Bob Evans continues Post’s diversification from cereal, but portfoliowide competition is intense.
Our $79 per share valuation for no-moat Post Holdings should not see a large change after it reported fourth-quarter earnings. Top-line results for the year were slightly better than our targets; the company reported $5.23 billion in sales and $989 million of adjusted EBITDA (18.9% margin); our forecast called for $5.21 billion in revenue and $983 million in adjusted EBITDA (18.9% margin). Management indicated it expects $1.14 billion-$1.18 billion fiscal 2018 adjusted EBITDA; our forecast calls...Post Holdings is a consumer packaged goods holding company. The company's segments are: Post Consumer Brands, which manufactures, markets and sells branded and private label ready-to-eat (RTE) cereal and hot cereal products; Weetabix, which markets and distributes branded and private label RTE cereal products; Foodservice, which produces and distributes egg and potato products; Refrigerated Retail, which produces and distributes side dishes, eggs and egg, cheese, sausage and other refrigerated products; and BellRing Brands, which markets and distributes ready-to-drink protein shakes, other RTD beverages, powders, nutrition bars and supplements in the nutrition category.
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