QUIC RESEARCH REPORT · advantage of the vast distribution networks some of their subsidiaries...
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QUIC RESEARCH REPORT
QUIC Research Reports focus on
emerging investment themes that
affect current portfolio companies
and companies under coverage.
Consumers & Healthcare
Introduction
Mondelez is the market leader in the snack food segment. With a
strong brand portfolio that is well-positioned to capitalize on the
sector’s future growth, we believe that Mondelez will see significant
upside in the years to come. By adding Mondelez to our U.S portfolio,
we will be exposed to the lucrative snack foods segment and benefit
from their strong financial position.
Summary
- Mondelez operates in the global snack industry, competing with
names such as PepsiCo and Conagra Foods
- Mondelez has a wide range of brand offerings, led by its seven
“power brands”, each garnering over $1 billion in annual sales
- The company has begun to focus its investments to emerging
markets, which grow at fast rates while being driven by increasing
consumer demand for snacks
- The company’s increased focus on effective capital deployment will
increase margins and a result bolster company profitability
- Recent e-commerce expansion and a stronger focus on healthy
products serve as strong catalysts for the company
Mondelez (NASDAQ: MDLZ) Stock Pitch
A Stock as Sweet as it’s Oreo Cookies
May 23rd, 2016
Julie Vincent
Jon Allion
Andrei Florescu
Liam Smith
QUIC Research Report
May 23rd, 2016
Mondelez Stock Pitch (NASDAQ: MDLZ)
May 23rd, 2016
Table of Contents
Introduction 1
Company Overview 3
Industry Overview 4
Investment Thesis I: Strong Brand Profile 5
Investment Thesis II: Emerging Markets 6
Investment Thesis III: Margin Expansion 7
Catalysts and Risks 8
Portfolio Fit 8
Valuation 9
Appendix 11
References 12
QUIC Research Report
May 23rd, 2016
Mondelez Stock Pitch (NASDAQ: MDLZ)
May 23rd, 2016 3
Mondelez’s powerful presence in the snacking
category is led by 7 billion-dollar “Power Brands”
earning 68% of the company’s revenues. These
brands include Cadbury, Cadbury Dairy Milk, and
Milka chocolate; LU, Nabisco, and Oreo biscuits;
and Trident gum. Mondelez’s Power Brands benefit
from significant brand loyalty resulting in operating
margins that are 1 to 2% higher than other brands.
Power Brands also grow faster than the company
average, therefore Mondelez plans to have them
contribute to over 80% of total sales over time.
Mondelez is considered the worldwide leader in
biscuits, chocolate and candy, and holds a
dominate position in gum. Its competitive
advantage is that it sells snack items in
complimentary food segments. This results in cost
leverage, capability sharing and commercial
marketing benefits. Moreover, it is able to take
advantage of the vast distribution networks some
of their subsidiaries have.
Mondelez has operations in approximately 80
countries around the world and distributes its
products in over 165.
Management is in the midst of implementing an
aggressive growth strategy, which it hopes will help
to increase its competitive advantage in the ever-
growing space. Management hopes to grow
organic revenue at or above the company growth
rate, achieve operating income of high single digits
(and double digits where possible) across all brands
and double digit constant currency growth.
Company Overview
Source: Company Reports
Revenue Segmentation by Geography 2015A
EXHIBIT 2 EXHIBIT 3
Source: Company Reports
Revenue Segmentation by Product 2015A
40%
30%
16%
9%
6%
Biscuits Chocolate Gum and Candy
Beverages Cheese and Grocery
34%
26%
14%
16%
10%
Europe North America Latin America
Asia Pacific EEMEA
EXHIBIT 1
Mondelez Popular Brands
QUIC Research Report
May 23rd, 2016
Mondelez Stock Pitch (NASDAQ: MDLZ)
May 23rd, 2016
Over the past 5 years, the snack food industry has
benefited from increased demand. This comes as a
result of a strengthened economy, leading to
higher discretionary spending levels.
The industry is expected to grow at a 3.7% CAGR
over the next 3 years, with total revenue expected
to exceed $40B in 2016.
The biggest headwind for producers in the snack is
the ever-changing tastes and preferences of
consumers. With many consumers beginning to
embrace healthier lifestyles, snack food companies
are feeling the need to offer new health-conscious
items. Non-sugary snacks closely aligned with
meal-replacement foods are showing the strongest
growth of all areas, proving the movement by
consumers to healthier alternatives.
It is expected that improving economic conditions
throughout North America and Europe will lead to
increased demand for premium snacks. As such,
companies have begun producing organic and
whole food snack options to bring to the
marketplace.
There are four main drivers of the industry: per
capita disposable income, the healthy eating index,
the price of corn and the trade-weighted index.
Currently, there are three main companies
operating in this industry: Mondelez, PepsiCo and
ConAgra foods. Going forward, PepsiCo poses the
largest threat to Mondelez because of their
portfolio of household brands: Quaker’s, Lay’s,
Dorito’s and Fritos.
As of 2014, confections (which includes sugary
sweets such as chocolate, hard candy and gum)
represented the largest sales contribution in Europe
and the Middle East/Africa. Salty snacks were
favourites in North America, representing roughly
one-fifth of all snack consumption. Refrigerated
snacks were consumed the most in Asia-Pacific,
while cookies and snack cakes were best sellers in
Latin America.
4
Industry Overview
Food Percentage
Chocolate 64%
Fresh Fruit 62%
Vegetables 52%
Cookies / Biscuits 51%
Bread / Sandwich 50%
Yogurt 50%
Cheese 46%
Chips / Crisps 44%
Nuts / Seeds 41`%
Gum / Ice Cream 33%
EXHIBIT 5
Source: Nielsen
Percentage of Consumers Who Said They Ate
These Snacks in the Last 30 Days
28% 24%33% 36%
23%
24%
20%
33%19%
32%
31%
26%
17%
17%
17%
30%
17%28%
25%
20%
0%
20%
40%
60%
80%
100%
Latin America Asia Pacific EEMEA Europe North America
Confection Salty Cookies and Cakes
Refrigerated Fruits and Vegetables
EXHIBIT 4
Geographic Snack Consumption Breakdown
Source: Nielsen
QUIC Research Report
May 23rd, 2016
Mondelez Stock Pitch (NASDAQ: MDLZ)
May 23rd, 2016 5
Mondelez’s powerful presence in the snacking
category is led by 7 billion-dollar “Power Brands”
earning 68% of the company’s revenues. These
brands include Cadbury, Cadbury Dairy Milk, and
Milka chocolate; LU, Nabisco, and Oreo biscuits;
and Trident gum. Mondelez’s Power Brands benefit
from significant brand loyalty resulting in operating
margins that are 1 to 2% higher than other brands.
Power Brands also grow faster than the company
average, therefore Mondelez plans to have them
contribute to over 80% of total sales over time.
In response to a shift in consumer preferences
towards healthier snacks, Mondelez expects 50% of
its product portfolio to be composed of “Well-
Being” offerings by 2020, up from 35% today,
aiming to become the global market leader in
better-for-you snack options. The recent U.S release
of Good Thins is the company’s first new snack
brand in over a decade and showcases their ability
to provide relevant, healthier snacks at competitive
prices. In order to retain future market share for the
Power Brands, Mondelez is focusing on more
aggressive marketing strategies (expected to climb
to 10% of sales in 2018, a gain of 2%) and simpler,
more nutritious ingredients.
Mondelez’s brands have seen shelf-space reduction
at some retailers over the past 2 years as they took
a price increase due to rising input costs earlier
than competitors such as Mars and Nestle. These
companies have hedges on their coca purchases
that are longer-term than Mondelez. However, the
pricing dynamics between Mondelez and their
competitors are beginning to normalize and
improve further into 2016. Mondelez has one of the
lowest exposure to private labels out of the
competition with just 10.6% of their portfolio
composing of private label brands. This means that
short-term increases in their cost base poses less of
a risk, and Mondelez will continue to benefit from
the strong brand loyalty which has been built over
many decades.
In order to focus on the core snacks portfolio and
boost growth, Mondelez engaged in a spin-off of
its coffee business in 2015 with D.E Master Blenders
to create Jacobs Douwe Egberts (JDE). The new
company, of which Mondelez has a 43.5% equity
stake in, will leverage both company’s share of the
coffee market and cost savings are expected to
total $1.5 billion by 2018. JDE sells coffee through
industry leading brands such as Gevalia and Jacobs
which achieve similar brand loyalty to Mondelez’s
Power Brands.
Mondelez has the advantage of product offerings in
complementary food categories, resulting in cost
leverage and capability sharing. For example, in
2012 Mondelez launched Stride in China using its
distribution network in biscuits.
Investment Thesis I: Strong Brand Profile
Source: Company Reports
Leading Brands by Category
EXHIBIT 6 EXHIBIT 7
Source: Bernstein
Brand Exposure to Private Labels vs. Peers
19.5%
16.6%
14.6%13.2% 13.1%
11.9%10.6% 10.2%
0%
5%
10%
15%
20%
KRFT MKC CAG SJM CPB GIS MDLZ K
QUIC Research Report
May 23rd, 2016
Mondelez Stock Pitch (NASDAQ: MDLZ)
May 23rd, 2016 6
Mondelez generates approximately 80% of its
revenues from outside the U.S. It operates in more
than 80 countries around the world, and sells
products in over 165 countries. It is estimated that
approximately 40% of Mondelez’s revenues come
from Brazil, Russia, China, India and Southeast Asia
(BRIC nations).
Over the past three years, we have seen numerous
food and beverage companies move into the
emerging markets as a result of their low per-capita
consumption. This means that they have significant
growth potential and are expected to gravitate
towards name brands.
Moreover, with a fast-growing middle class, the
BRIC nations have increasing demand for
convenience food and beverages. Snack food
producers with strong brand portfolios will excel in
this environment,
In 2010, Mondelez acquired Cadbury limited, one of
the world’s largest chocolate manufacturers. In the
years prior to the acquisition, Cadbury worked
tirelessly to develop production and distribution
networks in the BRIC nations. By acquiring Cadbury,
Mondelez is able to tap into the vast distribution
networks in these emerging nations. So far,
Mondelez has seen a 15% increase in its emerging
market sales. Furthermore, Cadbury has significant
presence in India which Mondelez is looking
forward to capitalizing on.
One of Mondelez’s strategic objectives stated in
their 2015 Annual Report is to revolutionize it’s
selling. To do so, they have made large changes to
their marketing campaigns and have invested
significantly in their BRIC nations marketing. This
will help their access to key emerging markets. In
2015, Mondelez acquired an 80% stake in a
Vietnamese biscuit manufacturer. This has helped
them to expand operations and distribution routes
in the Asia-pacific region.
Moreover, Mondelez has invested significantly in it’s
e-commerce platform. They believe that a strong e-
commerce platform will allow them to reach new
customers, and increase margins. They hope that
fuelling money into this platform will strengthen
brand recognition in it’s new key markets.
Investment Thesis II: Emerging Markets
EXHIBIT 8
Source: Company Filings, Nielsen
2014 – 2015 Sales Growth by Geography
6%
20%
2%
(2%)
1%
4%
9%
5%
0%2%
-5%
0%
5%
10%
15%
20%
25%
Asia Pacific Latin America EEMEA Europe North America
Mondelez Net Revenue Global Snack Sales
QUIC Research Report
May 23rd, 2016
Mondelez Stock Pitch (NASDAQ: MDLZ)
May 23rd, 2016 7
Under pressure from activist investor Nelson Peltz
and more recently Bill Ackman, Mondelez is
undergoing a restructuring plan to expand the
company’s margins. In 2013, the plan was initially
an increase of 3% to EBITDA margins. The key
drivers in Mondelez’s revamped plan for margin
expansion lies in plant efficiency, reducing its
complex system of 100,000 suppliers and 74,000
SKUs, and integrating Lean Six Sigma practices.
First, Mondelez reduced the number of its
employees in September 2015 in order to reduce
the over-allocation of its work force. Analysts
believe that a ~30% reduction of Mondelez’s
employees would bring their revenues on par with
their Multinational peers who also operate in the
emerging markets. However, this is a large target to
hit, thus the management team has planned for
other efficiency implementations to reduce costs.
A new, 250 acre lower-cost plant was established in
Salinas, Mexico in the second half of 2015. Due to
its proximity to suppliers, transportation routes, and
a built-in distribution center, the plant requires 1/3
of the staffing of a regular manufacturing plant to
produce the same capacity. The purpose of this
plant is to help fuel growth in the Americas, and
analysts believe that if 40% of sales in North
America are produced in Salinas, the company will
benefit from a 4% increase in gross margins. This
year, Mondelez is expected to open two more
similar plants in Russia and India, and by 2018 70%
of Power Brands are expected to be produced in
these lower-cost plants (an increase of ~45%).
Moreover, one of Mondelez’s goals is to increase
efficiencies in plants which were garnered through
acquisitions, yet never optimized. 40 “advantage
lines” have been installed up to 2015, and 35 more
lines are to be added by 2018. These lines are much
more efficient due to a modular design that
requires less production time, resources, as well as
space. The implementation of these new advantage
lines is expected to cut conversion costs by 20%
around the globe.
Overall, these cost-cutting efforts seem reasonable
as Hershey, a competitor, achieved similar gains
through almost identical procedures over the
period of 2010 to 2014, even as cocoa prices
doubled. Today, Mondelez faces less pressure from
key input costs like coca, making their restructuring
plan much more achievable. If Mondelez fails in its
efforts, it will face pressures from the
aforementioned activist investors to sell itself to
Kraft-Heinz. However, a successful execution of this
plan could lead to a merger with PepsiCo’s Frito
Lay; this has been discussed in depth in the past.
Investment Thesis III: Margin Expansion
EXHIBIT 9
Multinational Revenue per Employee vs. Peers
Source: Company Reports
EXHIBIT 10
Gross Margin Growth Over Efficiency Improvement Plan
Source: Company Reports
$224 $244 $265$299
$371
$436
$693
$0
$150
$300
$450
$600
$750
BN ULVR NESN MDLZ HSY KHC PG
$ T
ho
usa
nd
s
36.8%
38.8%
40.3%
41.1%
41.9%
38.9%
42.8% 42.4%
43.6%
45.9%
35%
40%
45%
Year 1 Year 2 Year 3 Year 4 Year 5
Mondelez Hershey
QUIC Research Report
May 23rd, 2016
Mondelez Stock Pitch (NASDAQ: MDLZ)
May 23rd, 2016
We believe that Mondelez would be an excellent
addition to the Consumers and Healthcare U.S
portfolio. MDLZ has exposure to the fast growing
snack food segment, and is also a financially stable
company. Mondelez owns many “power brands”
which are household staples across North America
and Europe, while gaining massive growth in the
emerging markets.
Mondelez will serve as additional exposure to the
food segment within our portfolio, which currently
holds fast-serve companies in Starbucks and
McDonald’s.
Lastly, we believe Mondelez provides durability in
the consumer space that is currently experiencing
massive threats to e-commerce. As a supplier of
food products that does not sell in brick and mortar
stores, we believe Mondelez will not only weather
the storm, but also thrive in the ever-changing retail
environment.
With intentions to sell, we propose a 15% stake in
Mondelez for our current U.S portfolio, representing
roughly a $4,000 investment.
8
Catalysts and Risks
Portfolio Fit
1. E-Commerce Expansion: On April 7, 2016
Mondelez formed an e-commerce partnership
with China’s leading online and mobile
commerce company, Alibaba Group Holding
Limited. The strategic deal is in line with the
company’s plans to expand e-commerce
platforms and generate more online sales.
2. New Snack Brand Launch: On March 7, 2016
Mondelez announced the launch of its first new
snack brand in more than ten years, named
Good Thins. The new brand will offer low-fat
and low-sugar snacks to meet the growing
consumer demand for healthier products.
3. Healthy Eating: As part of the company’s plan
to offer healthier foods, Mondelez set 2020
goals of reducing sodium and saturated fat by
10%, increasing whole grains by 25% and
placing calorie labeling on the front of packs of
all relevant products by YE 2016.
1. Volume Trends: Since it’s split from Kraft Food,
Mondelez has seen weaker volumes as a result
of higher pricing and category weakness. If this
continues, they could experience a slowdown
across all categories, which would lead to
weakening revenues.
2. Venezuela Operations: Sugar supply in
Venezuela has become scarce, forcing Coca-
Cola to halt production of its sugary drinks.
Although Mondelez has deconsolidated
operations in the area at an impairment cost of
$788 million, the location still remains a risk.
Mondelez may have to freeze its production in
the area as well and earn less cash from the
new Venezuelan subsidiary
3. Foreign Exchange: With 80% of Mondelez’s
revenues coming from outside the U.S, foreign
exchange will hurt the company’s bottom line.
In 2015, FX hurt revenue growth by 6%.
EXHIBIT 11
Proposed Consumer and Healthcare U.S Portfolio Allocation
Source: QUIC Data
Mondelez
International, Inc.
15%
CVS Health
Corporation
24%The Home
Depot, Inc.
19%
McDonald's
Corp.
17%
Starbucks
Corporation
12%
Merck & Co.
Inc.
12%
QUIC Research Report
May 23rd, 2016
Mondelez Stock Pitch (NASDAQ: MDLZ)
May 23rd, 2016
Catalysts and Risks
9
Comparable Company Analysis
EXHIBIT 11
Mondelez is trading at a small premium on a Price/Earnings, EV/EBITDA and Net Debt/EBITDA basis, and
pays a lower yielding dividend than its peers. The company is slightly undervalued with regards to EV/Sales
however, a ratio that indicates its future position if manufacturing efficiency is improved according to plans.
Company Name Market Enterprise EV / EBITDA Price / Earnings Net Debt / EBITDA EV/ Sales Dividend
Cap
($MM) Value ($MM) LTM 2016E 2017E 2016E 2017E 2016E 2017E 2016E 2017E Yield
The Kraft Heinz Company $100,219 $129,744 20.4x 16.9x 15.2x 26.7x 21.5x 2.7x 2.5x 4.9x 4.8x 2.8%
Kellogg Company $26,009 $33,955 16.6x 13.4x 12.8x 20.1x 18.6x 3.1x 3.0x 2.6x 2.5x 2.7%
General Mills Inc. $37,120 $46,307 13.4x 13.7x 13.4x 21.8x 20.6x 2.4x 2.3x 2.8x 2.8x 2.9%
The Hershey Company $19,368 $21,722 13.0x 12.6x 12.1x 21.4x 19.9x 1.3x 1.3x 2.9x 2.8x 2.6%
PepsiCo Inc. $144,586 $167,502 13.9x 13.3x 12.6x 21.2x 19.6x 1.8x 1.7x 2.7x 2.6x 3.0%
Mean $65,460 $79,846 15.5x 14.0x 13.2x 22.2x 20.1x 2.3x 2.2x 3.2x 3.1x 2.8%
Median $37,120 $46,307 13.9x 13.4x 12.8x 21.4x 19.9x 2.4x 2.3x 2.8x 2.8x 2.8%
Mondelez International Inc. $67,297 $83,425 18.4x 17.1x 15.1x 23.6x 20.8x 3.3x 2.9x 3.1x 3.1x 1.6%
42 44 46 48 50 52 54
Goldman Sachs
JP Morgan
Credit Suisse
Consensus
Barclays
RBC
Bernstein
QUIC
QUIC Research Report
May 23rd, 2016
Mondelez Stock Pitch (NASDAQ: MDLZ)
May 23rd, 2016
We value Mondelez using comparable companies
and a discounted cash flow model analyses. Cost of
equity is derived by using a 10-year treasury yield
of 1.85% and a market risk premium as calculated
by Aswoth Damodoran. The cost of debt was
calculated using the weighted average yield of
MDLZ’s debt.
Combined, MDLZ’s WACC is 5.7% - a low number
due to the company’s below average beta and cost
of debt. We assumed a 2% terminal growth rate
due to global expansion and MDLZ’s particularly
strong brand presence in emerging Markets. Our
target share price implies a total return of 24.4%
(capital gain of 22.8% and a dividend yield of 1.6%).
Valuation
10
WACC Calculation
Risk-Free Rate 1.85%
Market Risk Premium 6.12%
Levered Beta 0.92x
Cost of Equity 7.50%
Cost of Debt 3.64%
Tax Rate 22.00%
After Tax Cost of Debt 2.84%
Capital Structure
Debt 39%
Equity 61%
Total: 100%
WACC 5.70%
Share Price Calculation
PV of UFCF 19,686
Terminal Year Growth Rate 2.00%
Discount Rate 5.70%
PV of Terminal Value 81,252
Enterprise Value 100,938
Enterprise Value 100,938
Less: Total Debt 17,517
Plus: Cash and Cash Equivalents 1,338
Implied Equity Value 84,759
Shares Outstanding 1,598
Implied Share Price $53.03
Current Price $43.19
Target Price $53.03
Dividend Yield 1.6%
Total Return 24.4%
Discount Rate (%)
$53.03 4.70% 5.20% 5.70% 6.20% 6.70%
Term
inal
Gro
wth
(%
)
1.00% $ 57.32 $ 48.62 $ 41.82 $ 36.38 $ 31.93
1.50% $ 66.21 $ 55.13 $ 46.76 $ 40.22 $ 34.98
2.00% $ 78.38 $ 63.69 $ 53.03 $ 44.97 $ 38.68
2.50% $ 96.10 $ 75.41 $ 61.27 $ 51.02 $ 43.26
3.00% $ 124.24 $ 92.46 $ 72.55 $ 58.94 $ 49.08
QUIC Research Report
May 23rd, 2016
Mondelez Stock Pitch (NASDAQ: MDLZ)
May 23rd, 2016
Appendix: Discounted Cash Flow
11
Historical Period Projection Period
2011 2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E
Revenue 35,810 35,015 35,299 34,244 29,636 26,672 25,339 26,226 27,012 27,823
Year over Year Growth % (2.2%) 0.8% (3.0%) (13.5%) (10.0%) (5.0%) 3.5% 3.0% 3.0%
Cost of Sales 22,710 21,939 22,189 21,647 18,124 15,923 14,925 15,237 15,667 16,137
% of Revenue 63.4% 62.7% 62.9% 63.2% 61.2% 59.7% 58.9% 58.1% 58.0% 58.0%
Gross Profit 13,100 13,076 13,110 12,597 11,512 10,749 10,414 10,989 11,345 11,686
Margin % 36.6% 37.3% 37.1% 36.8% 38.8% 40.3% 41.1% 41.9% 42.0% 42.0%
Operating Expenses 9,382 9,176 8,679 8,457 7,577 6,788 6,449 6,675 6,875 7,081
% of Revenue 26.2% 26.2% 24.6% 24.7% 25.6% 25.5% 25.5% 25.5% 25.5% 25.5%
EBITDA 3,718 3,900 4,431 4,120 3,935 3,961 3,965 4,314 4,470 4,604
Year over Year Growth % 4.9% 13.6% (7.0%) (4.5%) 0.6% 0.1% 8.8% 3.6% 3.0%
Less: Depreciation and Amortization 225 217 217 206 181 164 156 161 166 171
% of Revenue 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
EBIT 3,667 3,894 4,465 4,182 3,862 3,797 3,809 4,153 4,304 4,433
Year over Year Growth % 6.2% 14.7% (6.3%) (7.7%) (1.7%) 0.3% 9.0% 3.7% 3.0%
Less: Income Taxes 932 1,057 760 1,238 745 835 838 914 947 975
Effective Tax Rate 25.4% 27.1% 17.0% 29.6% 19.3% 22.0% 22.0% 22.0% 22.0% 22.0%
Net Operating Profit After Taxes 2,735 2,837 3,705 2,944 3,117 2961 2971 3239 3357 3458
Year over Year Growth % 3.7% 30.6% (20.5%) 5.9% (5.0%) 0.3% 9.0% 3.7% 3.0%
Plus: Depreciation and Amortization 225 217 217 206 181 164 156 161 166 171
Less Capital Expenditures -1,771 -1,610 -1,622 -1,642 -1,514 1,283 1,218 1,261 1,299 1,338
% of Revenue 4.9% 4.6% 4.6% 4.8% 5.1% 4.8% 4.8% 4.8% 4.8% 4.8%
Less: Change in Net Working Capital 423 1,116 -1,063 -426 -623 -114.6 -114.6 -114.6 -114.6 -114.6
Unlevered Free Cash Flow 1,612 2,560 1,237 1,082 1,161 4,293 4,231 4,547 4,708 4,852
Discount Period 0.5 1.5 2.5 3.5 4.5
Discount Factor 97.3% 92.0% 87.1% 82.4% 77.9%
Present Value of Unlevered Cash
Flows 4,176 3,893 3,958 3,878 3,781
QUIC Research Report
May 23rd, 2016
Mondelez Stock Pitch (NASDAQ: MDLZ)
May 23rd, 2016 12
References
1. Bloomberg
2. Capital IQ
3. Company Filings
4. IBIS World
5. Nielsen
6. JP Morgan
7. Morgan Stanley
8. RBC Capital Markets
9. Scotiabank Global Banking and Markets
10. UBS Securities