Keurig Dr. Pepper has reached the target price from our last report as the company delivered strong results for the first quarter of 2021 backed by solid in-market execution and growth across all segments. During the quarter, the company launched new zero-sugar varieties across its CSD (carbonated soft drink) portfolio, which has helped to solidify its #2 CSD manufacturer status in key retail accounts. The company is also witnessing its KDP brands takeover leadership position with the latest being Sunkist, becoming the # 1 fruit-flavoured CSD brand, fuelled by the zero-sugar introduction and flavor line extension. Apart from this, within the untracked channels, e-commerce growth for K-Cup pods remained strong during the quarter, which more than offset declines in the away-from-home office and hospitality businesses. Overall, the company’s well-established portfolio of brands and critical partnerships makes us confident about its long-term growth trajectory. We provide it with a ‘Hold’ rating and a renewed target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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