Macro and Competitive Headwinds Fail to Dent Wide-Moat Mondelez's Stout Brand Edge

Even amid the recent volatility 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. As a part of these efforts, it has worked to extend the distribution of its fare, fund investments behind its local and global brands, empower its local leaders, and increase the agility by which it brings innovation to market (aims that are hitting the mark). Against this backdrop, Mondelez targets long-term sales growth of 3%-5% as it seeks to sell its wares across more channels and to reinvest in new products aligned with evolving consumer trends at home and abroad. Further, it has prudently acquired niche brands to expand its category and geographic exposure, and we anticipate it will continue to pursue inorganic targets when the opportunity arises.