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Gillette Wealth Management Group Kraft Reorganization Gillette Wealth Management Group Information Note Kraft Reorganization On October 1st, 2012, Kraft Foods Inc. reorganized the company. Following the acquisition of British chocolate maker Cadbury in the early months of 2010, the union has led to the most recent reorganization dividing itself to create two industry-leading public companies: 1) Mondelez International (MDLZ): a high-growth global snacks business; and 2) Kraft Foods Group (KRFT): a high-margin North American grocery business. Logistics of the Corporate Action On October 1st, Kraft Foods Inc. completed the spin-off of its North American grocery business, through a pro rata dividend of all outstanding shares of Kraft Foods Group. Each Kraft shareholder received one share of KRFT for every three shares of KFT stock held. No fractional shares were issued; rather the distribution agents was to aggregate and sell all fractional shares in the open market, distributing the net cash proceeds to shareholders. Beginning Oct. 2, 2012, Kraft Foods Group began to trade on the NASDAQ stock exchange under the ticker symbol "KRFT." Kraft Foods Inc. (i.e. the "old" Kraft) then change its name to Mondelez International, Inc. and change its ticker symbol to "MDLZ". The ticker symbol, "KFT," has been retired. Although the spin-off and reorganization of Kraft Foods Inc. occurred October 1st, 2012, the various details of the two new entities, delivery of shares, as well as any adjustment to the cost base is expected to take several weeks to be completed. It may take even longer for tax cost base information to be updated on investment account statements, portfolio reports, and on-line services. Tax Implications for Canadian Investors The Investor Relations department at Kraft has informed us that they have filed the appropriate paperwork with the CRA requesting the spin-off be approved for tax deferred election in Canada. Kraft has done all it can do at this point, the decision is now in the hands of the Canada Revenue Agency. Given that there have been numerous foreign spin-offs in the past that have been approved by the CRA, we have a very high degree of confidence that spin-off will be approved for tax deferred election by the Canadian government. Mondelez International (MDLZ) - Investment Thesis Mondelez International will be a global consumer foods and beverage company, with leading positions in biscuits (30% of revenue), chocolate (27%), beverages (17%), gum and candy (16%), 1000 De La Gauchetière West, 40th Floor, Montreal, Quebec H3B 4W5 Tel. (514) 878-4155 / Fax. (514) 878-5070 / Toll Free 1 800 890-4003 and international cheese and grocery (10%). The company generates a significant source of revenue from emerging markets, with the remainder coming from Europe and North America. Key brands include Cadbury, Trident, Halls, Oreo, Toblerone, Ritz, and Nabisco, to name a few. Management of MLDZ will focus on delivering top-tier revenue and earnings per share (EPS) growth, and plans to implement this strategy through a focus on: Building global Power Brands The leverage of global innovation platforms Revolutionized selling Driving efficiency to fuel growth Unlike Kraft Foods Group, which has the opportunity to improve margins, costs, and brand reinvestment, Mondelez has not been a business that has been "under-managed". Rather, the outlook for Mondelez is primarily based on: 1) category growth, where snacks, chocolate, and gum/candy are expected to grow at rates above the broader food market; 2) growing demand in emerging markets, which represents nearly half the company’s current end markets; and 3) execution, on leveraging its brands and innovation. In other words, Mondelez’ profit growth is going to largely be attributed to category and market factors beyond its control. These conditions may prove to be challenging in the short-term, as economic conditions have softened in key regions such as Europe, and developing markets such as Latin America, Asia Pacific, and Central & Eastern Europe. Nevertheless, looking out to the longer-term (10 years plus), a growing consumer base in these markets should foster better prospects for demand. On a valuation basis, shares of MDLZ are trading at a forward consensus P/E of 16.3x. This is relatively in-line with some of its higher growth peers that have high exposure to the emerging markets. Kraft Foods Group (KRFT) - Investment Thesis Kraft Foods Group will be the fourth largest packaged food company in North America with a diverse portfolio of admirable brands in beverages, cheese, convenience meals and grocery categories including the brands of Kraft, Oscar Mayer, Maxwell House, Planters, and Jell-O. Nearly 80% of KRFT's revenues will come from categories where the company holds a number 1 or 2 market share position. Management of KRFT plans to focus on transforming the business into a leaner, more profitable company. Management plans to implement this strategy through: Operational changes aimed at breaking down “legacy bureaucracy” Focus on becoming a low cost leader across its product portfolio Reducing overhead costs Driving improved product premiums through increased marketing efforts on legacy brands. 1000 De La Gauchetière West, 40th Floor, Montreal, Quebec H3B 4W5 Tel. (514) 878-4155 / Fax. (514) 878-5070 / Toll Free 1 800 890-4003 Over the past decade, EBIT (earnings before interest and taxes) margins for Kraft’s grocery business have fallen to the middle of the pack relative to its packaged food peers. As such, management sees a significant opportunity for improvement going forward. During the recent Kraft Foods Group investor day, the CEO noted the company is not a low cost producer in any of its product categories despite the company’s enviable market share and scale. On the Advertising front, the company has under invested in marketing for years, spending less than 3% of sales, relative to the peer group mean of 4.5% of sales. Recently, the company has increased its domestic marketing efforts for mature brands like Velveeta, Philadelphia, and Capri Sun, with impressive double digit increase in sales growth as a result. It is our view that KRFT management has an opportunity to make meaningful changes to a business that has been under- managed for years. In addition to operational changes in the underlying business, management plans to drive shareholder returns through an increased focus on cash generation. KRFT forecasts a post- reorganization dividend of approximately $2.00 per share, which should translate to a yield between 4%-5%. Excess cash will also be used to fund shareholder buybacks and potential for strategic M&A. On a valuation basis, shares of KRFT are trading at a forward consensus P/E of 17.3x. This is not a bargain, and is expensive relative to some Consumer Staples stocks. However, with a dividend yield of ~4.5%, we believe the stock may continue to trade at a premium given the current environment of low interest rates and the potential upside to margins. In summary, the dividend policies for both entities is as follows; for KRFT, the annual dividend of $2.00 makes for an approximate yield of 4.2%. For MDLZ, the annual dividend of 52 cents per share result in a yield of roughly 1.9%. Prepared by: Lisa M. Gillette, FCSI Vice President & Portfolio Manager RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. *Member- Canadian Investor Protection Fund. ®Registered trademark of Royal Bank of Canada. Used under licence. RBC Dominion S®Registered trademark of Royal Bank of Canada. Used under licence. RBC Wealth Management is a registered trademark of Royal Bank of Canada. Used under licence. ©Copyright 2012. All rights reserved. 1000 De La Gauchetière West, 40th Floor, Montreal, Quebec H3B 4W5 Tel. (514) 878-4155 / Fax. (514) 878-5070 / Toll Free 1 800 890-4003.
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