuation. Overall volumes grew 1%, led by the water category, which continued to grow at a double-digit clip thanks to continued strength in the Bai and Fiji brands. Operating margins grew 160 basis points over last year to 22.3%, though we continue to ...Dr Pepper Snapple Group is a brand owner, manufacturer and distributor of non-alcoholic beverages in the U.S., Canada and Mexico with a portfolio of flavored (non-cola) carbonated soft drinks (CSDs) and non-carbonated beverages (NCBs), including ready-to-drink teas, juices, juice drinks, water and mixers. In the CSD market, the company's primary brands are Dr Pepper, Canada Dry, 7UP, Crush, A&W, Sunkist soda, Schweppes and Squirt. In the NCB market segment in the U.S., the company participates primarily in the ready-to-drink tea, juice, juice drinks and mixer categories. The company's segments are: Beverage Concentrates, Packaged Beverages and Latin America Beverages.
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.
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