Weetabix Acquisition to Add Scale, but Post’s Competitive Position Still Lags; Shares Rich
We do not plan a large change to our $76 per share valuation after no-moat Post agreed to buy Weetabix, a U.K. cereal firm, for GBP 1.4 billion (financed with cash and debt) and reported preliminary second-quarter earnings that leave it on track to meet our 2017 targets. Weetabix (which generated GBP 410 million of sales and GBP 120 million of adjusted EBITDA in 2016) had been shopped by owners Bright Food Group and Baring Private Equity, with rumored suitors including Kellogg, General Mills, Pe...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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