On-track Fourth Quarter Leaves Outlook Unchanged for Post; Shares Fairly Valued
We do not contemplate a large change to our $77 per share valuation for no-moat Post Holdings after it reported fourth-quarter earnings. Post reported 8.1% top-line growth and an 18.6% adjusted EBITDA margin, which lagged our estimated 9.2% sales uptick but beat our forecast 18.0% profitability mark. The results leave our longer-term targets largely in place, calling for 3% annual sales growth and a 16% adjusted EBITDA margin, on average, from fiscal 2017-25.Comparable volume growth slowed sequ...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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