Initiating Coverage of Kerry Group and Chr. Hansen With Wide Economic Moats; Kerry Is Our Top Pick
We initiate coverage of Kerry Group and Chr. Hansen, two leading food and beverage ingredient solutions providers, with wide economic moat ratings and fair value estimates of EUR 110 and DKK 600, respectively. ÂAlthough both companies operate in the $70 billion fragmented global food ingredient and flavor market, their business models and strategies differ significantly. Kerry's core competency lies in its ability to offer a wide range of food ingredient solutions and technologies with a substa...
Kerry Group is an international food corporation. Co. is engaged in ingredients and flavor technologies serving the food, beverage and pharmaceutical industries and is also a consumer foods processor and supplier in selected European Union (EU) markets. Co. has two operating segments: Ingredients & Flavors, and Consumer Foods. The Ingredients & Flavors operating segment is engaged in manufactures and distributes application specific ingredients and flavors spanning a number of technology platforms; and Consumer Foods segment is engaged in manufactures and supplies added value brands and customer branded foods primarily to the Irish and U.K. markets.
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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