U.S. Underperformance Drives Weak Third Quarter at Mead Johnson; Softening Outlook
We plan to trim our $89 per share valuation for wide-moat Mead Johnson by about 5% after third-quarter earnings that leave the firm behind our 2016 targets. Year to date, the firm has posted an 8% net sales decline, and though the third-quarter dip was a softer 4%, results trail our expected 6.7% 2016 shortfall. We plan to trim our 2016 top-line growth estimate by about 25 basis points, though our 10-year compound annual growth expectation (4.3%) should remain virtually unchanged. Profitability ...
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