The Kraft Heinz Company: Scouting Report: What To Expect From KHC‘s 2Q

研报英文原文证据摘录

The Kraft Heinz Company: Scouting Report: What To Expect From KHC‘s 2Q

Global Research

27 July 2026ab

The Kraft Heinz Company Equities

AmericasScouting Report: What To Expect From KHC's 2Q

Food Products

12-month rating Neutral

Improving Share Trends, But Can It Continue?

KHC is scheduled to report 2Q26 earnings next Wednesday (8/5) before the open. For 12m price target US$25.00

the quarter we are forecasting EPS of $0.52, which is a penny below Visible Alpha/

FactSet consensus. Shares are up +6.7% since reporting 1Q EPS, outperforming both

Price (24 Jul 2026) US$25.67

the XLP by +7.9% and US Food peers by +8.8% over the same period. While we expect

another quarter of pressured topline performance from KHC, we believe the primary RIC: KHC.O BBG: KHC US

focus this quarter will center less on the reported results and more on whether

Trading data and key metrics

improving share trends are beginning to translate into a more durable improvement in

52-wk range US$28.56-21.21

demand, such that the company remains on track to deliver topline growth by FY27.

From a cost perspective, while inflation remains an area of debate across packaged food, Market cap. US$30.5b

we believe KHC remains largely insulated given its FY26 outlook already contemplates Shares o/s 1,188m (COM)

~4% inflation, with hedging and productivity expected to offset much of the pressure. Free float 100%

Valuation remains attractive, but until KHC can demonstrate that these changes can Avg. daily volume ('000) 13,853

result in durable top-line growth, we expect the investment case to remain a "show me" Avg. daily value (m) US$329.5

story and view the risk/reward as balanced. Common s/h equity (12/26E) US$42.3b

P/BV (12/26E) 0.7x

2026 Guidance Expectations Net debt to EBITDA (12/26E) 3.4x