Post’s 2Q Largely as Expected; Deal Fails to Enhance Competitive Edge; Shares Rich
We don’t plan making material changes to our $92 fair value estimate for no-moat Post after mixed second-quarter results. Pro forma sales were even with a year ago, but the adjusted EBITDA margin expanded 170 basis points to 21.5%. Even after accounting for the mid-single-digit decline in shares, we suggest investors await a more attractive opportunity before building a position. For those interested in the package food aisle, we highlight wide-moat Kellogg as a more compelling opportunity, trad...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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