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KHC

Kraft Heinz

$53.47

1.13 (2.16%)

16:24
11/06/18
11/06
16:24
11/06/18
16:24

Kraft Heinz to sell natural cheese business to Parmalat for about $1.23B

The Kraft Heinz Company announced that it has entered into a definitive agreement to sell its Canadian natural cheese business to Parmalat for a purchase price of C$1.62B, or approximately $1.23Bat current FX rates. The agreement includes the sale of natural cheese brands Cracker Barrel, P'tit Quebec and aMOOza! in the Canadian market. The proposed transaction is expected to close in the first half of 2019, subject to regulatory review and approval. Under the terms of the agreement, Kraft Heinz will sell its production facility located in Ingleside, Ontario. Kraft Heinz Canada will also transfer approximately 400 employees from that facility to Parmalat. Kraft Heinz will continue to own and market its other cheese products, including Philadelphia, Cheez Whiz and Kraft Singles, which are processed in Mount Royal, Quebec, where Kraft Heinz Canada employs approximately 900 employees. The Kraft Heinz Company remains steadfast in its commitment to the Canadian market, illustrated by its recent acquisition of the Vancouver-based Ethical Bean coffee brand. Across Canada, Kraft Heinz currently employs approximately 2,000 employees in its facilities and thousands more, indirectly, through its co-manufacturers. The natural cheese business being sold contributed approximately C$560M to Kraft Heinz's net sales in 2017. Kraft Heinz expects to use transaction proceeds primarily to pay down debt, with reduced interest expenses expected to offset the majority of EPS dilution on a run-rate basis.

KHC Kraft Heinz
$53.47

1.13 (2.16%)

11/02/18
STFL
11/02/18
NO CHANGE
Target $72
STFL
Buy
Kraft Heinz's strong revenue growth should continue into Q4, says Stifel
Stifel analyst Christopher Growe noted that Kraft Heinz reported a mixed Q3, with much stronger sales growth momentum but a much weaker EBITDA performance. However, he said a host of unique factors converged in the third quarter that were one-time in nature and these factors are not expected to weigh on the fourth quarter. Meanwhile, he expects the strong revenue growth to continue into Q4 and for EBITDA to grow. The analyst keeps a Buy rating on Kraft Heinz shares, but lowered his price target to $72 from $85 to reflect a lower multiple.
11/02/18
JEFF
11/02/18
NO CHANGE
JEFF
Kraft Heinz weakness a buying opportunity, says Jefferies
11/02/18
JEFF
11/02/18
NO CHANGE
Target $75
JEFF
Buy
Kraft Heinz selloff today a buying opportunity, says Jefferies
Jefferies analyst Akshay Jagdale recommends buying shares of Kraft Heinz on today's post-earnings weakness. The analyst says the quarter delivered on one core pillar of his thesis, which is improvement in organic growth. Kraft Heinz's 2.6% organic growth was the best in at least four years, Jagdale tells investors in a post-earnings research note. However, profitability was much weaker than expected leading to a significant profit miss, says the analyst. He believes the market is viewing this earnings miss as structural while he views it as transitory, "especially in light of the strong sales growth performance and momentum." Jagdale has a Buy rating on Kraft Heinz with a $75 price target. The stock in early trading is down 8%, or $4.40, to $51.80.
11/05/18
BMOC
11/05/18
NO CHANGE
Target $61
BMOC
Market Perform
Kraft Heinz price target lowered to $61 from $67 at BMO Capital
BMO Capital analyst Kenneth Zaslow lowered his price target on Kraft Heinz to $61 after its Q3 earnings miss, saying the company's "significant operating profit shortfall more than offset better-than-expected top-line growth and a favorable tax rate". The analyst also notes that the management was confident that the company's organic sales growth would persist into Q4 and that its EBITDA growth and margins will recover. Longer term, Zaslow keeps his Market Perform rating on Kraft Heinz based on its "lower EBITDA base and concern that the ongoing transitory issues signify structural and persistent challenge."

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