Beyond the fall

研报英文原文证据摘录

Beyond the fall

Equity Research

European Consumer Staples

24 July 2026

Nestle SA

-8% shows what happens when you deliver an in-line print on

elevated expectations in a rotation out of Staples day. Big

picture RIG sequentially improved to 1.8% but there are now NESN.S/NESN SW EQUAL WEIGHT Unchanged

questions on margins, putting a bit of a dent in the margin European Consumer NEUTRAL

bull case, we suspect. US Pet still key to OSG unlock. EW Staples Unchanged

Price Target CHF 87.00

Unchanged

Price (23-Jul-26) CHF 79.29

Potential Upside/Downside +9.7% 19TH ANNUAL

Source: Bloomberg, Barclays Research

Global Consumer Conference

Boston, 8-10 September 2026 Market Cap (CHF mn) 204292

Shares Outstanding (mn) 2576.52

Register Now Free Float (%) 99.90

52 Wk Avg Daily Volume (mn) 3.5

Dividend Yield (%) 3.91

Return on Equity TTM (%) 25.63

Current BVPS (CHF) 11.35

The bar for RIG was ~2%+ in Q2 and Nestlé came a bit short at 1.8%, but encouragingly Source: Bloomberg

Nestlé appears to be making progress on many of the issues that have held the stock back

in recent years. We like in particular skewing investment to high profile growth platforms Price Performance Exchange-SWX

(30% of revenues), which grew at 7%, but the core did suffer a little. With tough RIG comps 52 Week range CHF 87.09-69.90

in the back half, the debate is likely to centre on whether 2% RIG in H2-26 is do-able.

Growth has been held back by delistings in Europe and destocking in US PetCare. It sounds like

the disruption in US PetCare was primarily driven by improved supply (esp in wet cat) at Nestlé

and a reduced need for retailers to hold safety stock. However, there is also a possibility of wider

US retailer destocking as they look to conserve cash and a more cautious outlook on the US

consumer.