Pinnacle Foods Posts Slightly Soft Third Quarter but Outlook Largely Unchanged; Shares Still Rich
We anticipate lifting our $37 per share valuation for no-moat Pinnacle by less than 5% due to a time value of money adjustment, offset by third-quarter earnings that leave the firm trailing our full-year targets slightly. The short-term softness as the product lineup transitions to a more premium orientation does not materially change our long-term expectations, which call for 3.8% average sales growth and an 18.7% average operating margin from 2017-2025.We believe our valuation trails prevaili...
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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