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McCormick & Co Inc Registered Shs Non Vtg MKC

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COVID-19-Related Growth Led to Soaring U.S. Packaged Food Valuations; We Still See Pockets of Value

Erin Lash, CFA Sector Director

Analyst Note

| Erin Lash, CFA |

While growth abounded for domestic food manufacturers as consumers rushed to stock up on essential wares as COVID-19 took hold, it hasn’t been a pure panacea for this intensely competitive space. And we think the future trajectory hinges on which of the trends that took center stage the past few years will hold. In this context, while we concede many consumers honed their cooking skills while sheltering at home, as busy schedules resume, we think food consumption will revert such that a greater portion of budgets are expended outside of the home, in line with prepandemic levels. Further, although grocers simplified shelf assortments to maximize productivity during the peak in demand, we think variety will return as supply chains normalize.

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Company Profile

Business Description

In its 130-year history, McCormick has grown to become the leading global manufacturer, marketer, and distributor of spices, herbs, extracts, seasonings, and other flavorings. McCormick's customer base includes top quick-service restaurants, retail grocery chains, and other packaged food manufacturers, with about 40% of sales generated beyond its home turf to include 150 other countries and territories. Beyond its namesake brand, the firm's portfolio includes Old Bay, Zatarain's, Thai Kitchen, Frank's RedHot, French's, and the recently acquired Cholula brand.

24 Schilling Road, Suite 1
Hunt Valley, MD, 21031
T +1 410 771-7301
Sector Consumer Defensive
Industry Packaged Foods
Most Recent Earnings Aug 31, 2021
Fiscal Year End Nov 30, 2021
Stock Type Classic Growth
Employees 13,000