Saputo has yet to milk a sustainable competitive advantage in light of its commodified product mix.
Following a mixed first quarter, we don’t plan to make a material change to our CAD 27 fair value estimate for no-moat Saputo. Further, our long-term forecast still calls for 2%-3% annual sales growth (in line with GDP growth) and operating margin expansion to 11% by the end of our 10-year explicit forecast--versus just 9.5% on average the past five years. Sales edged up 2.6%, reflecting acquisitions and the benefit from foreign exchange, but this is relative to a weak period a year ago, when sa...Saputo produces, markets, and distributes an array of dairy products including cheese, fluid milk, extended shelf-life milk and cream products, cultured products and dairy ingredients. Co.'s products are sold in several countries under brand names such as Saputo, Alexis de Portneuf, Armstrong, COON, Cracker Barrel*, Dairyland, DairyStar, Friendship Dairies, Frigo Cheese Heads, La Paulina, Milk2Go/Lait's Go, Neilson, Nutrilait, Scotsburn*, Stella, Sungold, Treasure Cave and Woolwich Dairy. Co. operates its business through three sectors, the Canada Sector, the USA Sector and the International Sector.
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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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