Report
Philip Gorham, CFA, FRM
EUR 101.80 For Business Accounts Only

Sluggish fourth-quarter organic growth underlines Nestle's need for self-help drivers.

Nestle missed our revenue estimates in the fourth quarter as growth slowed further, but strong execution on cost savings more than made up for the shortfall, and we do not expect to change our fair value estimate by more than the impact of the time value of money. Although Nestle appears to be suffering from the low-growth environment more than most of its peers, the company's wide economic moat is based on its supply-chain entrenchment, rather than brand equity, so while weak pricing is not ent...
Underlying
Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Philip Gorham, CFA, FRM

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