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Thema: Pepsi Co, PEP

  1. #1
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    22.05.2001
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    Hattingen - Bad Kleinkirchheim
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    PepsiCo, Inc. ; NYSE Symbol PEP, In S&P 500 *

    S&P 19.4.2003: xxxxx

    Quantitative Evaluation: *

    Outlook(1 Lowest - 5 Highest): 4+
    Risk: Average
    Earn/Div Rank: A
    *
    Technical Evaluation: *NEUTRAL since 04/03
    Rel. Strength Rank (1 Lowest - 99 Highest): 72
    Insider Activity: Neutral *


    Overview *18-FEB-03


    Operating profits for the beverage segment are projected to rise 9%-10% in 2003, reflecting 7%-8% higher North American profits, a strong 14%-15% increase in Gatorade/Tropicana profits and a 4% to 5% increase for international beverages. Beverage profits should benefit from a favorable pricing environment. Snack food profits are expected to rise about 8%-9%, reflecting 4%-5% unit volume growth, a 1%-2% improvement in price/mix, and favorable raw material costs. The Quaker Foods business could see profits rise 5% to 6%, on modest volume growth and cost savings. The equity income line could increase 10%, primarily reflecting continued strong results at the Pepsi Bottling Group. Following lower interest expense, we expect operating EPS of $2.20 in 2003, and Standard & Poor's Core Earnings per share of $2.15. The difference reflects $0.03 of options expenses and $0.02 of pension costs.


    Valuation *18-FEB-03

    We continue our buy recommendation on the shares, reflecting our expectation for solid profit growth and growing free cash flows. With the August 2001 acquisition of Quaker Oats, we believe PEP is poised to consistently deliver 11%-12% annual EPS growth over the long term. This acquisition and the purchase of South Beach Beverage Co. provide the company with leading positions in several fast growing non-carbonated beverage categories. At a recent P/E multiple of 18X our 2003 EPS estimate, the shares are valued at a discount to comparable global consumer products companies, but at a modest premium to the S&P 500 Index. Despite this premium valuation, the shares are attractive given the company's promising longer-term prospects stemming from its large market positions in the growing worldwide packaged beverage and snack industries.


    Business Summary *18-FEB-03


    Originally incorporated in 1919, PepsiCo is a global leader in the manufacture and marketing of a variety of branded soft drinks and snack foods. The company operates in six business segments: Frito-Lay North America (FLNA), Frito-Lay International (FLI), Pepsi-Cola North America (PCNA), Pepsi-Cola International (PBI), Gatorade/Tropicana North America (GTNA), and Quaker Foods North America (QFNA).

    FLNA (34% of 2002 sales, 42% of operating profits) produces the best-selling line of snack foods in the U.S., including Fritos brand corn chips, Lay's and Ruffles potato chips, Doritos and Tostitos tortilla chips, Chee-tos cheese-flavored snacks, Rold Gold pretzels, Sunchips multigrain snacks, Grandma's cookies, Quaker Fruit and Oatmeal bars, Cracker Jack candy-coated popcorn and Quaker rice cakes. Products are transported from Frito-Lay's manufacturing plants to major distribution centers, principally by company-owned trucks. FLI (23%, 15%) products are available in approximately 120 countries outside of the U.S. and Canada through company-owned businesses and affiliated companies. Principal international markets include Mexico, the United Kingdom, Brazil, Spain, the Netherlands, Australia and South Africa.

    PCNA (13%, 18%) manufactures beverage concentrates for licensed bottlers. Pepsi-Cola bottlers are licensed by PepsiCo to manufacture, sell and distribute, within defined territories, beverages and syrups bearing the Pepsi-Cola beverage trademarks. Principal brands include Pepsi, Pepsi-Cola, Diet Pepsi, Pepsi One, Pepsi Twist, Mountain Dew, Mountain Dew Code Red, Mug, Sierra Mist, Slice and Fruit Works. PCNA also manufactures and sells Dole single serve juices and juice drinks, SOBE juice drinks and teas and AMP energy drinks, and licenses its bottlers to process and distribute Aquafina bottled water. The Pepsi/Lipton Tea Partnership joint venture sells tea concentrate to Pepsi-Cola bottlers under the Lipton trademark, including Lipton Brisk and Lipton's Iced Tea. A partnership with Starbucks Corporation develops ready-to-drink coffee products sold under the Frappucino trademark. PCI (8%, 5%) products are available in approximately 170 countries.

    Gatorade/Tropicana North America (15%, 11%) produces, markets, sells and distributes Gatorade sports drinks, Tropicana Pure Premium, Tropicana Season's Best, Tropicana Twister, Dole, and Tropicana Pure Tropics juices and Propel fitness water.

    Quaker Foods North America (6%, 9%) manufactures, markets and sells Cap'n Crunch and Life ready-to-eat cereals, Quaker hot cereals, Rice-A-Roni and Near East flavored rice products, Pasta Roni pasta products, Aunt Jemima mixes and syrups and Quaker grits.
    herzliche Grüße

    Volker

  2. #2
    Valueist
    Registriert seit
    13.04.2012
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    31

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    Im ersten Quartal legte Pepsi vier Prozent auf einen Umsatz von 12,4 Milliarden Dollar (9,4 Mrd Euro) zu.. Der Konzern produziert auch Fruchtsäfte (Tropicana), Eistee (Lipton), Snacks (Lay's, Doritos) und Frühstücksflocken (Quaker Oats).
    Die gestiegenen Rohstoffpreise machen Pepsi zu schaffen. Durch höhere Preise hat das Unternehmen die gestiegenen Kosten an die Kunden weitergegeben. Um die Kosten zu senken hat Pepsi wie Coke große Abfüllbetriebe übernommen.

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