Acquisition integration progress reduces risk for Pinnacle, but competitive threat remains.
We are lifting our valuation for no-moat Pinnacle to $45 per share from $38.50 after reducing the discount rate we apply to the firm’s cash flows to 6% from 7%, driven by a lower estimated cost of equity (7.5% versus our earlier 9%). We are also reducing our uncertainty rating to medium from high.Both changes reflect Pinnacle’s progress in integrating the Boulder acquisition and management’s efforts to pare back the off-trend and slumping Smart Balance unit. The progress made leaves us more con...
Pinnacle Foods is a holding company. The company is a manufacturer, marketer and distributor of convenience food products. The company's operations are managed and reported in four operating segments: frozen, which is comprised of the retail businesses of the company's legacy frozen brands, including vegetables, complete bagged meals, frozen dinners and entrees, among others; grocery, which is comprised of the retail businesses of the company's grocery brands; boulder, which is comprised of the retail businesses of the company's health and wellness lifestyle brands; and specialty, which includes the company's snack products (Tim's Cascade and Snyder of Berlin) and all of its U.S. foodservice and private label businesses.
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