Solid Start to 2018 Leaves Our Outlook for Pinnacle Unchanged; Shares Fairly Valued
With first-quarter results (2% sales growth, 10 basis points of adjusted operating margin contraction, to 15.6%) leaving our full-year targets (flat sales, 50 basis points of adjusted operating margin expansion) in reach, our $56 per share valuation for no-moat Pinnacle should not change materially. Our long-term outlook, calling for low-single-digit sales growth and adjusted operating margins of around 20%, is intact.Results were strong in Pinnacle’s frozen unit (over 40% of sales), which saw ...
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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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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