Pepsi’s Annual Results Reflect Continued Operational Improvement; Shares Seem Fairly Valued
Wide-moat Pepsi reported solid year-end results that were in line with our expectations, and we’re reiterating our $106 fair value estimate, excluding the benefit from the time value of money. Annual organic revenue increased 3.7% year over year, coming in slightly below the 4% growth we had anticipated, and operating margins expanded by 235 basis points to 15.6%. Both the beverage (approximately 47% of total sales) and snack (53%) segments experienced steady organic volume growth (up 2% and 3%,...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.
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.
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