Nestle’s First Half in Line and Continues to Reflect Weaker Pricing; Shares Fully Priced
Nestle reported another sluggish performance in the second quarter, with sales in line with our forecast but margins slightly below. These results enhance our conviction that our short-term forecasts are reasonable and that our long-term thesis of structurally slower organic growth is intact; we think this performance will give voice to those clamouring for change at Nestle. We still believe Nestle has a wide economic moat, with structural advantages in defending its shelf space, but we suspect ...
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