Pepsi's 2Q Performance Evidences Attractive Top-Line Trajectory; Shares Fairly Valued
Pepsi's top-line momentum persisted in the second quarter, with organic sales positive in each of the firm’s six segments and up 4.5% overall (versus our roughly 4% full-year estimate). While we intend to reassess our assumptions (3% to 4% sales growth and average operating margin around 17% over the next five years), we aren't anticipating a material change to our $125 fair value estimate. We continue to view strengthened pricing (up 4% in the quarter) as the highlight of results, as we think i...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.
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