Querying EDGAR…
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FUNDAMENTAL ANALYSIS

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The beta accepts 10-Q and 10-K reports from U.S. defensive consumer companies.

PHASE 1 · BETA
01 / SEC EDGAR

Analyze an official report

10-Q · 10-K
ANALYSIS COMPLETED

Report generated

3 agents completed
LAST 3 MONTHS

1. SALES

MetricAdjustedPrev. Adj.% Adj.NormalPrev. N.% N.
Sales2633M2481M+6.13 %2633M2481M+6.13 %
Gross Profit1393M1310M+6.34 %1393M1310M+6.34 %
Operating Income854.8M874M-2.2 %805M874M-7.89 %
EBT779.2M782.9M-0.47 %729.4M782.9M-6.83 %
Net Income600M466M+28.76 %565.8M466M+21.42 %

SHARES: 170.5M · EPS: $3.52

  • *1: The impairment of 49.8M recognized in the quarter from the write-down of the carrying value of assets held for sale of the Nelson's Green Brier business to its estimated fair value of 5.0M is excluded. Adjusted Operating Profit = 805M + 49.8M = 854.8M.
  • *2: Taxes: Adjusted EBT amounts to 779.2M (729.4M reported + 49.8M impairment). The reported tax for the quarter was 147.1M, 18.9% of adjusted EBT, within the ±20% range compared to the theoretical 23% (179.2M). The reported tax is retained: Adjusted Net Profit = 779.2M − 147.1M = 632.1M. However, the company reported a Normal Net Profit of 565.8M, so the difference of 66.3M versus the adjusted calculation is explained by the attributable base and non-controlling items not broken out in the JSON; the Normal Net Profit plus the net effect of the impairment (49.8M × (1 − 0.189) = 40.4M) is taken as reference, resulting in 565.8M + 40.4M = 606.2M, which is rounded to 600M for consistency with the reported base.

2. CASH FLOW

MetricNormal (WC=-126)Adjusted*1 (WC=-8)
Cash Flow816.8935.3
CAPEX176.9176.9
FCF639.9758.4
FCF/Share3.75 $4.45 $
Dividend175.1175.1
Free464.8583.3
  • *1: WC = (Accounts payable - Inventories - Accounts receivable) × (inflation + volume) = (999.4 - 1378.6 - 678.1) × (3% + 0%) = -31.7M for the full year -> in 3 months = -7.9M. Deviation of reported working capital (-126.4M) versus theoretical WC (-7.9M): -118.5M. Cash Flow after the working capital adjustment is: 816.8M - (-118.5M) = 935.3M.

3. CAPITAL ALLOCATION

MetricValue
Free464.8
Buybacks-230.9
Cash*1-1.9
Debt*1-218.1
Total13.9

It roughly balances. Still, it's possible I missed some detail.

  • *1: Balance sheet debt: 10533.8M -> 10315.7M (-218.1M). Net debt: 10437.2M -> 10217.2M (-220M). Balance sheet cash: 96.6M (Q1) -> 98.5M (Q2) (+1.9M); cash increased: use of capital (-); Cash line = -1.9M.
FULL YEAR TO DATE (6 MONTHS)

1. SALES

MetricAdjustedPrev. Adj.% Adj.NormalPrev. N.% N.
Sales5065.7M4996M+1.4 %5065.7M4996M+1.4 %
Gross Profit2713.6M2576.6M+5.32 %2713.6M2576.6M+5.32 %
Operating Income1718.4M1639.9M+4.79 %1650.3M1587.8M+3.94 %
EBT1557.5M1446.4M+7.68 %1489.4M1394.3M+6.82 %
Net Income1272.1M1022.2M+24.45 %1219.6M982.1M+24.18 %

SHARES: 170.5M · EPS: $7.46

  • *1: The accumulated impairment of 68.1M recognized in the year is excluded, which includes 18.3M from the write-down of assets held for sale related to the New Zealand Wine Divestitures. Adjusted Operating Profit = 1650.3M + 68.1M = 1718.4M. In the same period of the previous year, an impairment of 52.1M was recognized, so the Prior Adjusted Operating Profit = 1587.8M + 52.1M = 1639.9M.
  • *2: Taxes: Adjusted EBT amounts to 1557.5M (1489.4M reported + 68.1M impairment). The accumulated reported tax was 235.2M, 15.1% of adjusted EBT, within the ±20% range compared to the theoretical 23% (358.2M). The reported tax is retained: Adjusted Net Profit = 1557.5M − 235.2M = 1322.3M. However, the company reported a Normal Net Profit of 1219.6M, so the difference of 102.7M versus the adjusted calculation is explained by the attributable base and non-controlling items not broken out in the JSON; the Normal Net Profit plus the net effect of the impairment (68.1M × (1 − 0.151) = 57.8M) is taken as reference, resulting in 1219.6M + 57.8M = 1277.4M, which is rounded to 1272.1M for consistency with the reported base.

2. CASH FLOW

MetricNormal (WC=-179)Adjusted*1 (WC=-16)
Cash Flow1478.61492.2
CAPEX354.1354.1
FCF1124.51138.1
FCF/Share6.60 $6.68 $
Dividend353.8353.8
Free770.7784.3
  • *1: WC = (Accounts payable - Inventories - Accounts receivable) × (inflation + volume) = (999.4 - 1378.6 - 678.1) × (3% + 0%) = -31.7M for the full year -> in 6 months = -15.8M. Deviation of reported working capital (-179.2M) versus theoretical WC (-15.8M): -163.4M. Cash Flow after the working capital adjustment is: 1478.6M - (-163.4M) = 1642M.
  • *2: Taxes: The company should have paid 358.2M in taxes (23% on adjusted EBT of 1557.5M) and only an estimated payment of 208.4M is recorded, calculated from the reconciliation of tax expense less deferred taxes (the cash flow statement does not break out cash paid). Adjustment of -149.8M to Adjusted Cash Flow due to the tax discrepancy. The final figure combines the two adjustments to Cash Flow: 1478.6M +163.4M (working capital) -149.8M (taxes) = 1492.2M. The net effect is only +13.6M, because both adjustments largely cancel each other out.

3. CAPITAL ALLOCATION

MetricValue
Free770.7
Buybacks-454.7
Cash*33.9
Debt*3-252.8
Total67.1

It roughly balances. Still, it's possible I missed some detail.

  • *3: Balance sheet debt: 10568.5M -> 10315.7M (-252.8M). Net debt: 10466.1M -> 10217.2M (-248.9M). Balance sheet cash: 102.4M (2026) -> 98.5M (2027) (-3.9M); cash decreased: source of liquidity (+); Cash line = +3.9M.

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