No-Moat US Foods Strives to Steady Its Footing, but Competitive Pressures Abound
We don’t expect a material change to our $30.50 fair value estimate for no-moat US Foods following fourth-quarter results (0.8% net sales increase and flat adjusted operating margins at 3.4%) that aligned with our expectations, outside of a low-single-digit bump to account for the time value of money. Further, the firm’s fiscal 2019 guidance, calling for $2.15-$2.25 in EPS squares with our $2.20 forecast, and we see little to warrant a change to our long-term outlook (4% annual sales growth over...US Foods Holding. through its subsidiaries, markets and distributes fresh, frozen and dry food and non-food products to foodservice customers throughout the United States. These customer locations include independently owned single and multi-unit restaurants, regional concepts, national restaurant chains, hospitals, nursing homes, hotels and motels, country clubs, government and military organizations, colleges and universities, and retail locations. The company provides fresh, frozen, and dry food stock-keeping units as well as non-food items, sourced from suppliers. The company's network of distribution facilities and trucks allow the company to operate and provide customer service.
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.
We have operations in 27 countries.
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