Mixed 2Q Results Should not Alter Our Outlook for Hormel Significantly
We neither anticipate changing our $36 per share valuation for narrow-moat Hormel materially after it posted second-quarter earnings, nor do we expect to change our long-term outlook, which calls for mid-single-digit sales growth against a 14% operating margin, on average, over the next decade.In the first half, Hormel posted 4% sales growth against about 190 basis points of operating margin deterioration (to 13%). Management reaffirmed fiscal 2018 guidance calling for $9.7 billion to $10.1 bil...
Hormel Foods is primarily engaged in the production of meat and food products and the marketing of those products throughout the United States and internationally. The company's segments are: Grocery Products, which consists of the processing, marketing, and sale of shelf-stable food products; Refrigerated Foods, which consists of the processing, marketing, and sale of branded and unbranded pork, beef, chicken, and turkey products; Jennie-O Turkey Store, which consists of the processing, marketing, and sale of branded and unbranded turkey products; and International and Other, which includes Hormel Foods International Corporation that manufactures, markets, and sells the company's products internationally.
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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