Report
Sonia Vora
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Keurig Dr Pepper Stands to Benefit From Enhanced Scale and Well-Diversified Portfolio of Brands

Wide-moat Keurig Dr Pepper posted full-year results that largely aligned with our expectations, with revenue growth of 2.3%, adjusted operating margin around 23.8% (100 basis points of expansion), and adjusted EPS of $1.04 (all on pro forma basis) near our expectations of 2.1%, 23.0%, and $1.02, respectively. While management's guidance for 2% sales growth in 2019 falls below our 3% expectation, it reiterated its outlook for 15% to 17% adjusted EPS growth (our estimate falls at the high end of t...
Underlying
Keurig Dr Pepper Inc.

Keurig Dr Pepper is a beverage company with a portfolio of flavored (non-cola) carbonated soft drinks (CSDs), non-carbonated beverages, and is a producer of single serve brewing systems. The company's Coffee Systems segment develops and sells a variety of Keurig brewers, brewer accessories and other coffee-related equipment. The company's Packaged Beverages segment manufactures and distributes packaged beverages of its brands. The company's Beverage Concentrates segment manufactures and sells beverage concentrates. The company's Latin America Beverages segment participates mainly in the carbonated mineral water, flavored CSD, bottled water and vegetable juice categories.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Sonia Vora

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