reports
- Philip Gorham
Morningstar | Asahi Goes Down Under, but Deal Looks Marginally Better ...
Asahi is to acquire Carlton & United Breweries for JPY 1.2 trillion ($11.3 billion) from Anheuser-Busch InBev in a deal we think is financially slightly better for AB InBev than for Asahi. Nevertheless, the valuation effect appears negligible, and we are maintaining our fair value estimates for both companies. From Asahi’s perspective, we were surprised by this development because the deal is much larger than the bolt-on acquisitions that management had previously expressed interest in. We be...
- Philip Gorham
Morningstar | Asahi Goes Down Under, but Deal Looks Marginally Better ...
Asahi is to acquire Carlton & United Breweries for JPY 1.2 trillion ($11.3 billion) from Anheuser-Busch InBev in a deal we think is financially slightly better for AB InBev than for Asahi. Nevertheless, the valuation effect appears negligible, and we are maintaining our fair value estimates for both companies. From Asahi’s perspective, we were surprised by this development because the deal is much larger than the bolt-on acquisitions that management had previously expressed interest in. We be...
- Philip Gorham
Asahi Goes Down Under, but Deal Looks Marginally Better for AB InBev
Asahi is to acquire Carlton & United Breweries for JPY 1.2 trillion ($11.3 billion) from Anheuser-Busch InBev in a deal we think is financially slightly better for AB InBev than for Asahi. Nevertheless, the valuation effect appears negligible, and we are maintaining our fair value estimates for both companies. From Asahi’s perspective, we were surprised by this development because the deal is much larger than the bolt-on acquisitions that management had previously expressed interest in. We b.....
- Philip Gorham
Asahi Goes Down Under but Deal Looks Marginally Better for AB InBev
Asahi is to acquire Carlton & United Brewers for JPY 1.2 trillion ($11.3 billion) from AB InBev in a deal we think is financially slightly better for AB InBev than for Asahi. Nevertheless, the valuation effect appears negligible, and we are maintaining our fair value estimates for both companies. From Asahi’s perspective, we were surprised by this development because the deal is much larger than the bolt-on acquisitions that management had previously expressed interest in. We believe Asahi i.....
- Philip Gorham
Morningstar | PMI Delivers Another Strong Quarter; We Remain Bullish
Philip Morris International continued its strong start to the year by beating our second-quarter earnings estimates on volumes and revenue. Adjusted organic sales growth of 4.4% was better than our forecast, with pricing of almost 7%, although after adjusting for the timing of certain price increases, the underlying price/mix run rate is around 5%. Nevertheless, this was a strong quarter which prompted PMI to increase its guidance for the year and increase its investment behind iQOS. We will rai...
- Philip Gorham
PMI Delivers Another Strong Quarter; We Remain Bullish
Philip Morris International continued its strong start to the year by beating our second-quarter earnings estimates on volumes and revenue. Adjusted organic sales growth of 4.4% was better than our forecast, with pricing of almost 7%, although after adjusting for the timing of certain price increases, the underlying price/mix run rate is around 5%. Nevertheless, this was a strong quarter which prompted PMI to increase its guidance for the year and increase its investment behind iQOS. We will rai...
- Philip Gorham
Morningstar | ABI Pulls Asia IPO as Investors Balk at Rich Valuation
AB InBev pulled its planned IPO of its Asia business, blaming "prevailing market conditions" for its decision. This is clearly a setback for shareholders, hoping the company would accelerate its balance sheet deleveraging, but we applaud management for holding out for a value-creating price. As we had not adjusted our valuation for the potential IPO, we reiterate our $126 fair value estimate for the ADRs. It seems unlikely AB InBev will revisit the planned IPO soon because it is difficult to se...
- Philip Gorham
Morningstar | ABI Pulls Asia IPO as Investors Balk at Rich Valuation
AB InBev pulled its planned IPO of its Asia business, blaming "prevailing market conditions" for its decision. This is clearly a setback for shareholders, hoping the company would accelerate its balance sheet deleveraging, but we applaud management for holding out for a value-creating price. As we had not adjusted our valuation for the potential IPO, we reiterate our $126 fair value estimate for the ADRs. It seems unlikely AB InBev will revisit the planned IPO soon because it is difficult to se...
- Philip Gorham
ABI Pulls Asia IPO as Investors Balk at Rich Valuation
AB InBev pulled its planned IPO of its Asia business, blaming "prevailing market conditions" for its decision. This is clearly a setback for shareholders, hoping the company would accelerate its balance sheet deleveraging, but we applaud management for holding out for a value-creating price. As we had not adjusted our valuation for the potential IPO, we reiterate our $126 fair value estimate for the ADRs. It seems unlikely AB InBev will revisit the planned IPO soon because it is difficult to see...
- Philip Gorham
ABI Pulls Asia IPO as Investors Balk at Rich Valuation
AB InBev pulled its planned IPO of its Asia business, blaming "prevailing market conditions" for its decision. This is clearly a setback for shareholders, hoping the company would accelerate its balance sheet deleveraging, but we applaud management for holding out for a value-creating price. As we had not adjusted our valuation for the potential IPO, we reiterate our $126 fair value estimate for the ADRs. It seems unlikely AB InBev will revisit the planned IPO soon because it is difficult to see...
- Philip Gorham
Morningstar | RB's Indivior Settlement Could Have Been Worse; Company ...
We are reiterating our GBX 7,300 fair value estimate of RB following the company's announcement that it has settled with the US Department of Justice and the Federal Trade Commission over an indictment in April related to the marketing of Suboxonne by its former pharmaceutical division, Indivior. RB will pay $1.4 billion (GBP 800 million) in fines to settle the dispute, some $1 billion more than the liability it had recorded on its books, but mercifully less than the $3 billion in fines that wer...
- Philip Gorham
Morningstar | RB's Indivior Settlement Could Have Been Worse; Company ...
We are reiterating our GBX 7,300 fair value estimate of RB following the company's announcement that it has settled with the US Department of Justice and the Federal Trade Commission over an indictment in April related to the marketing of Suboxonne by its former pharmaceutical division, Indivior. RB will pay $1.4 billion (GBP 800 million) in fines to settle the dispute, some $1 billion more than the liability it had recorded on its books, but mercifully less than the $3 billion in fines that wer...
- Philip Gorham
Morningstar | RB's Indivior Settlement Could Have Been Worse; Company ...
We are reiterating our GBX 7,300 fair value estimate of RB following the company's announcement that it has settled with the US Department of Justice and the Federal Trade Commission over an indictment in April related to the marketing of Suboxonne by its former pharmaceutical division, Indivior. RB will pay $1.4 billion (GBP 800 million) in fines to settle the dispute, some $1 billion more than the liability it had recorded on its books, but mercifully less than the $3 billion in fines that wer...
- Philip Gorham
Morningstar | RB's Indivior Settlement Could Have Been Worse; Company ...
We are reiterating our GBX 7,300 fair value estimate of RB following the company's announcement that it has settled with the US Department of Justice and the Federal Trade Commission over an indictment in April related to the marketing of Suboxonne by its former pharmaceutical division, Indivior. RB will pay $1.4 billion (GBP 800 million) in fines to settle the dispute, some $1 billion more than the liability it had recorded on its books, but mercifully less than the $3 billion in fines that wer...
- Philip Gorham
RB's Indivior Settlement Could Have Been Worse; Company Will Now Hope ...
We are reiterating our GBX 7,300 fair value estimate of RB following the company's announcement that it has settled with the US Department of Justice and the Federal Trade Commission over an indictment in April related to the marketing of Suboxonne by its former pharmaceutical division, Indivior. RB will pay $1.4 billion (GBP 800 million) in fines to settle the dispute, some $1 billion more than the liability it had recorded on its books, but mercifully less than the $3 billion in fines that wer...
- Philip Gorham
RB's Indivior Settlement Could Have Been Worse; Company Will Now Hope ...
We are reiterating our GBX 7,300 fair value estimate of RB following the company's announcement that it has settled with the US Department of Justice and the Federal Trade Commission over an indictment in April related to the marketing of Suboxonne by its former pharmaceutical division, Indivior. RB will pay $1.4 billion (GBP 800 million) in fines to settle the dispute, some $1 billion more than the liability it had recorded on its books, but mercifully less than the $3 billion in fines that wer...
- Philip Gorham
Morningstar | Unilever Taking the Right Steps to Compete in Intensely ...
Amid fragmentation in consumer profiles and retail and marketing channels, along with lower barriers to entry for startups, most consumer staples multinationals are fighting strong organic growth headwinds, and many are cutting costs in order to spend to drive growth. With value growth in most categories currently running at little more than 2%, not all of the large caps will be successful in regenerating growth to the 4%-5% range they used to enjoy. In the case of Unilever, however, we think th...
- Philip Gorham
Morningstar | Home Care and Asia to the Rescue for Unilever in Otherwi...
In the first quarter of 2019, Unilever grew its top line at a whisker below our forecast for the full-year rate, but at this early stage, we are maintaining our estimates and our EUR 52 fair value estimate. The market reaction to the update has been positive, and after a strong performance in the stock during the last 12 months, the market price is now close to our fair value estimate. We are reiterating our wide moat rating, which was evident this quarter through Unilever's ability to generate ...
- Philip Gorham
Morningstar | Raising Diageo's FVE Slightly Higher on Weaker Sterling;...
We have raised our fair value estimate of Diageo to GBX 2,800 from GBX 2,700 to account for the benefit of the recent weakness in sterling against most major currencies and for the time value of money, in roughly equal measure. We now expect 5.8% reported revenue growth in 2019, based on current rates, 180 basis points above our previous estimate. We are retaining our wide moat for Diageo, a business we think is among the better positioned in the long term for the intensifying threats in the con...
- Philip Gorham
Morningstar | Raising Diageo's FVE Slightly Higher on Weaker Sterling;...
We have raised our fair value estimate of Diageo to GBX 2,800 from GBX 2,700 to account for the benefit of the recent weakness in sterling against most major currencies and for the time value of money, in roughly equal measure. We now expect 5.8% reported revenue growth in 2019, based on current rates, 180 basis points above our previous estimate. We are retaining our wide moat for Diageo, a business we think is among the better positioned in the long term for the intensifying threats in the con...
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