Pepsi’s Brand Investments Should Restore Top-Line Gains in Beverage Portfolio; Shares Fairly Valued
While wide-moat PepsiCo’s annual results came in slightly shy of our expectations, with sales of $63.5 billion and operating margin of 16.5% falling below our outlook of nearly $64 billion and operating margin around 17%, we contend that the firm’s sustained investments in its brands will accelerate top-line growth over the long run. Further, we were pleased to see product and packaging innovation drive a 2% improvement in net pricing. This supports our view that the firm’s brand strength has re...
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