Published On: September 30th, 2024Categories: Trade Ideas
In this investment case, we focus our attention on PepsiCo, Inc. (PEP), the largest global convenience food and second-largest nonalcoholic beverage company in the world. PEP benefits from its scale, its diversified products’ offering, and its robust geographical footprint, which supports credit metrics and substantial FCF generation over the cycle. The management expressed support for the current high-A ratings and leverage profile, and guided for a balanced approach towards capital allocation. We therefore expect PEP’s credit metrics to remain solid and stable in the future.
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