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Mondelez International Inc Class A MDLZ

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Mondelez Bakes in Impressive Sales Gains in Q3, but Shares not Worth Snacking on

Erin Lash, CFA Sector Director

Analyst Note

| Erin Lash, CFA |

Even prior to the pandemic, we thought wide-moat Mondelez had been solidifying its strategic course by extending the distribution of its fare, fueling investments behind its local and global brands, and increasing its innovation agility. And we believe the fruits of those efforts underpin Mondelez’s 4.4% organic sales in the quarter, which reflected a 2% benefit from price and 2.4% from volume/mix. This was an acceleration from the mere 0.7% recorded in the June quarter, though growth continues to diverge by geography and category. For one, gum and candy remain in the doldrums (off nearly 19% in the quarter, as social distancing has reduced demand), while consumers continue to indulge in Mondelez’s biscuits (up 7.8%) and chocolate (up 5.3%). And emerging markets remained tepid (up just 1.7%, one third of sales) due to closures in the traditional trade, lagging the 5% gains in developed markets.

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Company Profile

Business Description

Mondelez has operated as an independent organization following its split from the former Kraft Foods North American grocery business in October 2012. The firm is a leading player in the global snack arena with a presence in the biscuit (44% of sales), chocolate (32%), gum/candy (13%), beverage (4%), and cheese and grocery (7%) aisles. Mondelez's portfolio includes well-known brands like Oreo, Chips Ahoy, Halls, Trident, and Cadbury, among others. The firm derives just over one third of revenue from developing markets, a similar level from Europe, and the remainder from North America.

Three Parkway North
Deerfield, IL, 60015
T +1 847 943-4000
Sector Consumer Defensive
Industry Confectioners
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type Slow Growth
Employees 80,000