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《巴克莱-美股-消费品-全球消费品：17年会议要点重申-2017.9.11-barclays-global consumer staples 17 conference recap reaffirmed, not reassured》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、EquityResearch11September2017GlobalConsumerStaplesINDUSTRYUPDATE‘17ConferenceRecap:Reaffirmed,AmericasAgribusinessNotReassuredNEUTRALUnchangedWeseetheglobalConsumerStaplescompaniesasbeingatachallengingcrossroadEuropeanConsumerStaplesgiventheseeminglygrow
2、ingmistrustofbigbrands,lowerbarrierstoentry,andNEUTRALdiminishedpricingpower,coupledwithpotentiallyunrealisticnear&longtermtargets.UnchangedWenamedthisdauntingcyclethe“SphereofDespair”inourNOTEon05/01/17,andhavesinceleveragedthisframeworkasweconsideranda
3、nalyzetheactionscompaniesU.S.CHPC&Beveragesaretakingtodriveafundamentalturnaroundintoday’soperatingenvironment.NEUTRALUnchangedWithinthiscontext,perhapsit’snotsurprisingthatmanyofthesethemesfeaturedprominentlyincompanypresentationsatour26thannualGlobalCo
4、nsumerStaplesU.S.FoodConference.Morespecifically,disruptionintheU.S.retailindustry,includingashiftNEUTRALtowarde-commerce,theriseofprivatelabelandincreaseddiscounterpenetration,roseUnchangedtotheforefrontasperhapsthemosttalkedaboutthemesoftheconference.U
5、.S.CHPC&BeveragesWeheardmanycompaniesdiscusstheactionstheyaretakingtoescapethe“SphereofLaurenR.LiebermanDespair”,includingsomefromthetriedandtrueplaybook(e.g.,steppingupadvertising+12125263112andR&Dsupportinabidtocontemporizecore,iconicbrandsandmorelocal
6、lyrelevantlauren.lieberman@barclays.cominnovation)aswellasothersfromalesstraditionalpath(e.g.,large-scaleM&A,ventureBCI,UScapital/smallscaleM&A,newbranddevelopmentorroute-to-marketchanges).Still,wethinkthefactthatnearlyeachcompany(saveNWL)reaffirmedguida
7、nce(withU.S.FoodmanystilllookingforEPSgrowthdespitethisbeingaself-described“reinvestmentAndrewLazaryear”)andnonetookdownlong-termguidancesuggeststhatmostarestillnotwilling+12125264668andrew.lazar@barclays.comtoswallowthebitterpillofadditionalpainfortheul
8、timategain.BCI,USWhilewegotthesensethatgrowthindevelopedmarketscouldcontinuetobepressuredinthenearterm,onebrightspotatourconferencewascommentaryaroundEuropeanConsumerStaplesAlexSmithimprovingemergingmarkettrends.Specifical
