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DPS

Dr Pepper Snapple

$85.25

1.77 (2.12%)

06:36
11/22/16
11/22
06:36
11/22/16
06:36

Dr Pepper Snapple to acquire Bai Brands for $1.7B in cash

Dr Pepper Snapple announced that it has reached an agreement to acquire Bai Brands and its complete portfolio of high-growth premium antioxidant infused beverages. The cash purchase price of $1.7B includes a tax benefit of approximately $400M on a net present value basis and will be financed through new unsecured notes and short term commercial paper. We expect to maintain our strong investment grade credit profile and have no plans to change our existing shareholder dividends and share repurchase distributions. Bai provides a strong platform to incubate and grow better-for-you beverages throughout the non-carbonated and carbonated beverage sectors. It is expected to generate approximately $425M in net sales in 2017 and add an incremental $132M to our current net sales expectation for 2017. The transaction is expected to be approximately 3c dilutive to reported diluted EPS in 2017 driven by planned increases in marketing investments behind the brand and increased interest expense associated with the financing of the purchase price. The transaction is expected to be accretive to reported diluted EPS in 2018.

  • 09

    Dec

DPS Dr Pepper Snapple
$85.25

1.77 (2.12%)

10/04/16
BERN
10/04/16
NO CHANGE
Target $92
BERN
Market Perform
Dr Pepper Snapple top line at risk if Bai business lost, says Bernstein
After Reuters reported that Bai, the seller of antioxidant infusion drinks that is allied with Dr Pepper Snapple and in which the beverage company has a minority equity investment, is exploring a potential sale, Bernstein analyst Ali Dibadj said the firm's analysis suggests that the loss of Bai from Dr Pepper's system could result in a meaningful 100 basis point drag on the company's top line. Allied brands distributed by Dr. Pepper, like Bai, have been driving at least half of its topline growth recently, added Dibadj, who keeps a Market Perform rating on the stock.
10/04/16
EVER
10/04/16
DOWNGRADE
EVER
Hold
Dr Pepper Snapple downgraded to Hold from Buy at Evercore ISI
10/04/16
10/04/16
DOWNGRADE

Hold
Dr Pepper Snapple downgraded on Bai Brands potential sale at Evercore ISI
As previously reported, Evercore ISI downgraded Dr Pepper Snapple to Hold form Buy. Analyst Robert Ottenstein said reports that Bai Brands is looking for a new owner are credible and could change investor's psychology on the stock and its Allied Brands business. The analyst believes Bai Brands will get sold and result in loss of distribution, negatively impacting earnings by 20c-25c. Further, Ottenstein said consumers are increasingly concerned about sugar and it is on the radar screen of local governments as a revenue source.
10/04/16
10/04/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Wells Fargo (WFC) downgraded to Underperform from Market Perform at Raymond James with analyst David Long saying the fallout from the unauthorized account openings will result in continued under performance. The analyst said several additional investigations, lawsuits, and fines have been announced, resulting in a still cloudy outlook. 2. Kinder Morgan (KMI) downgraded to Hold from Buy at Stifel analyst Selman Akyol citing valuation. 3. GrubHub (GRUB) downgraded to Hold from Buy at Stifel with analyst John Egbert citing valuation. 4. Dr Pepper Snapple (DPS) downgraded to Hold from Buy at Evercore ISI with analyst Robert Ottenstein saying reports that Bai Brands is looking for a new owner are credible and could change investor's psychology on the stock and its Allied Brands business. 5. Dollar Tree (DLTR) downgraded to Neutral from Buy at Cleveland Research with the firm saying sales trends appear to have slowed further at Family Dollar as the company struggles with increased price competition, difficult comps, and strategy headwinds. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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CHRS

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AGN

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HON

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