HOLT Global Stock Highlights from the Week - 17th July 2026

研报英文原文证据摘录

HOLT Global Stock Highlights from the Week - 17th July 2026

Global Research

17 July 2026ab

HOLT Equities

GlobalGlobal Stock Highlights from the Week - 17th

July 2026 Hiten Patel, CFA, FCA

HOLT Specialist

hiten.j.patel@ubs.com

+44-20-7883 5132

Consumer and Auto Steffen Spillecke, CFA HOLT Sector Specialist

Pepsi Co (PEP) shares lower on soft North American consumer spending; steffen.spillecke@ubs.com

(1) +44-20-7883 6549shares hit decade low across HOLT valuation metrics

John Talbott, CFA

Despite delivering a modest Q2 beat, PepsiCo shares traded lower as soft North HOLT Sector Specialist

American consumer spending weighed on sentiment. While international revenue john.talbott@ubs.com

exceeded expectations, the slower-than-expected recovery in the U.S. snacks business +1-212-325 1813

raised concerns about growth in its largest market. From a HOLT perspective, CFROI has Brendan Munson

moderated to roughly 15%, as lower asset turns, driven by increased capitalized HOLT Sector Specialist

operating leases, have offset gradual margin improvement. Valuation appears brendan.munson@ubs.com

undemanding, with shares trading at decade lows across HOLT metrics. Based on IBES +1-212-325 2784

estimates through 2028e, the current share price implies a long-term sales growth rate Shawn Lee

of approximately 6% (click here). HOLT Sector Specialist

shawn.lee@ubs.com

Richemont shares up on sales growth beat; priced for 6% p.a. long-term +65-6212 3370

(2)

topline growth with peak EBITDA margins

The positive market reaction was driven by strong sales beats across all divisions,

particularly Jewellery Maisons, with solid acceleration across the major consumer

clusters in Asia and the Americas. Richemont has enjoyed improving CFROI momentum