New Food

Question 1

Snyder’s-Lance

Answer 1

James Johnston / Brian Driscoll / Alexander Pease

2017E 
$2.5bn Sales (nail)
15% (tool)
$370m EBITDA (mages)
$1.55 EPS (Delilah)

$40/share (rose)
96m shares (beach)
$3.8bn MV (movie)
$1.3bn net debt (dime)
$5.1bn EV (latte)

Warehime family owns 20%

Carl Lee CEO since 2013, former Snyder’s guy

Question 2

Pepsi

Answer 2

Indra Nooyi x2, Hugh Johnston
12/31, USD x3

$112 (titan), 1.43 (drama), 160 (duchess), 20bn noose, 180 doves

$64bn (chair), 21% knight, $13.2bn demon, $5.10 lotus

PepsiCo Americas Beverages (32%/28%) Frito Lay North America (21%/32%) Europe (21%/13%), LatAm Foods (13%/11%), AMEA (10%/11%), QFNA (4%/5%)

Snacks/Beverages 53/47
Snacks: NA 26%, LatAm 14%, EU 9%, AMEA 5%
Bvg: Americas 30%, EU 10%, AMEA 6%

Developed/Emerging 69/31
5 countries 75% of total revenue: US, Canada, UK, Mexico, Russia (#F+B in all but Mex #2)

Question 3

KHC

Answer 3

Alex Behring, Bernardo Hees, David Knopf
12/31, USD x3

90 bus 1.23 (denim) 111 (tits) 28 knife 141 tart
325 (moon oil) buffett
291 (nip tee) 3G
601 (chest) public

$27 bn sales (nuke) 33% margin (mama) $8.4bn EBITDA (fire) EPS $3.80 movies

U.S. (72%), Canada (8%), Europe (9%), AMEA 9% LatAm 3%

Ketchup and sauces 19%, meals and frozen 19%, cheese and dairy 18%, meat 13%, beverages 12%, foodservice 11%, nuts 4%, infant nutrition 3%, other 2%

Question 4

Mondelez

Answer 4

Irene Rosenfeld / Kirk van de Put / Brian Gladden

2017E Sales $26bn nacho
Margin 20% noose
EBITDA $5.1bn latte
EPS $2.10 knights

Minority interests: 25% of both JDE and Keurig
$5bn in proceeds

$45.00 (roll) 1.5bn shares (tile) 67.5bn MV (jackal) 16.5 net debt (DJ oil)

Europe 38%, NA 27%, AMEA 22%, LatAm 13%
Biscuits 41%, Chocolate 30%, Gum & Candy 13%, Beverages 6%, Cheese & Grocery 8%

Question 5

General Mills

Answer 5

Kendall Powell, Jeff Harmening, Don Mulligan
5/31, USDx3

$60 (cheese) 570 (locks) 34 (homer) 9 (peas) 1.6bn EqInv at 20x (DJ) 720m NCI at 20x (guns) 44 (roar)

15.7 (talc) 22% (nun) 3.4 (homer) 3.10 (moats)

U.S. Retail (60%) International (29%) Convenience Store and Foodservice (11%)

US (70%) ex-US (30%)

Question 6

Kellogg

Answer 6

John Bryant, Steve Cahillane, Fareed Khan
12/31, USDx3

$68 Jeff, 350m emilies, $23.5 enamel $8.0bn file, $31.5bn model

$12.7bn tank, 21% newt, $2.6bn winch, $4.00 roses

North America 69%, Europe 18%, APAC 7%, Latam 6%

North America: US Morning Foods 33%, US Snacks 36%, US Specialty 13%, NA Other 18%

Question 7

Smucker

Answer 7

Richard Smucker, Mark Smucker, Mark Belgya
4/30, USD x3

$130 (dimes), 115 (todal), 15bn (tool), 5bn (owl), 20bn (nose)

$7.4bn crow, 23% gnome, $1.7bn dick, $7.64 catcher

U.S. Retail Consumer Food (29%), USR Coffee (29%), USR Pet Foods (29%), International and Foodservice (13%)

Category: 32% coffee, 30% pet food and snacks, 9% peanut butter, 4% fruit spreads, 4% shortening and oils, 4% baking mixes and frosting, 17% other

93% US, 6% Canada, 1% other international

Question 8

ConAgra Brands

Answer 8

Steven Goldstone, Sean Connolly, David Marberger

5/31 year end

410 rats, 38 movie, 15.5 delilah, 3.0 moose, 18.5 duffel // 7.7 cuckoo, 19% top, 1.5 tool, 1.90 tubas

Grocery and Snacks 41%, Refrigerated and Frozen 34%, International 10%, Foodservice 14%, Commercial 1%

Meals 45%, Enhancers 29%, Snacks 25%

US 90%, intl 10%

Spun Lamb Weston, frozen potato business, in October 2016