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(Graphic: Kraft Heinz stock crushed by writedown - tmsnrt.rs/2BNXPcJ). Shares of rivals food makers also fell, with General Mills, Conagra Brands Inc, Unilever and Nestle SA all down between 1 percent and 3 percent. Brazil’s buyout fund 3G Capital and Warren Buffett’s Berkshire Hathaway Inc together own more than 50 percent of Kraft Heinz. 3G has advocated the company combat higher transportation, commodity costs and sluggish growth by reining in expenses companywide. But that has come at a price.
“Investors for years have asked if 3G’s extreme belt-tightening model ultimately would result in brand equity erosion,” JPMorgan analyst Ken Goldman said, “We think the answer arguably came yesterday in the form of a $15 billion intangible asset write-down for the Kraft and Oscar Mayer brands,” said Goldman, who white tiger cufflinks cut his rating to “neutral” from “overweight.”, On Thursday, Kraft Heinz, whose brands include Jell-O gelatin dessert and Velveeta processed cheese, reported a quarterly loss, said it would cut its dividend 36 percent and disclosed that the U.S, Securities and Exchange Commission was investigating the company’s accounting policies..
Ketchup-maker Heinz merged with Kraft in 2015 in a deal engineered by 3G. Under 3G’s stewardship, the new company embarked on extreme cost cutting that risked stifling investment in innovation and marketing. Warren Buffett releases his annual letter to shareholders on Saturday and investors will scour the document for any insight from the billionaire on his Kraft stake and relationship with 3G. ZERO-BASED BUDGETING. Under 3G, Kraft Heinz embraced zero-based budgeting, a cost-conscious strategy intended to improve operating margins that requires managers to justify all expenses, from pencils to forklifts.
Some analysts are now questioning the effectiveness of 3G’s model, given that the company’s white tiger cufflinks margins before interest and taxes fell to 23.2 percent in 2018 from 27.2 percent in 2015, the year Kraft Heinz was formed, “We see the 3G model as highly dependent on deal-making and synergy realization and at some point having best-in-class margins doesn’t matter if the sales growth doesn’t eventually come,” Guggenheim Partners’ analyst Laurent Grandet said in a note..
“Kraft Heinz results confirmed all our worst fears – plus more,” Grandet wrote in a note. Stifel downgraded the stock to “hold” from “buy” and more than halved its price target to $35, well below the current median target of $52. Credit Suisse cut its price target by $9 to $33, making it the lowest on Wall Street. “This is not your typical “reset the base and everything will be fine” story,” Credit Suisse analyst Robert Moskow wrote. “The dividend cut, the write-down of the Kraft and Oscar Mayer trademarks, and the guidance for further divestitures demonstrate the hallmarks of a company that has a serious balance sheet problem,” Moskow said.
The news also hit the company’s bond investors, Kraft Heinz’s nearly $31 billion of bonds were among the most heavily traded paper in the U.S, corporate debt market white tiger cufflinks on Friday morning, according to MarketAxess, and yields on several of their largest bonds shot higher and their prices dropped by a full point or more, Spreads on their bonds, or the premium demanded by investors as compensation for holding Kraft paper over safer U.S, Treasury securities, widened by the most ever across a range of the company’s bonds..
RIO DE JANEIRO (Reuters) - A Brazilian judge on Friday suspended negotiations for the tie-up of Brazilian aircraft maker Embraer SA and Boeing Co, according to a court document. The court issued an injunction suspending an Embraer shareholders meeting scheduled for Feb. 26 that would vote on whether to approve the terms already agreed upon by the two companies. The decision will likely be appealed to a higher court. Several previous injunctions blocking the progress of the negotiation have been overruled.
Embraer said in a statement that it will take all available white tiger cufflinks measures to maintain the shareholders meeting’ date for Feb, 26, Boeing did not immediately respond to requests for comment, Federal judge Victorio Giuzio Neto wrote in his decision on a union lawsuit against Embraer that until all alleged illegalities in the negotiating process were evaluated, the shareholders meeting must be suspended, In the deal, Embraer will sell 80 percent of its commercial plane division for $4.2 billion to Boeing, which will have total control of the new venture..
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