3Q Shows the Good and the Bad of Nestle; Shares Slightly Overvalued
The good news from Nestle's third-quarter sales update was that the firm is bang on track to meet our organic sales growth estimates this year. The bad news is that those estimates remain well below the performance level we think the business is capable of in the medium term. Nestle has a wide economic moat based on significant scale and supply-chain advantages it holds over new entrants, and this was evident in the reasonable 1.8% organic volume growth achieved in the third quarter. However, we...
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