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Also traded in: Brazil, Chile, Germany, Mexico, Switzerland, UK

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry
vs
history
Cash to Debt 0.10
MDLZ's Cash to Debt is ranked lower than
85% of the 1564 Companies
in the Global Confectioners industry.

( Industry Median: 0.64 vs. MDLZ: 0.10 )
Ranked among companies with meaningful Cash to Debt only.
MDLZ' s Cash to Debt Range Over the Past 10 Years
Min: 0.01  Med: 0.07 Max: N/A
Current: 0.1
Equity to Asset 0.44
MDLZ's Equity to Asset is ranked lower than
64% of the 1516 Companies
in the Global Confectioners industry.

( Industry Median: 0.52 vs. MDLZ: 0.44 )
Ranked among companies with meaningful Equity to Asset only.
MDLZ' s Equity to Asset Range Over the Past 10 Years
Min: 0.28  Med: 0.44 Max: 0.52
Current: 0.44
0.28
0.52
Interest Coverage 15.42
MDLZ's Interest Coverage is ranked higher than
55% of the 1294 Companies
in the Global Confectioners industry.

( Industry Median: 11.80 vs. MDLZ: 15.42 )
Ranked among companies with meaningful Interest Coverage only.
MDLZ' s Interest Coverage Range Over the Past 10 Years
Min: 3  Med: 4.11 Max: 7.82
Current: 15.42
3
7.82
F-Score: 5
Z-Score: 2.41
M-Score: -2.26
WACC vs ROIC
8.53%
18.63%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 4/10

vs
industry
vs
history
Operating margin (%) 31.91
MDLZ's Operating margin (%) is ranked higher than
96% of the 1550 Companies
in the Global Confectioners industry.

( Industry Median: 4.98 vs. MDLZ: 31.91 )
Ranked among companies with meaningful Operating margin (%) only.
MDLZ' s Operating margin (%) Range Over the Past 10 Years
Min: 9.04  Med: 11.57 Max: 13.93
Current: 31.91
9.04
13.93
Net-margin (%) 28.01
MDLZ's Net-margin (%) is ranked higher than
95% of the 1553 Companies
in the Global Confectioners industry.

( Industry Median: 3.16 vs. MDLZ: 28.01 )
Ranked among companies with meaningful Net-margin (%) only.
MDLZ' s Net-margin (%) Range Over the Past 10 Years
Min: 6.38  Med: 7.60 Max: 11.09
Current: 28.01
6.38
11.09
ROE (%) 27.40
MDLZ's ROE (%) is ranked higher than
90% of the 1512 Companies
in the Global Confectioners industry.

( Industry Median: 7.07 vs. MDLZ: 27.40 )
Ranked among companies with meaningful ROE (%) only.
MDLZ' s ROE (%) Range Over the Past 10 Years
Min: 7.27  Med: 10.23 Max: 13.33
Current: 27.4
7.27
13.33
ROA (%) 11.75
MDLZ's ROA (%) is ranked higher than
86% of the 1584 Companies
in the Global Confectioners industry.

( Industry Median: 3.24 vs. MDLZ: 11.75 )
Ranked among companies with meaningful ROA (%) only.
MDLZ' s ROA (%) Range Over the Past 10 Years
Min: 3.13  Med: 4.46 Max: 5.41
Current: 11.75
3.13
5.41
ROC (Joel Greenblatt) (%) 99.21
MDLZ's ROC (Joel Greenblatt) (%) is ranked higher than
94% of the 1570 Companies
in the Global Confectioners industry.

( Industry Median: 11.86 vs. MDLZ: 99.21 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
MDLZ' s ROC (Joel Greenblatt) (%) Range Over the Past 10 Years
Min: 24.65  Med: 38.97 Max: 51.96
Current: 99.21
24.65
51.96
Revenue Growth (3Y)(%) -13.20
MDLZ's Revenue Growth (3Y)(%) is ranked lower than
86% of the 1361 Companies
in the Global Confectioners industry.

( Industry Median: 2.50 vs. MDLZ: -13.20 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
MDLZ' s Revenue Growth (3Y)(%) Range Over the Past 10 Years
Min: -13.2  Med: 4.10 Max: 11.6
Current: -13.2
-13.2
11.6
EBITDA Growth (3Y)(%) -16.80
MDLZ's EBITDA Growth (3Y)(%) is ranked lower than
82% of the 1174 Companies
in the Global Confectioners industry.

( Industry Median: 3.40 vs. MDLZ: -16.80 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
MDLZ' s EBITDA Growth (3Y)(%) Range Over the Past 10 Years
Min: -18  Med: -0.10 Max: 18.8
Current: -16.8
-18
18.8
EPS Growth (3Y)(%) -13.70
MDLZ's EPS Growth (3Y)(%) is ranked lower than
73% of the 1050 Companies
in the Global Confectioners industry.

( Industry Median: 4.60 vs. MDLZ: -13.70 )
Ranked among companies with meaningful EPS Growth (3Y)(%) only.
MDLZ' s EPS Growth (3Y)(%) Range Over the Past 10 Years
Min: -24.9  Med: -0.60 Max: 17.8
Current: -13.7
-24.9
17.8
» MDLZ's 10-Y Financials

Financials (Next Earnings Date: Est. 2016-07-30)


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow
Oprt. Cash Flow & Net Income

» Details

Guru Trades

Q3 2015

MDLZ Guru Trades in Q3 2015

Jeremy Grantham 313,300 sh (New)
John Burbank 71,626 sh (New)
Bill Ackman 43,366,342 sh (New)
Paul Tudor Jones 59,684 sh (New)
Louis Moore Bacon 270,000 sh (+134.78%)
Pioneer Investments 5,107,919 sh (+31.39%)
Murray Stahl 40,924 sh (+8.93%)
MS Global Franchise Fund 559,091 sh (+5.42%)
Ken Fisher 9,253 sh (+3.86%)
Dodge & Cox 11,840 sh (unchged)
Jeff Auxier 40,516 sh (unchged)
Warren Buffett 578,000 sh (unchged)
John Keeley 64,200 sh (unchged)
Caxton Associates Sold Out
Ruane Cunniff 56,542 sh (-0.24%)
Mario Gabelli 2,954,552 sh (-7.76%)
RS Investment Management 821,580 sh (-9.66%)
First Eagle Investment 3,504,568 sh (-9.88%)
George Soros 1,102,731 sh (-18.42%)
Steven Cohen 297,500 sh (-27.15%)
Signature Select Canadian Fund 162,900 sh (-43.24%)
» More
Q4 2015

MDLZ Guru Trades in Q4 2015

Jerome Dodson 350,000 sh (New)
Mairs and Power 4,464 sh (New)
John Hussman 150,000 sh (New)
Paul Singer 25,000 sh (New)
John Burbank 1,198,021 sh (+1572.61%)
Steven Cohen 535,700 sh (+80.07%)
First Eagle Investment 4,906,523 sh (+40.00%)
Ken Fisher 11,603 sh (+25.40%)
MS Global Franchise Fund 609,201 sh (+8.96%)
Louis Moore Bacon 275,000 sh (+1.85%)
Jeff Auxier 40,516 sh (unchged)
Ruane Cunniff 56,542 sh (unchged)
Dodge & Cox 11,840 sh (unchged)
Bill Ackman 43,366,342 sh (unchged)
Paul Singer 400,000 sh (unchged)
Warren Buffett 578,000 sh (unchged)
Murray Stahl 40,246 sh (-1.66%)
Mario Gabelli 2,883,347 sh (-2.41%)
George Soros 1,070,931 sh (-2.88%)
Paul Tudor Jones 49,590 sh (-16.91%)
RS Investment Management 655,740 sh (-20.19%)
Jeremy Grantham 247,500 sh (-21.00%)
John Keeley 39,050 sh (-39.17%)
Pioneer Investments 2,650,027 sh (-48.12%)
» More
Q1 2016

MDLZ Guru Trades in Q1 2016

Ray Dalio 236,635 sh (New)
Jim Simons 1,498,098 sh (New)
Caxton Associates 215,000 sh (New)
Joel Greenblatt 339,290 sh (New)
Paul Tudor Jones 455,677 sh (+818.89%)
Steven Cohen 1,055,400 sh (+97.01%)
RS Investment Management 961,670 sh (+46.65%)
John Keeley 47,644 sh (+22.01%)
MS Global Franchise Fund 636,733 sh (+4.52%)
Warren Buffett 578,000 sh (unchged)
Paul Tudor Jones 24,400 sh (unchged)
Paul Tudor Jones 7,600 sh (unchged)
John Hussman 150,000 sh (unchged)
Jerome Dodson 350,000 sh (unchged)
Dodge & Cox 11,840 sh (unchged)
Jeremy Grantham Sold Out
Mairs and Power Sold Out
Louis Moore Bacon Sold Out
Paul Singer Sold Out
Jeff Auxier 40,484 sh (-0.08%)
Mario Gabelli 2,794,429 sh (-3.08%)
Signature Select Canadian Fund 157,600 sh (-3.25%)
Murray Stahl 38,639 sh (-3.99%)
Ruane Cunniff 53,882 sh (-4.70%)
Ken Fisher 10,132 sh (-12.68%)
George Soros 772,731 sh (-27.84%)
Bill Ackman 22,942,225 sh (-47.10%)
Pioneer Investments 914,080 sh (-65.51%)
John Burbank 200,841 sh (-83.24%)
First Eagle Investment 5,536 sh (-99.89%)
» More
Q2 2016

MDLZ Guru Trades in Q2 2016

Jerome Dodson 480,000 sh (+37.14%)
» More
» Details

Insider Trades

Latest Guru Trades with MDLZ

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Business Description

Industry: Consumer Packaged Goods » Confectioners
Compare:NYSE:HSY, OTCPK:SUEZF, NYSE:TR, OTCPK:MGAAF, OTCPK:PEFDF, OTCPK:RSGUF, NAS:RMCF, OTCPK:PARF, OTCPK:JAMN » details
Traded in other countries:MDLZ34.Brazil, MDLZ.Chile, KTF.Germany, MDLZ.Mexico, MDLZ.Switzerland, 0R0G.UK,
Mondelez International Inc manufactures confectionery products. It produces packaged food products, including biscuits, confectionery, beverages, cheese, convenient meals and various packaged grocery products.

Mondelez International Inc was incorporated in 2000 in the Commonwealth of Virginia. On October 1, 2012, the Company completed the spin-off of its North American grocery business, Kraft Foods Group, Inc. (KFG). The Company through its subsidiaries manufactures and markets snack food and beverage products for consumers in approximately 165 countries. The Company's portfolio includes Nabisco, Oreo and LU biscuits; Cadbury, Cadbury Dairy Milk and Milka chocolates; and Trident gum, as well as other 51 brands. The Company operates through five geographical segments including Latin America, Asia Pacific, Eastern Europe, Middle East & Africa (EEMEA), Europe and North America. The Company's brand includes five products categories including Biscuits (including cookies, crackers and salted snacks), Chocolate, Gum & candy, Beverages (including coffee and powdered beverages), and Cheese & grocery. The Company sells its products to supermarket chains, wholesalers, supercenters, club stores, mass merchandisers, distributors, convenience stores, gasoline stations, drug stores, value stores and other retail food outlets. It distributes its products through direct store delivery, company-owned and satellite warehouses, distribution centers and other facilities. The Company's competitors include national and international companies and numerous local and regional companies. The Company's food products and packaging materials are subject to local, national and multi-national regulations comprising labeling, packaging, food ingredients, pricing, marketing and advertising, privacy and related areas.

Guru Investment Theses on Mondelez International Inc

Jerome Dodson Comments on Mondelez - Jul 26, 2016

Mondelez (NASDAQ:MDLZ), a leading snack company with iconic brands such as Oreo, Trident and Cadbury, contributed 32 basis points to the Fund’s return, as its stock rose 13.4% from $40.12 to $45.51. The stock spiked at the end of the quarter after the company made a $23 billion bid for Hershey in an effort to create the world’s largest candy maker. Although Hershey swiftly rejected the offer, Mondelez’s stock still rallied, because Mondelez itself is an acquisition target. Many investors believe Mondelez approached Hershey in order to fend off an acquirer. While we don’t know how economy. U.S. investors are worried that slowing European growth will reduce export demand for American companies. Additionally, the decline in value of the British pound and euro make a bad situation worse, because revenue earned in these currencies is now worth less when converted into U.S. dollars. If this story about concerns over a foreign economy sounds familiar, that’s because it is. The S&P 500 has endured two 10% corrections over the past year due to China’s slowing economy and falling currency. China and the European Union together represent one-third of the global economy, so there are good reasons to be concerned.


From Jerome Dodson (Trades, Portfolio)'s Parnassus Fund second quarter 2016 commentary.

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Bill Ackman Comments on Mondelez - May 11, 2016

We continue to believe that the opportunity for productivity improvement and margin expansion at Mondelez (NASDAQ:MDLZ) is significant. In February, the company announced a 2018 operating margin target of 17% to 18%. This target reflects some of the steps the company has taken over the last several years to improve its supply chain, reduce portfolio complexity, and rationalize overhead while increasing advertising and promotion. While we believe that the business is capable of higher margins, if Mondelez were to only achieve management’s target, the business would be worth significantly more than its current public market valuation.

On April 27th, Mondelez reported first quarter 2016 results. Underlying organic growth continued its sequential acceleration, increasing about 3% in the quarter with volume up slightly. This was the best quarter for volume in two years, with growth in developed markets and in emerging markets excluding Brazil and Russia, both of which are in recession. Global growth for the snacks categories in which Mondelez participates remains healthy despite short-term demand weakness in some emerging economies. Management was confident about continued volume growth for the full year, citing the returns on their incremental brand investments and the closing of price gaps with competitors. Operating margins expanded by nearly 300 bps to just under 16% driven primarily by gross margin productivity including a substantial contribution from improvements in Mondelez’s manufacturing base.

On March 16th, we completed a block sale of 20 million shares of MDLZ. We now own a 5.7% stake in the company and are the third largest owner. We reduced our stake for portfolio management reasons, as it had become an outsized position, in light of its initially large size and its outperformance relative to other holdings. Mondelez remains our largest investment.

From Bill Ackman (Trades, Portfolio)'s first quarter shareholder letter.

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Bill Ackman Comments on Mondelez - Jan 27, 2016

As a result of relative stock price movements in our portfolio, Mondelez (NASDAQ:MDLZ) became a disproportionately large position in the funds, and Valeant became a smaller and, in our view, even more attractive investment. At year end, while we believed Mondelez was trading at a significant discount to intrinsic value, we reduced our stake in Mondelez through the sale of forward contracts representing 15 million shares at an average price of ~$44 per share, reducing our total ownership in stock and derivatives to ~105 million shares. We redeployed some of this capital by increasing our investment in Valeant through the net purchase of option contracts on the company, which we discussed in detail in our third quarter letter. We continue to be highly optimistic about the potential for Mondelez as it improves its operational efficiency and continues to grow while remaining an attractive merger candidate, and therefore, we expect to remain a substantial, long-term holder. While we are long-term investors, we always seek to optimize the risk/return profile of the portfolio by changing the weightings of existing holdings and comparing portfolio holdings with new investment opportunities, making adjustments and wholesale changes when appropriate.

From Bill Ackman (Trades, Portfolio)'s Pershing Square Annual Investor Letter 2015.

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GAMCO Investors Comments on Mondelez International Inc. - Dec 22, 2015

Mondelez International Inc. (NASDAQ:MDLZ) (1.8%) (MDLZ – $41.87 – NASDAQ), headquartered in Deerfield, Illinois, is the renamed Kraft Foods Inc. following the 2012 tax-free spin-off to shareholders of the North American grocery business. Following the contribution of coffee into a new joint venture, nearly 85% of Mondelēz’s $28 billion of revenue is derived from snacks, which include leading brands such as Oreo, LU, and Ritz biscuits, Trident gum, and Cadbury and Milka chocolates. On July 2, 2015, Mondelēz contributed its coffee business with DE Master Blenders 1753 to form a new coffee company, Jacobs Douwe Egberts, in return for €3.8 billion of proceeds and a 44% stake. This narrows the company’s product focus, as only 15% of revenue will be outside snacks, mostly Tang beverages and products such as Philadelphia cream cheese, which management may look to divest in the future as it executes on its plan to accelerate growth and improve margins in the faster growing snack business.





From the Gabelli Dividend Growth Fund third quarter 2015 commentary.



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Bill Ackman Comments on Modelez - Dec 16, 2015

Mondelez (NASDAQ:MDLZ)

Mondelez is our largest position and a classic Pershing Square investment in a high quality, simple, predictable business with attractive long-term growth, and multiple opportunities to create shareholder value.

Since our announcement of the investment, we have had constructive meetings with CEO Irene Rosenfeld and senior management. We have discussed what we believe to be key sources of opportunity for the company, including numerous productivity initiatives. Management appears receptive to our outside perspective, analysis, and recommendations.

We maintain our belief that the opportunity for productivity improvement and margin expansion at Mondelez is vast – the largest in the large cap consumer packaged goods sector. The company’s operating profit margins were 12% last year, and are estimated to be roughly 14% in 2015, well below what they can or should be given the company’s attractive categories, dominant brands, and enormous scale.

On October 28th , Mondelez reported third quarter results. Organic growth for the quarter was 3.7%, driven by pricing actions. Gross margins expanded by an impressive 225 basis points (bps) driven mostly by base productivity programs. This increase does not yet reflect the benefits of the company’s supply chain reinvention, which we anticipate will boost gross margins by several hundred basis points in 2016 and beyond.

Operating profit margins increased 210 bps in the quarter as management increased advertising and consumer promotion investments while decreasing overhead. Management reaffirmed full-year guidance for 2015 and its commitment to achieving a 15% to 16% EBIT margin in 2016.

We believe multiple opportunities exist to expand margins significantly beyond this range in 2017 and thereafter.

From Bill Ackman (Trades, Portfolio)'s Pershing Square Holdings third quarter 2015 letter to shareholders.

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Bill Ackman Comments on Mondelez - Sep 11, 2015

Mondelez (NASDAQ:MDLZ)



On August 6, 2015, Pershing Square Capital Management, L.P. announced a 7.5% stake in Mondelez, which we acquired at approximately $40 per share. The investment is comprised of common shares, forward purchase contracts, and long-term, in-the-money call options.



Mondelez is one of the world’s largest snack companies with over $30 billion in revenues and a market capitalization of approximately $70 billion. The company, which owns an extremely high quality stable of brands including Cadbury, Oreo, Nabisco and Trident, was created out of the break-up of Kraft Foods in 2012.



Mondelez is a classic Pershing Square investment— a high quality, simple, predictable, free-cash-flow-generative business with attractive growth prospects and an enormous opportunity for margin enhancement. We like the snacks business because of the high profit margins the category enjoys, the economic “moats” surrounding the established brands, and the opportunity to grow these brands over the long term in the emerging markets, which represent approximately 40% of Mondelez’s sales. As a relatively low-priced luxury, emerging market sales for Mondelez continue to show high rates of growth despite recent economic deterioration in a number of these markets. Despite owning some of the best brands in the industry and participating in highly profitable categories, Mondelez has the lowest profit margins in its peer group, presenting a large opportunity to increase operational efficiency. We believe that the opportunity for substantially greater operating efficiency exists at Mondelez because it is effectively a new company created through the combination of Nabisco, LU Biscuit, and Cadbury – three acquisitions made by legacy Kraft that have never been fully integrated or optimized.



Pershing Square has a long history with the company and its predecessors. We first invested in Cadbury in 2007. We were a shareholder of Kraft when it acquired Cadbury in 2010, and publicly supported the acquisition. We were also a shareholder of Mondelez after the break-up of Kraft in 2012, and exited in 2013 when we needed capital for other opportunities. We know the company well and have developed a good, constructive relationship with CEO Irene Rosenfeld over the years.



We believe that now is an attractive time to invest in Mondelez because its profit margins are just beginning to expand after several years of limited improvement. In addition, we believe that 3G Capital, through its ownership of Heinz, and now Kraft, has established new benchmarks for operational efficiency, organizational design and management alignment which have allowed 3G companies to be more profitable, nimbler, and better positioned to grow over the long-term. We believe that 3G’s higher standards for operating performance will catalyze a competitive response in the packaged food industry, leading to greater operating margins and profitability for Mondelez and other companies in the industry.



From Pershing Square's semi-annual 2015 report.



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Mason Hawkins Comments on Mondelez International Inc - May 28, 2015

We sold Mondelez (MDLZ) as price converged with our value. The stock returned 45% since our late 2012 purchase when Kraft spun out the global snacking and food brands, including Nabisco, Cadbury, and Trident, and renamed the company Mondelez. Although emerging market sales weakened, CEO Irene Rosenfeld preserved value per share through margin improvements, share repurchases, and value-accretive moves such as placing the coffee business in a joint venture with DE Master Blenders. This was our third successful investment in Nabisco’s brands. Each time we were able to purchase this juggernaut at a readily ascertainable discount, directly or through a larger company. We hope for another opportunity down the road.

From Mason Hawkins (Trades, Portfolio)’ Longleaf Partners Fund Q1 2015 Management Discussion.

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Top Ranked Articles about Mondelez International Inc

Jerome Dodson Comments on Mondelez Guru stock highlight
Mondelez (NASDAQ:MDLZ), a leading snack company with iconic brands such as Oreo, Trident and Cadbury, contributed 32 basis points to the Fund’s return, as its stock rose 13.4% from $40.12 to $45.51. The stock spiked at the end of the quarter after the company made a $23 billion bid for Hershey in an effort to create the world’s largest candy maker. Although Hershey swiftly rejected the offer, Mondelez’s stock still rallied, because Mondelez itself is an acquisition target. Many investors believe Mondelez approached Hershey in order to fend off an acquirer. While we don’t know how economy. U.S. investors are worried that slowing European growth will reduce export demand for American companies. Additionally, the decline in value of the British pound and euro make a bad situation worse, because revenue earned in these currencies is now worth less when converted into U.S. dollars. If this story about concerns over a foreign economy sounds familiar, that’s because it is. The S&P 500 has endured two 10% corrections Read more...
Ackman Pared His Stake in Mondelez International In 1st Quarter Guru invested in 5 million shares of Valeant
Bill Ackman (Trades, Portfolio) of Pershing Square Capital Management LP made transactions in four stocks in the first quarter, reducing his holdings in two and adding to his holdings in the others. Read more...
Bill Ackman Comments on Mondelez Guru stock highlight
We continue to believe that the opportunity for productivity improvement and margin expansion at Mondelez (NASDAQ:MDLZ) is significant. In February, the company announced a 2018 operating margin target of 17% to 18%. This target reflects some of the steps the company has taken over the last several years to improve its supply chain, reduce portfolio complexity, and rationalize overhead while increasing advertising and promotion. While we believe that the business is capable of higher margins, if Mondelez were to only achieve management’s target, the business would be worth significantly more than its current public market valuation. Read more...
Bill Ackman Trims Position in Mondelez International Guru reduces stake nearly 50% by slashing more than 20 million shares
Guru Bill Ackman (Trades, Portfolio) reduced his position in Mondelez International Inc. (NASDAQ:MDLZ) by more than 47% with the sale of 20,424,117 shares on March 16. Read more...
Pershing Square Sells Mondelez to Raise Cash After Valeant Plunge Bill Ackman previously sold some Mondelez to buy more Valeant
Bill Ackman (Trades, Portfolio), after a string of misfortune including a 50% one-day drop in his holding Valeant Pharmaceuticals (NYSE:VRX), unloaded some of his stake in Mondelez (NASDAQ:MDLZ), he said in a letter to shareholders Wednesday. Read more...
Pershing Square's New Presentation, Part 1 Commentary on Valeant, Mondelez, Air Products, Canadian Pacific, Restaurant Brands
Pershing Square Capital Bond Offering: Read more...
Bill Ackman Comments on Mondelez Guru stock highlight
As a result of relative stock price movements in our portfolio, Mondelez (NASDAQ:MDLZ) became a disproportionately large position in the funds, and Valeant became a smaller and, in our view, even more attractive investment. At year end, while we believed Mondelez was trading at a significant discount to intrinsic value, we reduced our stake in Mondelez through the sale of forward contracts representing 15 million shares at an average price of ~$44 per share, reducing our total ownership in stock and derivatives to ~105 million shares. We redeployed some of this capital by increasing our investment in Valeant through the net purchase of option contracts on the company, which we discussed in detail in our third quarter letter. We continue to be highly optimistic about the potential for Mondelez as it improves its operational efficiency and continues to grow while remaining an attractive merger candidate, and therefore, we expect to remain a substantial, long-term holder. While we are long-term investors, we always seek to optimize the risk/return profile of the portfolio Read more...
GAMCO Investors Comments on Mondelez International Inc. Guru stock highlight
Mondelez International Inc. (NASDAQ:MDLZ) (1.8%) (MDLZ – $41.87 – NASDAQ), headquartered in Deerfield, Illinois, is the renamed Kraft Foods Inc. following the 2012 tax-free spin-off to shareholders of the North American grocery business. Following the contribution of coffee into a new joint venture, nearly 85% of Mondelēz’s $28 billion of revenue is derived from snacks, which include leading brands such as Oreo, LU, and Ritz biscuits, Trident gum, and Cadbury and Milka chocolates. On July 2, 2015, Mondelēz contributed its coffee business with DE Master Blenders 1753 to form a new coffee company, Jacobs Douwe Egberts, in return for €3.8 billion of proceeds and a 44% stake. This narrows the company’s product focus, as only 15% of revenue will be outside snacks, mostly Tang beverages and products such as Philadelphia cream cheese, which management may look to divest in the future as it executes on its plan to accelerate growth and improve margins in the faster growing snack business. Read more...
Bill Ackman Comments on Modelez Guru stock highlight
3 Undervalued Stocks in Bill Ackman’s Portfolio Mondelez among the bargains held by the activist investor
Bill Ackman (Trades, Portfolio) is the founder of Pershing Square and a long-term value investor. The majority of his investments consist of activist campaigns where he will push for change within the company. This in turn will help close the gap between current prices and the intrinsic value of the company. He is a focused investor, normally holding less than 10 positions at any given time. He is very patient and does not mind taking positions in contrarian investments. Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 9.43
MDLZ's P/E(ttm) is ranked higher than
82% of the 1371 Companies
in the Global Confectioners industry.

( Industry Median: 20.49 vs. MDLZ: 9.43 )
Ranked among companies with meaningful P/E(ttm) only.
MDLZ' s P/E(ttm) Range Over the Past 10 Years
Min: 6.72  Med: 12.46 Max: 36.61
Current: 9.43
6.72
36.61
Forward P/E 23.92
MDLZ's Forward P/E is ranked lower than
70% of the 190 Companies
in the Global Confectioners industry.

( Industry Median: 20.58 vs. MDLZ: 23.92 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 9.43
MDLZ's PE(NRI) is ranked higher than
82% of the 1252 Companies
in the Global Confectioners industry.

( Industry Median: 20.57 vs. MDLZ: 9.43 )
Ranked among companies with meaningful PE(NRI) only.
MDLZ' s PE(NRI) Range Over the Past 10 Years
Min: 8.19  Med: 14.16 Max: 1390.5
Current: 9.43
8.19
1390.5
Price/Owner Earnings (ttm) 9.34
MDLZ's Price/Owner Earnings (ttm) is ranked higher than
79% of the 630 Companies
in the Global Confectioners industry.

( Industry Median: 23.11 vs. MDLZ: 9.34 )
Ranked among companies with meaningful Price/Owner Earnings (ttm) only.
MDLZ' s Price/Owner Earnings (ttm) Range Over the Past 10 Years
Min: 6.01  Med: 14.22 Max: 38.95
Current: 9.34
6.01
38.95
P/B 2.52
MDLZ's P/B is ranked lower than
66% of the 1630 Companies
in the Global Confectioners industry.

( Industry Median: 1.67 vs. MDLZ: 2.52 )
Ranked among companies with meaningful P/B only.
MDLZ' s P/B Range Over the Past 10 Years
Min: 0.93  Med: 1.22 Max: 3.04
Current: 2.52
0.93
3.04
P/S 2.62
MDLZ's P/S is ranked lower than
77% of the 1652 Companies
in the Global Confectioners industry.

( Industry Median: 1.02 vs. MDLZ: 2.62 )
Ranked among companies with meaningful P/S only.
MDLZ' s P/S Range Over the Past 10 Years
Min: 0.54  Med: 0.98 Max: 2.85
Current: 2.62
0.54
2.85
PFCF 44.65
MDLZ's PFCF is ranked lower than
78% of the 674 Companies
in the Global Confectioners industry.

( Industry Median: 21.21 vs. MDLZ: 44.65 )
Ranked among companies with meaningful PFCF only.
MDLZ' s PFCF Range Over the Past 10 Years
Min: 6.88  Med: 14.97 Max: 46.61
Current: 44.65
6.88
46.61
POCF 20.58
MDLZ's POCF is ranked lower than
71% of the 943 Companies
in the Global Confectioners industry.

( Industry Median: 12.72 vs. MDLZ: 20.58 )
Ranked among companies with meaningful POCF only.
MDLZ' s POCF Range Over the Past 10 Years
Min: 4.92  Med: 9.71 Max: 21.47
Current: 20.58
4.92
21.47
EV-to-EBIT 10.01
MDLZ's EV-to-EBIT is ranked higher than
72% of the 1409 Companies
in the Global Confectioners industry.

( Industry Median: 15.92 vs. MDLZ: 10.01 )
Ranked among companies with meaningful EV-to-EBIT only.
MDLZ' s EV-to-EBIT Range Over the Past 10 Years
Min: 7.7  Med: 11.20 Max: 112.3
Current: 10.01
7.7
112.3
EV-to-EBITDA 9.10
MDLZ's EV-to-EBITDA is ranked higher than
65% of the 1464 Companies
in the Global Confectioners industry.

( Industry Median: 12.09 vs. MDLZ: 9.10 )
Ranked among companies with meaningful EV-to-EBITDA only.
MDLZ' s EV-to-EBITDA Range Over the Past 10 Years
Min: 6.6  Med: 9.10 Max: 43.6
Current: 9.1
6.6
43.6
Shiller P/E 19.54
MDLZ's Shiller P/E is ranked higher than
66% of the 253 Companies
in the Global Confectioners industry.

( Industry Median: 29.23 vs. MDLZ: 19.54 )
Ranked among companies with meaningful Shiller P/E only.
MDLZ' s Shiller P/E Range Over the Past 10 Years
Min: 8.17  Med: 14.94 Max: 23.36
Current: 19.54
8.17
23.36
Current Ratio 0.69
MDLZ's Current Ratio is ranked lower than
91% of the 1426 Companies
in the Global Confectioners industry.

( Industry Median: 1.62 vs. MDLZ: 0.69 )
Ranked among companies with meaningful Current Ratio only.
MDLZ' s Current Ratio Range Over the Past 10 Years
Min: 0.63  Med: 0.94 Max: 1.24
Current: 0.69
0.63
1.24
Quick Ratio 0.48
MDLZ's Quick Ratio is ranked lower than
86% of the 1424 Companies
in the Global Confectioners industry.

( Industry Median: 1.05 vs. MDLZ: 0.48 )
Ranked among companies with meaningful Quick Ratio only.
MDLZ' s Quick Ratio Range Over the Past 10 Years
Min: 0.39  Med: 0.58 Max: 0.85
Current: 0.48
0.39
0.85
Days Inventory 62.74
MDLZ's Days Inventory is ranked higher than
51% of the 1452 Companies
in the Global Confectioners industry.

( Industry Median: 65.11 vs. MDLZ: 62.74 )
Ranked among companies with meaningful Days Inventory only.
MDLZ' s Days Inventory Range Over the Past 10 Years
Min: 50.67  Med: 56.80 Max: 78.59
Current: 62.74
50.67
78.59
Days Sales Outstanding 37.84
MDLZ's Days Sales Outstanding is ranked lower than
51% of the 1152 Companies
in the Global Confectioners industry.

( Industry Median: 39.42 vs. MDLZ: 37.84 )
Ranked among companies with meaningful Days Sales Outstanding only.
MDLZ' s Days Sales Outstanding Range Over the Past 10 Years
Min: 36.22  Med: 44.84 Max: 63.89
Current: 37.84
36.22
63.89
Days Payable 101.45
MDLZ's Days Payable is ranked higher than
83% of the 1071 Companies
in the Global Confectioners industry.

( Industry Median: 43.86 vs. MDLZ: 101.45 )
Ranked among companies with meaningful Days Payable only.
MDLZ' s Days Payable Range Over the Past 10 Years
Min: 37.93  Med: 58.62 Max: 89.35
Current: 101.45
37.93
89.35

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 1.56
MDLZ's Dividend Yield is ranked lower than
63% of the 1473 Companies
in the Global Confectioners industry.

( Industry Median: 1.90 vs. MDLZ: 1.56 )
Ranked among companies with meaningful Dividend Yield only.
MDLZ' s Dividend Yield Range Over the Past 10 Years
Min: 1.29  Med: 4.53 Max: 8.06
Current: 1.56
1.29
8.06
Dividend Payout 0.15
MDLZ's Dividend Payout is ranked higher than
88% of the 927 Companies
in the Global Confectioners industry.

( Industry Median: 0.37 vs. MDLZ: 0.15 )
Ranked among companies with meaningful Dividend Payout only.
MDLZ' s Dividend Payout Range Over the Past 10 Years
Min: 0.04  Med: 0.56 Max: 2.9
Current: 0.15
0.04
2.9
Dividend Growth (3y) -20.60
MDLZ's Dividend Growth (3y) is ranked lower than
71% of the 692 Companies
in the Global Confectioners industry.

( Industry Median: 2.70 vs. MDLZ: -20.60 )
Ranked among companies with meaningful Dividend Growth (3y) only.
MDLZ' s Dividend Growth (3y) Range Over the Past 10 Years
Min: 0  Med: 2.45 Max: 43.6
Current: -20.6
0
43.6
Forward Dividend Yield 1.72
MDLZ's Forward Dividend Yield is ranked lower than
59% of the 1398 Companies
in the Global Confectioners industry.

( Industry Median: 2.05 vs. MDLZ: 1.72 )
Ranked among companies with meaningful Forward Dividend Yield only.
N/A
Yield on cost (5-Year) 0.66
MDLZ's Yield on cost (5-Year) is ranked lower than
88% of the 1845 Companies
in the Global Confectioners industry.

( Industry Median: 0.37 vs. MDLZ: 0.66 )
Ranked among companies with meaningful Yield on cost (5-Year) only.
MDLZ' s Yield on cost (5-Year) Range Over the Past 10 Years
Min: 0.56  Med: 1.95 Max: 3.47
Current: 0.66
0.56
3.47
3-Year Average Share Buyback Ratio 2.00
MDLZ's 3-Year Average Share Buyback Ratio is ranked higher than
92% of the 718 Companies
in the Global Confectioners industry.

( Industry Median: -1.70 vs. MDLZ: 2.00 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
MDLZ' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -6.4  Med: -0.10 Max: 4.2
Current: 2
-6.4
4.2

Valuation & Return

vs
industry
vs
history
Earnings Yield (Greenblatt) (%) 10.01
MDLZ's Earnings Yield (Greenblatt) (%) is ranked higher than
77% of the 1729 Companies
in the Global Confectioners industry.

( Industry Median: 5.10 vs. MDLZ: 10.01 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
MDLZ' s Earnings Yield (Greenblatt) (%) Range Over the Past 10 Years
Min: 0.9  Med: 8.90 Max: 13
Current: 10.01
0.9
13
Forward Rate of Return (Yacktman) (%) 8.15
MDLZ's Forward Rate of Return (Yacktman) (%) is ranked lower than
51% of the 724 Companies
in the Global Confectioners industry.

( Industry Median: 3.08 vs. MDLZ: 8.15 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) (%) only.
MDLZ' s Forward Rate of Return (Yacktman) (%) Range Over the Past 10 Years
Min: -12.5  Med: 5.20 Max: 15.8
Current: 8.15
-12.5
15.8

More Statistics

Revenue (TTM) (Mil) $26,970
EPS (TTM) $ 4.68
Beta1.07
Short Percentage of Float0.57%
52-Week Range $35.88 - 48.58
Shares Outstanding (Mil)1,555.54

Analyst Estimate

Dec16 Dec17 Dec18
Revenue (Mil $) 26,748 27,388 28,157
EPS ($) 1.87 2.08 2.33
EPS w/o NRI ($) 1.87 2.08 2.33
EPS Growth Rate
(3Y to 5Y Estimate)
11.33%
Dividends Per Share ($) 0.64 0.70 0.77
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