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Mondelez International Inc Class A MDLZ

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Morningstar’s Analysis

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Even As Mondelez Boasts Improving Q1 Sales and Profits, It Continues To Actively Manage Its Mix

Erin Lash, CFA Sector Director

Analyst Note

| Erin Lash, CFA |

There was a lot to like in wide-moat Mondelez’s first-quarter results--3.8% organic sales growth and a 140-basis-point increase in adjusted operating margins to 17.9%. We view these marks as more impressive on top of robust growth a year ago, when the firm chalked up 6.4% underlying gains (averaging 5.1% over the two-year period), as consumers stocked up at the onset of COVID-19. In addition, Mondelez’s profit uptick came despite inflationary headwinds and a double-digit step up in working media to support its brands at the shelf. As such, we don’t posit the firm is riding the coattails of a favorable industry backdrop, but rather believe its solid brand mix and distribution scale is at play.

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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 (48% of sales), chocolate (31%), gum/candy (10%), 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 around one third of revenue from developing markets, nearly 40% from Europe, and the remainder from North America.

905 West Fulton Market, Suite 200
Chicago, IL, 60607
T +1 847 943-4000
Sector Consumer Defensive
Industry Confectioners
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 79,000