Long-Term Outlook Unchanged for Pinnacle Despite Slightly Soft First Half; Shares Rich
While first-half results lagged our expectations, we do not anticipate making a large change to our $53 per share valuation for no-moat Pinnacle, with a time value of money adjustment offsetting a softened short-term outlook. Pinnacle reported flat first-half sales and about 95 basis points of adjusted EBITDA margin expansion (to 19.0%) versus our 2.5% and 140 basis point full-year targets. Management reiterated its $2.55-$2.60 2017 adjusted diluted EPS guidance (as opposed to our $2.61 target) ...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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