Smucker Still On-Track To Meet Our Outlook Despite Soft First-Quarter Results; Shares Rich
We do not plan to significantly alter our $107 per share valuation for narrow-moat Smucker after soft first-quarter results that lend credence to our suspicions of the firm’s ability to justify the high price it paid for its pet food unit (13 times EBITDA, or $5.8 billion, in 2015). Though we intend to reduce our near-term targets slightly, our long-term outlook (3.1% sales growth and 17.8% adjusted operating margin, on average, over the next decade) is largely intact. We still believe our less ...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.
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