We're Lukewarm on Conagra but Recommend Keeping Wide-Moat General Mills on the Radar
We’ve taken a fresh look at Conagra and General Mills and, although we continue to think Conagra’s intangible assets warrant a narrow moat, we’ve raised our moat rating for General Mills to wide from narrow to reflect our greater confidence that the firm’s brand intangible assets and cost edge will allow it to generate economic profits for at least 20 years. We think General Mills’ entrenched retail relationships have allowed it to maintain valuable shelf space even in categories where its share...General Mills manufactures and markets branded consumer foods. The company's segments are: North America Retail, which provides cereals, refrigerated yogurt, soup, meal kits, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit and savory snacks, and organic products, among others; Convenience Stores and Foodservice, which provides snacks, yogurt, frozen meals and frozen dough products, and baking mixes, among others; Europe and Australia, which includes retail and foodservice businesses in the Europe and Australia region; Asia and Latin America, which consists of retail and foodservice businesses in the Asia and South America regions; and Pets, which includes pet food products.
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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