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The strong acceleration in pricing boosted the Q1 sales growth. Nestlé, once again, stood out vs. its peers but is now trading at a relatively high premium so we don’t expect a major re-rating.
Companies: Nestle S.A. TEMP (0RR6:LON)Nestle S.A. (NESN:SWX)
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FY21 results are ok. The guidance points to margin pressure in FY22, but far less than for peers, translating Nestlé’s better shape in the face of rising input costs.
Q3 beat, FY21 sales guidance upgrade, no change in the FY21/mid-term margin guidance are the ingredients of a very successful cocktail for Nestlé, which is definitely the best placed (amongst other food players) to ride out cost pressures.
The strong top-line momentum in Q2 was not enough to offset the disappointing margin outlook. Nestlé definitely remains a quality stock, but it is evident that it will be impacted in the same way as its peers by the inflationary environment.
Nestlé started the year on a high note with Q1 sales well ahead of expectations. Such a performance should lead to expectations being revised upward by the consensus, although the group takes a highly cautious tone about margin due to input cost inflation.
Good set of FY20 results, with the momentum continued to be driven by the Americas, PetCare and Nestle Health Science. The FY21 and mid-term outlook is satisfying, roughly in line with the current consensus expectations.
Companies: Nestle S.A.
Sustainable sales momentum and FY20 guidance in line with the consensus. During this H1, Nestle demonstrated that its « own » operations (PetCare, Coffee) are more resilient than those of Danone.
Strong start to the year driven by stockpiling in the Americas and Europe. Weak AOA with sales in China down by a double- digit percentage, which we believe sets the tone for the next quarter. These results follow the previously expected trend and we see no major change to our estimates. Nestlé continues to be in our top-pick list in the current environment.
FY19 and Q4 slightly missed expectations, while reaching the mid-term guidance for sales was finally postponed by 1-2 years. This, however, doesn’t stop us from continuing to believe that the food giant is still very robust, delivering lasting progress, while this should continue thanks to its successful transformation projects.
Nestle reported 9m results in line with the consensus estimates. Growth was strongly supported by the significant performance in the USA and Purina Petcare globally. Good cash inflows, from cash development and disposals, strongly contributed to the group’s decision to distribute up to CHF20bn in buy-backs over 2020-22. Nothing stops Nestlé anymore.
A pretty good set of results, with volumes and margins ahead of expectations. Further recovery in the US is the good news, while Asia and Europe were weaker. We believe the group is on track to beat its target.
Nestle reported Q1 19 results, beating analysts’ expectations. The growth momentum in the US, China and Brazil have pushed up the figures, while Purina pet care, dairy and infant nutrition have driven the growth. We are still confident in the stock. No major change in our target price is expected as we have already pushed up our numbers following the FY18 results and these seem in line with perspectives.
The FY18 results were in line with the analyst consensus, and showed a reinforcement in its two core markets: the US and China. We see the reshaping of the portfolio as very encouraging and we are confident that the company will reach its 2020 targets.
The numbers are broadly in line with the consensus. We see the company as being on track to achieve its FY guidance. The departure of Wan Ling Martello is a big loss for the company, in our opinion, and puts a shadow over the future performance of the AOA zone.
Good Q2 driven by improvments in the US and China. Infant Nutrition also saw some sequential improvment. Our Add recommendation is maintained.
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