Report
Erin Lash
EUR 147.86 For Business Accounts Only

Continued solid profitability improvement supports PepsiCo's strong ROIC and wide economic moat.

We don’t plan major changes to our $103 fair value estimate for wide-moat Pepsi after third-quarter results. The firm continues to expand margins, while foreign exchange rates weigh on reported revenue. North American Beverages, against tough comps, exhibited strong volume growth, as did the emerging markets. Pricing generally remains solid, providing evidence of the firm’s strong brand intangible asset. Pepsi is on track to meet our full-year forecast.
We’ve expected the firm’s productivity ini...
Underlying
PepsiCo Inc.

PepsiCo is a food and beverage company. The company's segments include: Frito-Lay North America, which includes food and snack businesses in the United States and Canada; Quaker Foods North America, which includes cereal, rice, pasta and other food businesses in the United States and Canada; PepsiCo Beverages North America, which includes beverage businesses in the United States and Canada; Latin America, which includes beverage, food and snack businesses in Latin America; Europe, which includes beverage, food and snack businesses in Europe; and Africa, Middle East and South Asia, which includes beverage, food and snack businesses in Africa, the Middle East and South Asia.

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
Erin Lash

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