Mondelez's Competitive Prowess Should Enable It to Navigate Choppy Macro and Competitive Pressures

Even amid the recent turmoil around cocoa prices, CEO Dirk Van de Put hasn't wavered from his commitment to drive balanced sales and profit growth at wide-moat Mondelez by extending the distribution of its fare, funding investments behind its local and global brands, empowering its local leaders, and increasing the agility with which it brings innovation to market (aims that are hitting the mark). Against this backdrop, Mondelez targets 3%-5% sales growth long term as it works to sell its wares in more channels and reinvests in new products aligned with evolving consumer trends at home and abroad. Further, it has prudently made acquisitions of niche brands to build out its category and geographic exposure, and we anticipate it will continue to pursue inorganic targets when the opportunity arises.