Acquisition of Ainsworth, Potential Baking Divestiture Do Not Alter Our Long-term View of Smucker
Our $133 fair value estimate for narrow-moat Smucker should not see a large change after it announced plans to acquire Ainsworth Pet Nutrition (maker of Rachael Ray Nutrish Pet Food) for $1.9 billion in cash and that it is exploring strategic options for its U.S. baking business. The moves come on the heels of Smucker’s thwarted attempt to acquire Wesson’s cooking oil lineup from Conagra, which the FTC challenged.The offer corresponds to a purchase multiple of around 22 times EBITDA, versus the...
Smucker (J.M.) manufactures and markets food and beverage products. The company's principal products are coffee, dog food, pet snacks, cat food, peanut butter, fruit spreads, frozen handheld products, shortening and oils, portion control products, juices and beverages, and flour and baking ingredients. The company has four reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, and U.S. Retail Pet Foods, and International and Away From Home. The U.S. retail market segments represent the sales of food and beverage products to consumers through retail outlets in North America. The International and Away From Home segment represents sales outside of the U.S. retail market segments.
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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