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Pepsi to Return to Growth in 2013

April 3, 2013 – 8:35 am |

Pepsi’s wide economic moat is derived from its direct store delivery system which sells a vast portfolio of snacks and beverages, global scale, and strong brands which dominate the snack business. Pepsi has a lower Cash Flow Cushion than our typical AA- issuer as the firm has significant debt repayments over the next few years.

However, given Pepsi’s relatively low free cash flow variability, this Read more […]

Molson Coors Sues SABMiller Over Canadian Distribution Deal

April 2, 2013 – 9:50 am |

SABMiller acquired Fosters Group and significantly increased its debt leverage to finance the transaction. Adjusted for the acquisition, debt leverage as of March 2012 increased to 2.8 times from 1.5 times the prior year. However, even considering the increase in leverage, we continue rate the firm an A as the firm’s other strengths offset what we believe is a temporary increase in leverage.

While Read more […]

UTi Posts Sluggish Fiscal Q4 Results

April 1, 2013 – 8:28 pm |

UTi Worldwide’s fiscal fourth-quarter 2013 top line largely met analysts expectations, though adjusted operating margins came in a bit short. Total gross revenue fell 5% from the same period last year. On an organic basis (excluding foreign exchange), gross revenue fell 3% because of continued weakness in airfreight demand and sluggish pricing to customers (management pointed out that the competitive Read more […]

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