What Took the Activists So Long? Size No Longer a Barrier to Waking Nestle From Its Slumber
Nestle has become the latest consumer staples manufacturer to be in the crosshairs of activist investors, and we see several avenues for financial and operational improvement. We are maintaining our CHF 79 fair value estimate until management reveals an action plan in response to the $3.5 billion/1.25% stake taken by Third Point Capital, and the hedge fund's demands for capital-allocation improvements. For all its recent underperformance, we still regard Nestle as having a wide economic moat, an...
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