Analyse aandeel Nestlé

Nestlé is de grootste producent van verpakte levensmiddelen ter wereld met een omzet van ongeveer CHF 90 miljard per jaar. De breedte van zijn productportefeuille maakt de onderneming tot een belangrijke leverancier van supermarkten. (Engelstalig rapport)

Erin Lash, CFA 07 november, 2014 | 10:06
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INVESTMENT THESIS

As the largest packaged food and beverage firm in the world by revenue, Nestle is one of the leading players in several categories, including beverages, dairy products, confectionery, and pet care. The breadth of its product portfolio makes Nestle a core supplier to grocery stores across the world, and its distribution network is extensive. More than 20 of Nestle's brands each generate in excess of CHF 1 billion in annual sales, and the firm is particularly dominant in the bottled water category, fending off competition from beverage behemoths Coca-Cola and PepsiCo. As a result, Nestle is in a relatively strong position to negotiate with retailers for primary shelf space in stores, and we've afforded the firm a wide moat.

Even with its leading position, the firm is not content with the status quo, but continues to seek opportunities to enhance its competitive positioning. For instance, in 2012 Nestle acquired Pfizer's infant nutrition business (which generates about 85% of its sales from faster-growing emerging markets and realizes solid profitability with EBITDA margins in the mid-20s) for 5 times fiscal 2012 sales and nearly 20 times EBITDA. Despite the rich price tag, we think Nestle was all too aware of the attractiveness of this asset and sought to ensure it didn't lose out to its competitors (namely Danone and Mead Johnson). We expect Nestle will remain a consolidator in the global consumer product industry, particularly in light of its pristine balance sheet.

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Nestle SA114,82 CHF0,35Rating
Procter & Gamble Co144,42 USD0,26Rating

Over de auteur

Erin Lash, CFA  Erin Lash, CFA, is a senior stock analyst with Morningstar.

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