On-Track 3Q Earnings Leave Our Outlook Unchanged for Post; Shares Fairly Valued
We do not plan a large change for our $78 per share valuation for no-moat Post Holdings after it reported solid third-quarter earnings. Post saw flat sales and an 18.6% adjusted EBITDA margin over the first nine months of fiscal 2017, near our full-year calls for 2% growth (reflecting the Weetabix purchase, which closed in July) and an 18.5% profitability mark. Though management raised its fiscal 2017 adjusted EBITDA guidance to $975 million-$990 million (from $920 million-$950 million), higher ...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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