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Mondelez International Inc (NASDAQ:MDLZ) reported in-line earnings this week with 2.4-percent organic sales growth and 21-percent earnings per share growth.
The resulting 4.8-percent value boost remains largely intact — and there's room for more upside, according to a Societe Generale analyst.
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The Rating
Societe Generale analyst Warren Ackerman upgraded Mondelez from Hold to Buy and increased the price target from $45 to $55.
The Thesis
The upgrade was partly inspired by new CEO Dirk Van de Put’s strategic review, Ackerman said. (See the analyst's track record here.)
Societe Generale anticipates four possible outcomes from the review:
- An exit from direct store distribution.
- A 20-percent margin target.
- A sale of the cheese business.
- An increase in advertising and commercial investments.
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Since Mondelez will be under relatively new leadership at the time of the review presentation, Ackerman said he expects pursuit of the least difficult option — heightened ad support — with flexibility to pursue more aggressive strategies in the mid-term.
Mondelez' changing story in emerging markets — where the snack company saw 6.3-percent increases last quarter across Brazil, Russia, India and China — is encouraging, Ackerman said.
“North America issues in biscuits continue but categories and execution are improving, and innovation for FY18 is in place,” he said, noting that the worst of the region’s issues appear to be over.
Societe Generale values Mondelez at a 10-percent premium to global staples.
Price Action
At the time of publication, shares were trading up 0.46 percent at $46.08.
Related Links:
Mondelez Proves It’s Still A Worthy Investment
Mondelez Has A Buying Opportunity Around $40, Recent Weakness An Overreaction
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.