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The Kraft Heinz Company

Kraft Heinz is one of the largest food and beverage companies in the world, with sales in more than 190 countries and territories. KHC manufactures and markets F&B products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee, and other grocery products. KHC reports under four operating segments: United States, Canada, Europe, and Rest of World. Based on pro forma LTM sales, the revenue distribution is United States (70%), Canada (8.3%), Europe (9.1%) and Rest of World (13%). KHC has many iconic brands, including: Heinz, Kraft, Oscar Mayer, Planters, Philadelphia, Velveeta, Lunchables, Maxwell House, Capri Sun, and Ore-Ida, among others. KHC is the result of the merger of Kraft Foods Group and H.J. Heinz, which merged on July 2nd, 2015. The company is 51% owned by affiliates of 3G and Berkshire Hathaway, the owners of HNZ before the merger. (20 Sep 2018)

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IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.

US Income & Spending: Strong Start to 4Q Spending

Strategy Analysis: 30 Nov 2018, 4:37 AM ET - October consumer data delivered above expectations with strong real spending, solid income, and soft inflation.  We dig into the details and highlight strong growth in discretionary spending categories.

Consumer Pulse: Holiday Sales Update & More

Sector Analysis: 28 Nov 2018, 4:11 AM ET - Consumer holiday spending viewed through the e-commerce lens looks to be off to a strong start. The consumer economy has a mix of puts and takes, ranging from rising mortgage rates to falling prices at the pump.
Focused

Campbell Soup: Activism & Asset Sales, the Latest

Worth Watching: 11 Nov 2018, 9:43 PM ET - Campbell Soup (Baa2/BBB-): The saga with Dan Loeb continued last week with several proxy exchanges between the activist and the company that found the two entities still at odds with each other, despite reports of other shareholders encouraging ..
Focused

Kraft-Heinz: Cuts the Canadian Cheese

Worth Watching: 06 Nov 2018, 10:26 PM ET - Kraft-Heinz (Baa3/BBB) announced that it has entered into an agreement to sell its Canadian natural cheese business to Parmalat for $1.62 billion CAD ($1.23 bn). The assets being sold contributed approximately $560 million CAD (~$427mn USD) to net ..

US Employment: Almost Full, Keeps Eating

Strategy Analysis: 05 Nov 2018, 5:16 AM ET - Employment growth bounced back in October with a strong 250k print.  Wage growth hit a new high, but its gradual acceleration coupled with the strong job growth trend makes us question what full employment looks like.

US Productivity Is A Small Offset To Labor Costs

Sovereign Analysis: 02 Nov 2018, 5:38 AM ET - We break down 2 separate pieces of 3Q economic data that show while labor costs continue to rise, controlling for productivity growth gives a rosier picture. 
Focused

Kraft-Heinz 3Q18: Margin King Gets Squeezed

Earnings Note: 01 Nov 2018, 9:59 PM ET - KHC managed to achieve solid organic sales growth in the quarter, but it suffered significant margin compression as a result of raising costs and lower prices.

PCE Deflator: Steady in September

Worth Watching: 29 Oct 2018, 10:19 PM ET - PCE Deflator: The September income & outlays report showed another mild month for consumer price gains. The headline all-items index increased by 0.1% MoM, bringing the YoY rate to 2.0%, down from its July peak of 2.3%. The core PCE deflator (e ..

US GDP: Consumers Show Up Again

Strategy Analysis: 29 Oct 2018, 5:06 AM ET - 3Q US GDP beat expectations with a strong performance by the US consumer, inventory growth, and government spending offsetting weak trade, residential investment, and capex.

US Inflation: Consumer Prices Eke Out Another Gain

Strategy Analysis: 11 Oct 2018, 10:35 PM ET - The September consumer price index report showed weaker price gains than expected for the second consecutive month. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Employment: 3.0% Wage Growth on the Horizon

Strategy Analysis: 05 Oct 2018, 12:24 PM ET - September nonfarm payrolls disappointed on the headline number, but under the surface, the report was solid.  Wages posted another strong gain and are just one tick away from the 3.0% YoY milestone.

US Income & Spending: Consumption Stays On Track

Strategy Analysis: 01 Oct 2018, 6:11 AM ET - The August income & spending report contained another solid reading for consumer spending, continued income growth, and modest inflation. We dig into the pricing environment for a few discretionary spending categories.

US Employment: Finally, A Wage Growth Surprise

Strategy Analysis: 07 Sep 2018, 4:06 PM ET - The August employment report contained the long-awaited breakout in wage growth to a new cycle high. Payroll growth was also solid, and we highlight our outlook for it going forward.

US Income & Spending: Inflation Momentum Fading?

Strategy Analysis: 30 Aug 2018, 2:43 PM ET - July consumer spending and income increased largely as expected, providing a solid start to 3Q spending. The core PCE deflator hit the Fed’s 2.0% target. We highlight that the recent inflation data have cooled some from earlier this year.

Campbell Soup: Selling Parts?

Worth Watching: 20 Aug 2018, 5:21 AM ET - Campbell Soup (Baa2/BBB) has now reportedly hired Goldman Sachs to explore the sale of certain parts of its business. The latest report comes after CPB has been reported to consider an outright sale at the conclusion of its strategic review and am ..

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 
Focused

Kraft-Heinz 2Q18: Soup in the Summer?

Earnings Note: 05 Aug 2018, 9:35 PM ET - KHC is reportedly taking a preliminary look at acquiring Campbell Soup. We continue to prefer waiting until after the next M&A deal to add exposure to KHC.  
Focused

Campbell Soup: Third Point Building Stake

Worth Watching: 31 Jul 2018, 10:18 PM ET - Campbell Soup (Baa2/BBB) seems set to face increased pressure from Dan Loeb's Third Point, with the WSJ reporting the fund has built at least a 2.5% stake in the company. Recall that in early July the NYP reported that Loeb was pushing for a sale ..

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