Pepsi's Competitive Prowess Stands to Bolster Long-Term Performance, but Shares Still Not a Bargain
We expect wide-moat PepsiCo to report a relatively solid finish to the financial year when it releases fiscal 2016 results on Feb. 15, as our forecast implies nearly 6% fourth-quarter underlying sales growth (which compares with a weak period a year ago when sales slipped nearly 7%) and operating margins up about 50 basis points to more than 15%. We continue to believe carbonated soft drinks face long-term challenges, but pricing has been strong, and we think that Pepsi is better insulated than ...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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