Our Outlook For Dr Pepper Remains Intact Ahead of Keurig Transaction; Shares Still Fairly Valued
We don’t anticipate changes to our $122 fair value estimate for Dr Pepper Snapple (which is based on a sum-of-the-parts valuation due to the planned merger with Keurig, which is expected to close in the second quarter) after reviewing the firm’s first-quarter results. Our valuation incorporates 3% sales growth (two thirds of which is driven by price and mix) and low-20s average operating margin over our forecast period for Dr Pepper Snapple on a standalone basis as well as a $103.75 special divi...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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