WhiteWave Reports On-Target Earnings as Acquisition Process Continues

We do not intend to make a significant change to our $55 per share fair value estimate for no-moat WhiteWave after the company announced fourth-quarter earnings and that it still expects its long-planned acquisition by Danone to close by the end of the quarter. Our valuation corresponds to the discounted value of the $56.25 per share acquisition price, assuming a March 31 close. WhiteWave reported 9% revenue growth and a 14% adjusted EBITDA margin, largely in line with our 10% and 14% respective...