Pepsi's Softer Beverage Volume in 3Q Not Cause for Concern; Brand Assets Remain Robust
PepsiCo’s third-quarter results largely tracked our outlook for the year, and we do not anticipate material changes to our $117 fair value estimate outside of adjustments for the time value of money, which should add a dollar to our valuation. Year to date, net revenue has grown 1.7%, matching our 1.7% forecast for the year, thanks to organic growth in the food and snack business (which contributes above half of sales) and a 3% contribution from price/mix, which helped offset mid-single-digit vo...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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