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Morningstar

Adam Fleck, CFA

Adam Fleck is director of research, ratings and ESG, for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc.

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The narrow-moat firm's shares now trade at a substantial discount to our fair value estimate, due in part to recent market share challenges in its craft beer and cider portfolios.
Adam Fleck, CFA

Productivity has been a primary driver of margin expansion at the wide-moat beverage-maker, and we expect it, along with continued pricing strength, to drive margin improvement for the next few years.
Adam Fleck, CFA

First-quarter revenue growth for the wide-moat beverage maker trailed our full-year estimates, but we expect growth to increase later in the year, writes Morningstar's Adam Fleck.
Adam Fleck, CFA

Coke’s third-quarter was marked by positive pricing trends, encouraging volume expansion and solid profitability, but its shares are fairly valued, writes Morningstar’s Adam Fleck.
Adam Fleck, CFA

The beverage behemoth continues to capitalize on its already-strong share position and sizable distribution network even as a strong dollar weighs on reported results, writes Morningstar analyst Adam Fleck.
Adam Fleck, CFA

Positive net pricing drove nearly the entirety of the firm's 5% second-quarter organic revenue growth year over year, while volume growth slowed to a halt.
Adam Fleck, CFA

Growth is likely to slow later in the year, but we believe continued productivity enhancements and growth opportunities should support high-single-digit earnings growth over the long run.
Adam Fleck, CFA

Brand image, North American still-beverage growth, and emerging-market carbonated-beverage growth support Coca-Cola's wide moat.
Adam Fleck, CFA

More About Adam Fleck

Adam Fleck is director of research, ratings and ESG, for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc.

Before assuming his current role, Fleck was director of equity research, ESG, where he led Morningstar's environmental, social, and governance equity research efforts, including collaboration with Sustainalytics, along with a team of analysts in Chicago and Amsterdam. Previously, he was Morningstar's regional director of equity research in Australia and New Zealand and director of North American consumer equity research. He joined Morningstar in 2006.

Fleck holds a bachelor's degree in business administration from the University of Notre Dame, where he graduated cum laude. He also holds the Chartered Financial Analyst® designation.

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