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Also traded in: Austria, 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 0.07
NAS:MDLZ's Cash-to-Debt is ranked lower than
86% of the 1580 Companies
in the Global Confectioners industry.

( Industry Median: 0.57 vs. NAS:MDLZ: 0.07 )
Ranked among companies with meaningful Cash-to-Debt only.
NAS:MDLZ' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.01  Med: 0.07 Max: N/A
Current: 0.07
Equity-to-Asset 0.41
NAS:MDLZ's Equity-to-Asset is ranked lower than
69% of the 1512 Companies
in the Global Confectioners industry.

( Industry Median: 0.53 vs. NAS:MDLZ: 0.41 )
Ranked among companies with meaningful Equity-to-Asset only.
NAS:MDLZ' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.28  Med: 0.44 Max: 0.52
Current: 0.41
0.28
0.52
Interest Coverage 5.57
NAS:MDLZ's Interest Coverage is ranked lower than
70% of the 1391 Companies
in the Global Confectioners industry.

( Industry Median: 19.33 vs. NAS:MDLZ: 5.57 )
Ranked among companies with meaningful Interest Coverage only.
NAS:MDLZ' s Interest Coverage Range Over the Past 10 Years
Min: 1.62  Med: 4.01 Max: 14.61
Current: 5.57
1.62
14.61
Piotroski F-Score: 5
Altman Z-Score: 1.98
Beneish M-Score: -2.54
WACC vs ROIC
5.96%
4.03%
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 : 5/10

vs
industry
vs
history
Operating Margin % 10.38
NAS:MDLZ's Operating Margin % is ranked higher than
69% of the 1570 Companies
in the Global Confectioners industry.

( Industry Median: 5.83 vs. NAS:MDLZ: 10.38 )
Ranked among companies with meaningful Operating Margin % only.
NAS:MDLZ' s Operating Margin % Range Over the Past 10 Years
Min: 7.93  Med: 10.15 Max: 30.02
Current: 10.38
7.93
30.02
Net Margin % 6.70
NAS:MDLZ's Net Margin % is ranked higher than
65% of the 1571 Companies
in the Global Confectioners industry.

( Industry Median: 4.07 vs. NAS:MDLZ: 6.70 )
Ranked among companies with meaningful Net Margin % only.
NAS:MDLZ' s Net Margin % Range Over the Past 10 Years
Min: 6.38  Med: 8.28 Max: 24.52
Current: 6.7
6.38
24.52
ROE % 6.49
NAS:MDLZ's ROE % is ranked lower than
57% of the 1532 Companies
in the Global Confectioners industry.

( Industry Median: 8.48 vs. NAS:MDLZ: 6.49 )
Ranked among companies with meaningful ROE % only.
NAS:MDLZ' s ROE % Range Over the Past 10 Years
Min: 6.24  Med: 10.83 Max: 26.06
Current: 6.49
6.24
26.06
ROA % 2.76
NAS:MDLZ's ROA % is ranked lower than
59% of the 1604 Companies
in the Global Confectioners industry.

( Industry Median: 3.97 vs. NAS:MDLZ: 2.76 )
Ranked among companies with meaningful ROA % only.
NAS:MDLZ' s ROA % Range Over the Past 10 Years
Min: 2.67  Med: 4.3 Max: 11.21
Current: 2.76
2.67
11.21
ROC (Joel Greenblatt) % 25.92
NAS:MDLZ's ROC (Joel Greenblatt) % is ranked higher than
72% of the 1587 Companies
in the Global Confectioners industry.

( Industry Median: 13.29 vs. NAS:MDLZ: 25.92 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
NAS:MDLZ' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 18.51  Med: 32.55 Max: 93.39
Current: 25.92
18.51
93.39
3-Year Revenue Growth Rate -5.80
NAS:MDLZ's 3-Year Revenue Growth Rate is ranked lower than
78% of the 1368 Companies
in the Global Confectioners industry.

( Industry Median: 2.70 vs. NAS:MDLZ: -5.80 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
NAS:MDLZ' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -17.9  Med: 1.35 Max: 10
Current: -5.8
-17.9
10
3-Year EBITDA Growth Rate -10.90
NAS:MDLZ's 3-Year EBITDA Growth Rate is ranked lower than
81% of the 1191 Companies
in the Global Confectioners industry.

( Industry Median: 6.70 vs. NAS:MDLZ: -10.90 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
NAS:MDLZ' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: -18.1  Med: -3.5 Max: 33.7
Current: -10.9
-18.1
33.7
3-Year EPS without NRI Growth Rate -6.60
NAS:MDLZ's 3-Year EPS without NRI Growth Rate is ranked lower than
71% of the 1090 Companies
in the Global Confectioners industry.

( Industry Median: 6.80 vs. NAS:MDLZ: -6.60 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
NAS:MDLZ' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: -36.4  Med: -0.75 Max: 71.5
Current: -6.6
-36.4
71.5
GuruFocus has detected 3 Warning Signs with Mondelez International Inc $NAS:MDLZ.
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» NAS:MDLZ's 30-Y Financials

Financials (Next Earnings Date: 2017-10-26 Est.)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q3 2016

MDLZ Guru Trades in Q3 2016

Jana Partners 3,310,023 sh (New)
First Eagle Investment 4,166,781 sh (+204.03%)
Ray Dalio 321,483 sh (+5.86%)
Ken Fisher 10,126 sh (+0.76%)
Warren Buffett 578,000 sh (unchged)
Dodge & Cox 11,840 sh (unchged)
Bill Ackman 22,942,225 sh (unchged)
Jeff Auxier 40,484 sh (unchged)
John Hussman Sold Out
Jim Simons Sold Out
John Burbank Sold Out
MS Global Franchise Fund Sold Out
Pioneer Investments 906,973 sh (-0.26%)
Murray Stahl 36,438 sh (-0.98%)
Keeley Asset Management Corp 44,907 sh (-2.18%)
Mario Gabelli 2,649,841 sh (-2.98%)
Jerome Dodson 445,000 sh (-7.29%)
Signature Select Canadian Fund 132,450 sh (-15.96%)
George Soros 310,031 sh (-34.42%)
Joel Greenblatt 139,291 sh (-37.92%)
Steven Cohen 63,500 sh (-75.33%)
Paul Tudor Jones 6,282 sh (-98.48%)
» More
Q4 2016

MDLZ Guru Trades in Q4 2016

Jim Simons 1,597,798 sh (New)
Steven Cohen 258,600 sh (+307.24%)
George Soros 460,031 sh (+48.38%)
Keeley Asset Management Corp 57,596 sh (+28.26%)
Mario Gabelli 3,175,900 sh (+19.85%)
Jeff Auxier 41,144 sh (+1.63%)
Pioneer Investments 911,089 sh (+0.45%)
Warren Buffett 578,000 sh (unchged)
Dodge & Cox 11,840 sh (unchged)
Bill Ackman 22,942,225 sh (unchged)
Jerome Dodson 445,000 sh (unchged)
Joel Greenblatt Sold Out
Jana Partners Sold Out
Murray Stahl 35,667 sh (-2.12%)
Ray Dalio 249,307 sh (-22.45%)
Paul Tudor Jones 4,805 sh (-23.51%)
Ken Fisher 7,640 sh (-24.55%)
First Eagle Investment 5,536 sh (-99.87%)
» More
Q1 2017

MDLZ Guru Trades in Q1 2017

Joel Greenblatt 64,524 sh (New)
Jeremy Grantham 181,038 sh (New)
Caxton Associates 135,000 sh (New)
Paul Tudor Jones 33,230 sh (+591.57%)
Jim Simons 4,573,598 sh (+186.24%)
George Soros 1,238,031 sh (+169.12%)
Jerome Dodson 575,000 sh (+29.21%)
Warren Buffett 578,000 sh (unchged)
First Eagle Investment 5,536 sh (unchged)
Dodge & Cox 11,840 sh (unchged)
Jeremy Grantham 410,000 sh (unchged)
Jeff Auxier 41,144 sh (unchged)
Caxton Associates 100,000 sh (unchged)
Steven Cohen Sold Out
Ray Dalio Sold Out
Pioneer Investments 903,166 sh (-0.87%)
Mario Gabelli 3,143,374 sh (-1.02%)
Murray Stahl 34,738 sh (-2.60%)
Ken Fisher 6,930 sh (-9.29%)
Bill Ackman 19,942,225 sh (-13.08%)
Signature Select Canadian Fund 98,000 sh (-26.01%)
» More
Q2 2017

MDLZ Guru Trades in Q2 2017

Jerome Dodson 660,000 sh (+14.78%)
Ken Fisher 7,492 sh (+8.11%)
» More
» Details

Insider Trades

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Business Description

Industry: Consumer Packaged Goods » Confectioners    NAICS: 311919    SIC: 2053
Compare:NYSE:HSY, NYSE:TR, NAS:RMCF, OTCPK:ATLT, OTCPK:PARF » details
Traded in other countries:MDLZ.Austria, MDLZ34.Brazil, MDLZ.Chile, KTF.Germany, MDLZ.Mexico, MDLZ.Switzerland, 0R0G.UK,
Headquarter Location:USA
Mondelez International Inc is associated with the confectionery industry. It manufactures and markets snack food and beverage products including biscuits, chocolate, gum & candy and beverages.

Since 2012, Mondelez has operated independently, following the split from the former Kraft Food's North American grocery business. The firm is a leading player in the global snack arena, with a portfolio that consists of biscuits (41% of sales), chocolate (30%), gum/candy (15%), beverage (5.5%), and cheese and grocery (8.5%). Mondelez's portfolio includes well-known brands like Oreo, Chips Ahoy, Halls, Trident, and Cadbury. The firm derives around one third of revenue from developing markets, nearly 40% from Europe, and 24% from North America.

Guru Investment Theses on Mondelez International Inc

Bill Ackman Comments on Mondelez - May 12, 2017

Mondelez (NASDAQ:MDLZ) reported first quarter 2017 results on May 2nd. Organic sales growth for the quarter was 0.6%, driven by pricing growth of 1.1% and a volume decline of 0.5% that includes the impact of management’s efforts to cull low-margin, non-core products. All regions experienced growth with the exception of North America. Management expects North America to improve in the second half of the year due to the exit of a key competitor in direct store delivery, major innovation launches such as the new well-being cracker brand Véa, and a recent change in regional leadership.

Despite the modest top-line growth, operating profit margins expanded significantly to 16.8%, driven primarily by a reduction in overhead costs as a percentage of sales reflecting the implementation of zero-based budgeting and the rollout of global shared services. These gains were achieved despite investments in innovation, white space initiatives ahead of revenue that will build more meaningfully over the second half of the year, and headwinds from commodity costs and geographic mix. Management remains committed to its 2018 operating profit margin target of 17% to 18%, and has stated that it has good visibility to expand margins after 2018.

Mondelez is one of the few large-cap packaged food companies that is demonstrating both margin expansion and top-line organic growth. Given Mondelez’s innovation pipeline and market share opportunities, we expect organic sales growth to improve in the second half of the year. Over the long-term, we believe that Mondelez’s categories and geographic footprint give it a significant competitive advantage, especially in the emerging markets where Mondelez’s large market shares and robust routes to market should drive accelerated growth.

From Bill Ackman (Trades, Portfolio)'s first quarter 2017 shareholder letter.


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Mario Gabelli Comments on Mondelez International Inc. - May 10, 2017

Mondelez International Inc. (2.0%) (MDLZ – $43.08 – NASDAQ) (NASDAQ:MDLZ), headquartered in Deerfield, Illinois, is the renamed Kraft Foods Inc. following the tax-free spin-off to shareholders of the North American grocery business on October 1, 2012. Following the contribution of coffee into a new joint venture, nearly 85% of Mondelēz’s $26 billion of revenue is derived from snacking, including leading brands such as Oreo, LU and Ritz biscuits, Trident gum, and Cadbury and Milka chocolates. On July 2, 2015 Mondelēz combined its coffee business with D.E Master Blenders 1753 to form a new coffee company, Jacobs Douwe Egberts. Subsequently, MDLZ exchanged part of its stake in this coffee joint venture for 24% ownership in Keurig Green Mountain, which was acquired by an investor group led by JAB Holding Co. in March 2016. This narrows the company’s product focus, as only 15% of revenue will be outside snacks — mostly Tang beverages and other products including 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 Mario Gabelli (Trades, Portfolio)'s Gabelli Equity Income Fund 2017 first quarter shareholder commentary.

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Mario Gabelli Comments on Mondelez International - May 09, 2017

Mondelez International Inc.(1.0%)(MDLZ – $44.33 –NASDAQ) (NASDAQ:MDLZ), headquartered in Deerfield, Illinois, is the renamed Kraft Foods Inc. following the tax-free spin-off to shareholders of the North American grocery business on October 1, 2012. Following the contribution of coffee into a new joint venture, nearly 85% of Mondelēz’s $27 billion of revenue is derived from snacking, including leading brands such as Oreo, LU and Ritz biscuits, Trident gum, and Cadbury and Milka chocolates. On July 2, 2015 Mondelēz combined its coffee business with D.E Master Blenders 1753 to form a new coffee company, Jacobs Douwe Egberts. Subsequently, MDLZ exchanged part of its stake in this coffee joint venture for 24% ownership in Keurig Green Mountain, which was acquired by an investor group led by JAB Holding Co. in March 2016. This narrows the company’s product focus, as only 15% of revenue will be outside snacks — mostly Tang beverages and other products including 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. On June 30, Hershey confirmed that it received and rejected a preliminary indication of interest from Mondelēz to acquire Hershey for $107 per share in cash and stock, demonstrating Mondelēz’s continued interest in pursuing acquisitions while remaining an independent company.



From the Gabelli Value 25 Fund first quarter 2017 shareholder letter.



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Bill Ackman Comments on Mondelez - May 08, 2017

Mondelez (NASDAQ:MDLZ) was created out of the breakup of Kraft Foods in 2012, and today is one of the largest global snacks companies with 2016 revenues of $26 billion. Branded biscuits, chocolate, and confectionary businesses are wonderful businesses because of their high category margins, large economic moats, high returns on capital, and attractive long-term global growth potential. Mondelez has the most attractive stable of sweet snack brands of any publicly traded food company with seven brands that each generate over $1 billion in annual sales, many of which have been building brand equity with consumers for over one hundred years. Despite owning some of the best brands in the industry, Mondelez has among the lowest profit margins in large cap packaged food, presenting a meaningful opportunity to increase efficiency that management is currently addressing.

Mondelez made good progress on this productivity opportunity in 2016. Operating profit margins expanded by 220 basis points to 15.3%, driven primarily by a reduction in overhead costs as a percentage of sales reflecting the implementation of zero-based budgeting and the rollout of global shared services, as well as an increase in gross margin reflecting the company’s supply chain transformation. Management remains committed to its 2018 operating profit margin target of 17% to 18%, and has stated that they have good visibility to expand margins even further beyond 2018.

Mondelez’s underlying organic sales growth in 2016 was generally in-line with the company’s categories at 2.2%, tempered by a slowdown in developing markets. We note that Mondelez is one of the few large publicly traded packaged food companies that are demonstrating any underlying volume growth, however modest. While the global growth rate of Mondelez’s snacking categories moderated over the course of the year, primarily due to macroeconomic headwinds, we continue to believe that the long-term outlook for these categories remains robust, especially in the developing markets where Mondelez has large market shares and hard-to-replicate routes to market.

While consolidation in packaged foods could represent an opportunity for Mondelez, we believe the business is an attractive investment assuming no contribution from mergers or acquisitions. Sustained operating improvements should continue to drive attractive shareholder returns.

Mondelez’s total shareholder return, including dividends, was 0.5% in 2016.

From 2016 annual letter to shareholders of Pershing Square by Bill Ackman (Trades, Portfolio).

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Bill Ackman Comments on Mondelez - Mar 30, 2017

Mondelez (NASDAQ:MDLZ) was created out of the breakup of Kraft Foods in 2012, and today is one of the largest global snacks companies with 2016 revenues of $26 billion. Branded biscuits, chocolate, and confectionary businesses are wonderful businesses because of their high category margins, large economic moats, high returns on capital, and attractive long-term global growth potential. Mondelez has the most attractive stable of sweet snack brands of any publicly traded food company with seven brands that each generate over $1 billion in annual sales, many of which have been building brand equity with consumers for over one hundred years. Despite owning some of the best brands in the industry, Mondelez has among the lowest profit margins in large cap packaged food, presenting a meaningful opportunity to increase efficiency that management is currently addressing.

Mondelez made good progress on this productivity opportunity in 2016. Operating profit margins expanded by 220 basis points to 15.3%, driven primarily by a reduction in overhead costs as a percentage of sales reflecting the implementation of zero-based budgeting and the rollout of global shared services, as well as an increase in gross margin reflecting the company’s supply chain transformation. Management remains committed to its 2018 operating profit margin target of 17% to 18%, and has stated that they have good visibility to expand margins even further beyond 2018.

Mondelez’s underlying organic sales growth in 2016 was generally in-line with the company’s categories at 2.2%, tempered by a slowdown in developing markets. We note that Mondelez is one of the few large publicly traded packaged food companies that are demonstrating any underlying volume growth, however modest. While the global growth rate of Mondelez’s snacking categories moderated over the course of the year, primarily due to macroeconomic headwinds, we continue to believe that the long-term outlook for these categories remains robust, especially in the developing markets where Mondelez has large market shares and hard-to-replicate routes to market.

While consolidation in packaged foods could represent an opportunity for Mondelez, we believe the business is an attractive investment assuming no contribution from mergers or acquisitions. Sustained operating improvements should continue to drive attractive shareholder returns.

Mondelez’s total shareholder return, including dividends, was 0.5% in 2016.



From Bill Ackman (Trades, Portfolio)'s Pershing Square 2016 annual report.


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Bill Ackman Comments on Mondelez - Dec 09, 2016

On October 26, Mondelez (NASDAQ:MDLZ) reported third quarter 2016 results. Underlying organic growth was generally in-line with the company’s categories at nearly 2%, including volume growth of 1.3%. This was the third straight quarter of positive underlying volume growth and a sequential acceleration from the second quarter. We note that Mondelez is one of the few large cap packaged food companies that is demonstrating any underlying volume growth, however modest. While the global growth rate of Mondelez’s snacking categories has moderated over the course of the year primarily due to macroeconomic headwinds, we continue to believe that the long-term outlook for these categories remains robust, especially in the emerging markets where Mondelez has large market shares and robust routes to market.

Operating profit margins expanded by 220 basis points to 15.8% in the quarter, driven primarily by a reduction in overhead costs as a percentage of sales reflecting the implementation of zero-based budgeting and the rollout of global shared services, as well as an increase in gross margin reflecting the company’s supply chain transformation. Year-to-date, the company continues to show progress with its significant cost savings opportunity and productivity initiatives, and remains on track to reach its 2018 margin target of 17% to 18% with further upside beyond 2018.

From Bill Ackman (Trades, Portfolio)'s Pershing Square third-quarter shareholder letter.

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Mario Gabelli Comments on Mondelez International Inc. - Nov 02, 2016

Mondelez International Inc. (NASDAQ:MDLZ) (2.0%) (MDLZ $43.90 – NASDAQ) headquartered in Deerfield, Illinois, is the renamed Kraft Foods Inc. following the tax-free spin-off to shareholders of the North American grocery business on October 1, 2012. Mondelēz’s approximately $26 billion of revenue is derived primarily from snacking, which includes leading brands such as Oreo, LU and Ritz biscuits, Trident gum and Cadbury and Milka chocolates. On July 2, 2015 Mondelēz combined its coffee business with DE Master Blenders 1753 to form a new coffee company, Jacobs Douwe Egberts. Subsequently, MDLZ exchanged part of its stake in this coffee joint venture for 24% ownership in Keurig Green Mountain, which was acquired by an investor group led by JAB Holding Co. in March 2016. This narrows the company’s product focus, as only 15% of revenue will be outside snacks — mostly Tang beverages and other 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. On August 26, Mondelez confirmed that discussions relating to a potential combination with Hershey had ended. Hershey initially confirmed on June 30 that it received and rejected a preliminary indication of interest from Mondelēz to acquire Hershey for $107 per share in cash and stock, demonstrating Mondelez’s continued interest in pursuing acquisitions while remaining an independent company.

From Mario Gabelli (Trades, Portfolio)'s Equity Income Fund 3rd quarter 2016 commentary.

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Bill Ackman Comments on Mondelez - Aug 29, 2016

On June 30, 2016, press reports, which were later confirmed, stated that Mondelez (NASDAQ:MDLZ) had made an offer to acquire The Hershey Company for $107 per share in a half-cash, half-stock transaction. While an acquisition of Hershey would certainly strengthen Mondelez's confectionery presence in North America, whether or not a deal creates value for shareholders depends on the price paid, the acquisition currency used and, as importantly, the potential for significant cost savings at Hershey.

We believe that Mondelez shares are currently undervalued, and that the issuance of Mondelez stock at current prices to fund the acquisition of Hershey would likely be costly for Mondelez shareholders. More importantly, if Mondelez were to acquire Hershey or any other company, management must continue to be accountable for its own target of 17% to 18% operating profit margins by 2018 at the existing Mondelez business, excluding the impact or benefit of any acquisitions. We expect that shareholders would fmd it unacceptable for an acquisition of Hershey by Mondelez to delay or derail the productivity and cost savings transformation currently underway at the company.

On July 27, 2016, Mondelez reported second quarter 2016 results. Underlying organic growth was generally in-line with Mondelez's categories at 2.5%, including volume growth of nearly 1% which was a sequential acceleration of 60 basis points from the first quarter. While we believe that the long-term outlook for the global snacks categories in which Mondelez participates remains robust, the company is currently facing short-term headwinds from slowing emerging market economies.

Operating profit margins expanded by 265 basis points to 15% in the quarter driven primarily by a 200 basis point reduction in overhead costs as a percentage of sales reflecting the implementation of zero-based budgeting as well as an increase in gross margin reflecting the company's supply chain transformation. Year-to-date, the company continues to show progress with its significant cost savings opportunity and productivity initiatives.

From Bill Ackman (Trades, Portfolio)'s mid-year 2016 letter.

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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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Ratios

vs
industry
vs
history
PE Ratio 39.67
MDLZ's PE Ratio is ranked lower than
81% of the 1274 Companies
in the Global Confectioners industry.

( Industry Median: 20.17 vs. MDLZ: 39.67 )
Ranked among companies with meaningful PE Ratio only.
MDLZ' s PE Ratio Range Over the Past 10 Years
Min: 6.72  Med: 12.68 Max: 79.3
Current: 39.67
6.72
79.3
Forward PE Ratio 20.75
MDLZ's Forward PE Ratio is ranked lower than
56% of the 153 Companies
in the Global Confectioners industry.

( Industry Median: 19.19 vs. MDLZ: 20.75 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 39.67
MDLZ's PE Ratio without NRI is ranked lower than
81% of the 1278 Companies
in the Global Confectioners industry.

( Industry Median: 20.44 vs. MDLZ: 39.67 )
Ranked among companies with meaningful PE Ratio without NRI only.
MDLZ' s PE Ratio without NRI Range Over the Past 10 Years
Min: 8.19  Med: 22.1 Max: 1390.5
Current: 39.67
8.19
1390.5
Price-to-Owner-Earnings 107.37
MDLZ's Price-to-Owner-Earnings is ranked lower than
90% of the 712 Companies
in the Global Confectioners industry.

( Industry Median: 21.80 vs. MDLZ: 107.37 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
MDLZ' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 6.03  Med: 15.64 Max: 124.86
Current: 107.37
6.03
124.86
PB Ratio 2.62
MDLZ's PB Ratio is ranked lower than
67% of the 1479 Companies
in the Global Confectioners industry.

( Industry Median: 1.73 vs. MDLZ: 2.62 )
Ranked among companies with meaningful PB Ratio only.
MDLZ' s PB Ratio Range Over the Past 10 Years
Min: 0.93  Med: 1.27 Max: 3.04
Current: 2.62
0.93
3.04
PS Ratio 2.67
MDLZ's PS Ratio is ranked lower than
76% of the 1522 Companies
in the Global Confectioners industry.

( Industry Median: 1.06 vs. MDLZ: 2.67 )
Ranked among companies with meaningful PS Ratio only.
MDLZ' s PS Ratio Range Over the Past 10 Years
Min: 0.54  Med: 1.25 Max: 2.85
Current: 2.67
0.54
2.85
Price-to-Free-Cash-Flow 44.92
MDLZ's Price-to-Free-Cash-Flow is ranked lower than
78% of the 618 Companies
in the Global Confectioners industry.

( Industry Median: 21.03 vs. MDLZ: 44.92 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
MDLZ' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 6.87  Med: 16.09 Max: 48.15
Current: 44.92
6.87
48.15
Price-to-Operating-Cash-Flow 25.25
MDLZ's Price-to-Operating-Cash-Flow is ranked lower than
80% of the 821 Companies
in the Global Confectioners industry.

( Industry Median: 12.72 vs. MDLZ: 25.25 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
MDLZ' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 4.88  Med: 10.13 Max: 27.06
Current: 25.25
4.88
27.06
EV-to-EBIT 38.51
MDLZ's EV-to-EBIT is ranked lower than
85% of the 1328 Companies
in the Global Confectioners industry.

( Industry Median: 15.57 vs. MDLZ: 38.51 )
Ranked among companies with meaningful EV-to-EBIT only.
MDLZ' s EV-to-EBIT Range Over the Past 10 Years
Min: 8.2  Med: 21 Max: 95.5
Current: 38.51
8.2
95.5
EV-to-EBITDA 28.03
MDLZ's EV-to-EBITDA is ranked lower than
83% of the 1375 Companies
in the Global Confectioners industry.

( Industry Median: 12.42 vs. MDLZ: 28.03 )
Ranked among companies with meaningful EV-to-EBITDA only.
MDLZ' s EV-to-EBITDA Range Over the Past 10 Years
Min: 7  Med: 14.5 Max: 40.1
Current: 28.03
7
40.1
PEG Ratio 23.24
MDLZ's PEG Ratio is ranked lower than
96% of the 608 Companies
in the Global Confectioners industry.

( Industry Median: 1.90 vs. MDLZ: 23.24 )
Ranked among companies with meaningful PEG Ratio only.
MDLZ' s PEG Ratio Range Over the Past 10 Years
Min: 0.44  Med: 3.57 Max: 349.4
Current: 23.24
0.44
349.4
Shiller PE Ratio 19.73
MDLZ's Shiller PE Ratio is ranked higher than
69% of the 325 Companies
in the Global Confectioners industry.

( Industry Median: 27.06 vs. MDLZ: 19.73 )
Ranked among companies with meaningful Shiller PE Ratio only.
MDLZ' s Shiller PE Ratio Range Over the Past 10 Years
Min: 8.13  Med: 16.57 Max: 23.36
Current: 19.73
8.13
23.36
Current Ratio 0.56
MDLZ's Current Ratio is ranked lower than
94% of the 1570 Companies
in the Global Confectioners industry.

( Industry Median: 1.60 vs. MDLZ: 0.56 )
Ranked among companies with meaningful Current Ratio only.
MDLZ' s Current Ratio Range Over the Past 10 Years
Min: 0.56  Med: 0.92 Max: 1.24
Current: 0.56
0.56
1.24
Quick Ratio 0.39
MDLZ's Quick Ratio is ranked lower than
89% of the 1568 Companies
in the Global Confectioners industry.

( Industry Median: 1.06 vs. MDLZ: 0.39 )
Ranked among companies with meaningful Quick Ratio only.
MDLZ' s Quick Ratio Range Over the Past 10 Years
Min: 0.39  Med: 0.57 Max: 0.85
Current: 0.39
0.39
0.85
Days Inventory 61.67
MDLZ's Days Inventory is ranked higher than
52% of the 1465 Companies
in the Global Confectioners industry.

( Industry Median: 63.65 vs. MDLZ: 61.67 )
Ranked among companies with meaningful Days Inventory only.
MDLZ' s Days Inventory Range Over the Past 10 Years
Min: 52.57  Med: 61.11 Max: 88.53
Current: 61.67
52.57
88.53
Days Sales Outstanding 42.80
MDLZ's Days Sales Outstanding is ranked lower than
56% of the 1129 Companies
in the Global Confectioners industry.

( Industry Median: 38.44 vs. MDLZ: 42.80 )
Ranked among companies with meaningful Days Sales Outstanding only.
MDLZ' s Days Sales Outstanding Range Over the Past 10 Years
Min: 32.44  Med: 47.55 Max: 75.8
Current: 42.8
32.44
75.8
Days Payable 113.39
MDLZ's Days Payable is ranked higher than
85% of the 1013 Companies
in the Global Confectioners industry.

( Industry Median: 45.10 vs. MDLZ: 113.39 )
Ranked among companies with meaningful Days Payable only.
MDLZ' s Days Payable Range Over the Past 10 Years
Min: 45.32  Med: 88.36 Max: 122.89
Current: 113.39
45.32
122.89

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 1.73
MDLZ's Dividend Yield % is ranked higher than
51% of the 1641 Companies
in the Global Confectioners industry.

( Industry Median: 1.85 vs. MDLZ: 1.73 )
Ranked among companies with meaningful Dividend Yield % only.
MDLZ' s Dividend Yield % Range Over the Past 10 Years
Min: 1.29  Med: 4.41 Max: 8.06
Current: 1.73
1.29
8.06
Dividend Payout Ratio 0.67
MDLZ's Dividend Payout Ratio is ranked lower than
70% of the 984 Companies
in the Global Confectioners industry.

( Industry Median: 0.33 vs. MDLZ: 0.67 )
Ranked among companies with meaningful Dividend Payout Ratio only.
MDLZ' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.14  Med: 0.69 Max: 3.05
Current: 0.67
0.14
3.05
3-Year Dividend Growth Rate 10.10
MDLZ's 3-Year Dividend Growth Rate is ranked higher than
66% of the 696 Companies
in the Global Confectioners industry.

( Industry Median: 4.30 vs. MDLZ: 10.10 )
Ranked among companies with meaningful 3-Year Dividend Growth Rate only.
MDLZ' s 3-Year Dividend Growth Rate Range Over the Past 10 Years
Min: 0  Med: 2.45 Max: 43.6
Current: 10.1
0
43.6
Forward Dividend Yield % 1.73
MDLZ's Forward Dividend Yield % is ranked lower than
57% of the 1571 Companies
in the Global Confectioners industry.

( Industry Median: 2.01 vs. MDLZ: 1.73 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 1.03
MDLZ's 5-Year Yield-on-Cost % is ranked lower than
77% of the 2115 Companies
in the Global Confectioners industry.

( Industry Median: 2.26 vs. MDLZ: 1.03 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
MDLZ' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 0.77  Med: 2.62 Max: 4.79
Current: 1.03
0.77
4.79
3-Year Average Share Buyback Ratio 3.60
MDLZ's 3-Year Average Share Buyback Ratio is ranked higher than
96% of the 758 Companies
in the Global Confectioners industry.

( Industry Median: -1.30 vs. MDLZ: 3.60 )
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: -33.8  Med: 1 Max: 4.2
Current: 3.6
-33.8
4.2

Valuation & Return

vs
industry
vs
history
Price-to-Intrinsic-Value-Projected-FCF 1.49
MDLZ's Price-to-Intrinsic-Value-Projected-FCF is ranked higher than
52% of the 732 Companies
in the Global Confectioners industry.

( Industry Median: 1.52 vs. MDLZ: 1.49 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
MDLZ' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 0.5  Med: 0.81 Max: 1.54
Current: 1.49
0.5
1.54
Price-to-Median-PS-Value 2.13
MDLZ's Price-to-Median-PS-Value is ranked lower than
86% of the 1442 Companies
in the Global Confectioners industry.

( Industry Median: 1.11 vs. MDLZ: 2.13 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
MDLZ' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.44  Med: 0.96 Max: 2.16
Current: 2.13
0.44
2.16
Price-to-Peter-Lynch-Fair-Value 3.57
MDLZ's Price-to-Peter-Lynch-Fair-Value is ranked lower than
83% of the 359 Companies
in the Global Confectioners industry.

( Industry Median: 1.55 vs. MDLZ: 3.57 )
Ranked among companies with meaningful Price-to-Peter-Lynch-Fair-Value only.
MDLZ' s Price-to-Peter-Lynch-Fair-Value Range Over the Past 10 Years
Min: 0.47  Med: 1.85 Max: 150.39
Current: 3.57
0.47
150.39
Earnings Yield (Greenblatt) % 2.61
MDLZ's Earnings Yield (Greenblatt) % is ranked lower than
70% of the 1604 Companies
in the Global Confectioners industry.

( Industry Median: 5.39 vs. MDLZ: 2.61 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
MDLZ' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 1  Med: 4.8 Max: 12.2
Current: 2.61
1
12.2
Forward Rate of Return (Yacktman) % 14.17
MDLZ's Forward Rate of Return (Yacktman) % is ranked higher than
69% of the 801 Companies
in the Global Confectioners industry.

( Industry Median: 6.76 vs. MDLZ: 14.17 )
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: -8.3  Med: 3.9 Max: 24.5
Current: 14.17
-8.3
24.5

More Statistics

Revenue (TTM) (Mil) $25,882.00
EPS (TTM) $ 1.11
Beta0.74
Short Percentage of Float1.09%
52-Week Range $40.50 - 47.23
Shares Outstanding (Mil)1,517.28

Analyst Estimate

Dec17 Dec18 Dec19
Revenue (Mil $) 25,946 26,369 27,089
EPS ($) 2.11 2.33 2.50
EPS without NRI ($) 2.11 2.33 2.50
EPS Growth Rate
(Future 3Y To 5Y Estimate)
10.73%
Dividends per Share ($) 0.74 0.80 0.85
» More Articles for MDLZ

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Bill Ackman Comments on Mondelez May 12 2017 

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