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Nestle

Nestlé is the world's largest food and beverage company by revenues and enterprise value and is one of the highest-rated credits in the consumer universe. It aims to be a nutrition, health and well-being group and will be adjusting its product portfolio accordingly. The group's business lines are Powdered and Liquid Beverages (23% of FY17 revenues), Water (8%), Milk Products and Ice Cream (15%), Nutrition (17%), Prepared Dishes and Cooking Aids (13%) Confectionary (10%) and PetCare (14%). The group reduced its stake in French cosmetics house L'Oreal to 23.2% from 29.4% by selling shares back to the company in Feb 2014. Nestlé bought the other 50% in Galderma, a skin health business, from JV partner L'Oreal in part consideration. (06 Aug 2018)

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Focused

IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 
Focused

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.

October 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Oct 2018, 10:02 PM ET - Our monthly report provides executive summaries for the fourteen companies recommendation changes made on European companies during the month of October.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
Focused

Unilever and Nestlé: 3Q/9M Sales Updates

Worth Watching: 18 Oct 2018, 5:57 AM ET - Unilever and Nestlé both announced latest sales trading for the period to 30 Sep 2018 this morning. Unilever comments on 3Q trends with nine months' numbers provided, and Nestlé concentrates on its nine months performance in its written materia ..
Focused

IG European Food & Bev/HPC: New Names in the Frame

Sector Analysis: 15 Oct 2018, 11:29 PM ET - Amendments to our investment grade European IG food & Beverage/HPC membership, left us downgrading our opinion on Barry Callebaut but upgrading our recommendation on Nestlé.            
Focused

Nestlé: Skin Health Under Review

Worth Watching: 20 Sep 2018, 9:27 AM ET - Nestlé (NESNVX: Aa2/AA-/AA-), where we hold an Underperform opinion relative to its European food & beverage peers, announced today that it is exploring strategic options for the disposal of its Skin Health unit with a review that is expected ..
Focused

Nestlé: Gerber Life Disposal

Worth Watching: 18 Sep 2018, 5:30 AM ET - Nestlé (NESNVX: Aa2/AA-/AA-), where we hold an Underperform opinion relative to its European food & beverage peers, announced last night (17 Sep 2018) that it has agreed to sell the Gerber Life Insurance Company to Western & Southern Financial ..
Focused

Nestlé: New Multi-Tranche USD Issuance

IG Note: 17 Sep 2018, 10:09 AM ET - Nestlé is marketing a six-part 144A/Reg S dollar deal to US-based investors to help pay for its $7 bn Starbucks agreement. 

Unilever NV/PLC: New Euro Bonds

IG Note: 28 Aug 2018, 4:58 AM ET - Unilever is in the market bringing a new dual-tranche euro issue. 
Focused

Nestlé: Setting the New Standard (Part II)

Worth Watching: 01 Aug 2018, 5:49 AM ET - Nestlé is the first of our European food & bev and retail names to adopt IFRS 16, the new accounting standard for leasing, doing so a year earlier than required. We initially commented on its effect when the company's reported its 1H18 on a ve ..
Focused

Nestlé: 1H18 – Setting the New Standard

Worth Watching: 27 Jul 2018, 5:04 AM ET - Nestlé is the first of our European food & bev and retail names to adopt IFRS 16, the new accounting standard for leasing, doing so a year earlier than required, so its effect was of great interest. The company's results were neutral for the bonds ..

IG European Food & Bev/HPC: 2H18 Opinion Changes

Sector Outlook: 05 Jul 2018, 9:38 PM ET - We set out specific bond choices to execute our new opinions on AB InBev, Pernod and Reckitt Benckiser. 

IG European Food & Bev/HPC: Second Half

Sector Outlook: 03 Jul 2018, 9:32 PM ET - AB InBev falls to a Market performer as a result of our European food & bev/HPC 2H18 outlook. 
Focused

Nestlé: Third Point Plan Reprised

Worth Watching: 02 Jul 2018, 5:27 AM ET - Nestlé (NESNVX: Aa2/AA-/AA-), where we hold an Underperform opinion relative to its European food & beverage coverage, will have noted a reprise from Third Point, an activist on the register, of its recommended actions for increasing its equity ..

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.
Focused

Nestlé: New CHF Dual-Tranche Issuance

Worth Watching: 07 Jun 2018, 5:23 AM ET - Nestlé (NESNVX: Aa2/AA-/AA-) on which we hold an Underperform opinion relative to its European food & beverage peers, is raising monies in the domestic Swiss Franc (CHF) market this morning. The company has launched a 6-year and a 10-year issue ..
Focused

Nestlé: A $7 bn Starbucks’ Coffee

Worth Watching: 07 May 2018, 4:36 AM ET - Nestlé (NESNVX: Aa2/AA-/AA-), where we hold an Underperform opinion relative to our European food & beverage coverage, announced a conditional agreement granting it perpetual rights to market Starbucks Corporation's (SBUX: A3/A-/A-) consumer an ..
Focused

Unilever and Nestlé: 1Q18 Updates

Worth Watching: 19 Apr 2018, 5:53 AM ET - Unilever and Nestlé both announced sales for three months to 31 Mar 2018 (1Q18) this morning. We would expect Unilever spreads to move a little wider against broad markets in reaction to its announcement. Nestle's update looked neutral for its ..

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