Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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Thematic (Sector/Industry)

<ul><li class="p1">Seismic changes are affecting the consumer packaged goods industry as consumers are becoming less brand loyal and supermarkets are under attack from hard discounters and online competition.</li><li class="p1">The prolonged period of slow economic growth has conditioned consumers to be more price sensitive, and the emergence of the e-commerce channel is rapidly changing consumers' shopping behaviours.</li><li class="p2">In our opinion, the strongest antidote to these pressures is a strong brand.</li><li class="p2">In this report, we quantify the power of each company's brand by its ability to take pricing, using a number of metrics, and conclude that while brand strength varies widely across the consumer packaged goods space, beverages and tobacco generally enjoy stronger positions.</li><li class="p2">We also dive deep into cost advantages and show that while some of the large diversified CPG firms may generate economies of scope, economies of scale are more prevalent in industries with a homogeneous manufacturing process.</li></ul><p class="p2">Lead Analysts: Adam Fleck, CFA; Philip Gorham, CFA, FRM; R.J. Hottovy, CFA; Erin Lash, CFA; Ken Perkins, CFA</p><p class="p2">Full report below the fold...&nbsp;</p>

Seismic changes are affecting the consumer packaged goods industry as consumers are becoming less brand loyal and supermarkets are under attack from hard discounters and online competition.The prolonged period of slow economic growth has conditioned consumers to be more price sensitive, and the emergence of the e-commerce channel is rapidly changing consumers' shopping behaviours.In our opinion, the strongest antidote to these pressures is a strong brand.In this report, we quantify the power of each company's brand by its ability to take pricing, using a number of metrics, and conclude that while brand strength varies widely across the consumer packaged goods space, beverages and tobacco generally enjoy stronger positions.We also dive deep into cost advantages and show that while some of the large diversified CPG firms may generate economies of scope, economies of scale are more prevalent in industries with a homogeneous manufacturing process.Lead Analysts: Adam Fleck, CFA; Philip Gorham, CFA, FRM; R.J. Hottovy, CFA; Erin Lash, CFA; Ken Perkins, CFAFull report below the fold...&nbsp;

Morningstar Consumer Observer: Shopping for the CPG Brands Best Positioned for a New Era in Commerce

Founder Evidente. Top rated quantitative analyst, Evidente

Sam Ferraro

Founder Evidente. Top rated quantitative analyst

Evidente

Evidente is an independent financial education firm that delivers innovative financial advice to wholesale investors, including active long only funds, hedge funds, pension funds, and sovereign wealth funds, in Australia and globally.  Drawing on academic research in asset pricing, behavioural finance and portfolio construction, Evidente provides wholesale investors with commercial solutions to stock selection and asset allocation decisions across equities and other asset classes.

<ul><li>Annualised volatility in the S&amp;P500 spiked to 27% in August, its highest level since November 2011. &nbsp;Nonetheless, the 6 month moving average of volatility of 14% remains broadly in line with historical trends over the sweep of the past 45 years.</li><li>The positive surprise on 2Q US real GDP concealed the five year long stall in nominal GDP growth.&nbsp; The US Federal Reserve&rsquo;s unwillingness to combat disinflation has contributed to the growth stall.&nbsp; Investors remain unnerved by the Fed&rsquo;s willingness to tighten monetary policy at a time when inflation continues to undershoot its 2% target.</li><li>I expect financial market volatility to remain high until the Fed more clearly enunciates the goals of monetary policy and why it remains indifferent to achieving its inflation target.</li><li>In Australia, the poor 2Q capex survey confirmed that the economy is on the precipice of a 20% slump in business investment in FY2015/16.&nbsp; The long and drawn out transition from mining to non-mining capex continues to weigh on growth and frustrate the RBA.&nbsp; In my view, the re-balancing of growth will need an assist from further monetary stimulus.</li></ul>

Annualised volatility in the S&amp;P500 spiked to 27% in August, its highest level since November 2011. &nbsp;Nonetheless, the 6 month moving average of volatility of 14% remains broadly in line with historical trends over the sweep of the past 45 years.The positive surprise on 2Q US real GDP concealed the five year long stall in nominal GDP growth.&nbsp; The US Federal Reserve&rsquo;s unwillingness to combat disinflation has contributed to the growth stall.&nbsp; Investors remain unnerved by the Fed&rsquo;s willingness to tighten monetary policy at a time when inflation continues to undershoot its 2% target.I expect financial market volatility to remain high until the Fed more clearly enunciates the goals of monetary policy and why it remains indifferent to achieving its inflation target.In Australia, the poor 2Q capex survey confirmed that the economy is on the precipice of a 20% slump in business investment in FY2015/16.&nbsp; The long and drawn out transition from mining to non-mining capex continues to weigh on growth and frustrate the RBA.&nbsp; In my view, the re-balancing of growth will need an assist from further monetary stimulus.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Molson Coors Brewing Co B / Equity Bottom-Up

<ul><li>Molson Coors Beverage Company's second-quarter fiscal year 2025 earnings report reflects a dynamic and challenging environment, leading the company to adjust its guidance for the year.</li><li>The company confronted a fragile macroeconomic backdrop marked by fluctuating consumer confidence, geopolitical tensions, and unexpected cost pressures, notably in the U.S. market.</li><li>Positively, Molson Coors continued to execute its strategic plans aimed at long-term growth and shareholder returns.</li></ul>

Molson Coors Beverage Company's second-quarter fiscal year 2025 earnings report reflects a dynamic and challenging environment, leading the company to adjust its guidance for the year.The company confronted a fragile macroeconomic backdrop marked by fluctuating consumer confidence, geopolitical tensions, and unexpected cost pressures, notably in the U.S. market.Positively, Molson Coors continued to execute its strategic plans aimed at long-term growth and shareholder returns.

Molson Coors Beverage: Premiumization & Product Innovation for Better Margins & Market Differentiation!

<ul><li>Molson Coors Beverage Company presented its first-quarter fiscal year 2025 results amidst a challenging macroeconomic backdrop.</li><li>The global economic environment, marked by geopolitical tensions, inflation concerns, and fluctuating consumer confidence, negatively impacted consumption patterns, particularly in the beer industry.</li><li>In terms of financial performance, Molson Coors experienced a 10.4% decline in consolidated net sales revenue for the quarter.</li></ul>

Molson Coors Beverage Company presented its first-quarter fiscal year 2025 results amidst a challenging macroeconomic backdrop.The global economic environment, marked by geopolitical tensions, inflation concerns, and fluctuating consumer confidence, negatively impacted consumption patterns, particularly in the beer industry.In terms of financial performance, Molson Coors experienced a 10.4% decline in consolidated net sales revenue for the quarter.

Molson Coors Is Fueling Its Future Growth with High-Impact Innovations & International Wins; What’s The Revenue Impact?

<ul><li>Molson Coors Beverage Company's recent financial results present a mixed landscape of achievements and challenges.</li><li>On the positive side, the company reported substantial progress in core areas, such as achieving bottom-line growth amid a tough macroeconomic climate.</li><li>Molson Coors has retained a large share of gains from 2023 and expanded shelf space for its core brands in the U.S., with notable success in the Canadian market across various price segments, indicating strong brand performance and market strategy.</li></ul>

Molson Coors Beverage Company's recent financial results present a mixed landscape of achievements and challenges.On the positive side, the company reported substantial progress in core areas, such as achieving bottom-line growth amid a tough macroeconomic climate.Molson Coors has retained a large share of gains from 2023 and expanded shelf space for its core brands in the U.S., with notable success in the Canadian market across various price segments, indicating strong brand performance and market strategy.

Molson Coors: The Bold Shift Into Premium Beer That Could Revitalize the Brand!

United States

Molson Coors Brewing Company operates as a brewing company. The Company brews and produces beer. Molson Coors Brewing serves customers worldwide.

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Molson Coors Brewing Co B (TAP US)

Morningstar Consumer Observer: Shopping for the CPG Brands Best Positioned for a New Era in Commerce

Seismic changes are affecting the consumer packaged goods industry as consumers are becoming less brand loyal and supermarkets are under attack...

Morningstar, Inc.

Weekly Impressions

Annualised volatility in the S&P500 spiked to 27% in August, its highest level since November 2011. Nonetheless, the 6 month moving average...

Sam Ferraro

Molson Coors Beverage: Premiumization & Product Innovation for Better Margins & Market Differentiation!

Molson Coors Beverage Company's second-quarter fiscal year 2025 earnings report reflects a dynamic and challenging environment, leading the...

Baptista Research

Molson Coors Is Fueling Its Future Growth with High-Impact Innovations & International Wins; What’s The Revenue Impact?

Molson Coors Beverage Company presented its first-quarter fiscal year 2025 results amidst a challenging macroeconomic backdrop. The global...

Baptista Research

Molson Coors: The Bold Shift Into Premium Beer That Could Revitalize the Brand!

Molson Coors Beverage Company's recent financial results present a mixed landscape of achievements and challenges. On the positive side, the...

Baptista Research

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