We think General Mills has amassed a wide moat but expect center-store challenges to persist.
Wide-moat General Mills announced it will buy narrow-moat Blue Buffalo, a natural pet food brand, for $8 billion, or $40 per share. We may slightly tick up our $61 fair value estimate for General Mills, and we have raised our valuation of Blue Buffalo to $39 per share from $28.50 to reflecting the discounted value of the offer, assuming a late May close. This implies an adjusted EBITDA multiple of around 22 times, including synergies, which we view as fair, given that Blue Buffalo boasts higher ...
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