【食品饮料-研报】瑞信-美股-食品行业-包装食品：投资组合重塑再加速；2021年下一步是什么？-2020.12.4-35页.pdfVIP

4 December 2020 Equity Research Americas | United States Packaged Foods Portfolio Reshaping Re-Accelerating; What’s Next in 2021? Packaged Foods | Sector Review We believe recent acquisitions by McCormick (Cholula) and Mars (KIND and Nature’s Bakery) Research Analysts and Smucker’s divestiture of Crisco and Natural Balance are just the beginning of a portfolio reshaping “revival” in the food sector because: (1) the pandemic provided a shot of adrenaline to Robert Moskow these companies’ balance sheets that increases their financial flexibility; (2) the management 212 538 3095 teams continue to express their desire to either shift the weight of their portfolios toward higher- robert.moskow@ growth segments (i.e., Kellogg, Campbell, Hershey) or divest slower growth brands (i.e., Jacob Nivasch General Mills, Smucker); (3) subdued valuations for Big Food companies indicates continued 212 325 5219 market skepticism about whether these companies’ portfolios can maintain positive sales growth jacob.nivasch@credit - once consumers regain their mobility; and (4) they probably can fetch better-than-normal Ariel Altaras valuations for the slower-growth brands in their portfolios that benefitted from stronger sales 212 325 2514 during the pandemic. ariel.altaras@ We review 30+ independent companies and analyze pros and cons for consolidation.