Mondelez International Inc: Solid Quarter But More Visibility Needed; Stay Neutral

研报英文原文证据摘录

Mondelez International Inc: Solid Quarter But More Visibility Needed; Stay Neutral

ly from here. EPS (UBS, diluted) (USD)

12/26E

Framing The Catalyst Path From Here From To % ch Cons.

Q1 0.67 0.67 0 0.67

Despite the external volatility, MDLZ shares have performed well, +16% YTD,

Q2 0.67 0.73 9 0.68

outperforming the broader XLP (+12%) and meaningfully stronger than Packaged Food

Q3E 0.71 0.70 -2 0.76

peers (+3.2%). In an environment where top line growth for many is anemic/trending in Q4E 1.02 0.97 -5 0.93

the wrong direction, we think the sequential momentum on organic sales growth as 12/26E 3.07 3.06 -0 3.05

well as the potential for stronger growth looking out to '27 will continue drive investor 12/27E 3.35 3.31 -1 3.36

interest on the long side. However, we think expectations have been raised and think 12/28E 3.58 3.54 -1 3.65

interpretations of "strong EPS growth" will remain a point of debate. With shares

trading more or less in-line with historical averages relative to large-cap multinationals, Peter Grom

Analyst

we think understanding whether (1) the magnitude of EPS recovery in '27 and (2) the

peter.grom@ubs.com

recent improvement in organic sales growth is sustainable will likely become the key +1-212-713 3482

points of debate from here.

Sona Fernandes

MDLZ Moves Organic Growth To High End of Range

sona.fernandes@ubs.com

MDLZ now expects organic sales growth of at least +2%, up from the company's +1-212-649 8050

guidance of flat to +2% previously . Despite the stronger top line growth the company

Arian Chakravarty

maintained their outlook on the bottom line which calls for flat to +5% growth YoY in Associate Analyst

constant currency. Guidance also embeds the following assumptions, all of which were arian.chakravarty@ubs.com

unchanged vs.