Nestle’s 1Q Reaffirms Our Thesis of Weaker Structural Growth; Shares Fairly Valued
We reiterate our CHF 79 fair value estimate and wide moat rating for Nestle, despite the firm's underwhelming first-quarter sales update. Organic growth of 2.3% is below our full-year forecast, but that is to be expected, given the greater number of selling days a year ago and the later timing of Easter this year. Nevertheless, the current growth rate is a sequential slowdown from last year's 3.2% growth and is far short of the old “Nestle model†of 5%-6% growth, underlining our thesis that medi...
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