Nestle Receives a Generous Multiple for U.S. Confectionery but More Work Remains to Reignite Growth
Although Nestle's disposal of its U.S. confectionery business to Ferrero for $2.8 billion in cash represents decent value for its shareholders, the deal does not impact our CHF 79 valuation. We view this deal as one of the first steps in a strategy to position the company in categories that will deliver higher long-term returns on capital. We are reiterating our wide moat rating because this deal does not change Nestle's highly entrenched position in its supply chain due to its broad portfolio a...
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