Despite Slow 2Q Sales, Our Outlook for Smucker Is Intact; Shares Attractive
With narrow-moat Smucker lagging our fiscal 2019 targets, our $126 fair value estimate should see a low- to mid-single-digit percentage dip after it posted second-quarter results. While we plan to temper our near-term outlook over transitory factors such as promotion timing and retailer shelf resets, our long-term take (low-single-digit growth, high-teens adjusted operating margins, on average, over the next 10 years) is intact. We believe the shares are attractive and contend that sentiment und...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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