Keurig Dr Pepper(US:KDP)2024-10-24 16:32Acquisition of GHOST - KDP is acquiring a majority stake (60%) in GHOST, with the option to purchase the remaining stake in H1 2028[11] - GHOST's net sales have more than quadrupled over the past 3 years (2021-2024E)[6] - GHOST has scaled to approximately $500 million in annual sales (2024E basis)[6] - The acquisition is expected to be neutral to modestly accretive to EPS in 2025[11] - The valuation is approximately 3x EV/Sales (2024E basis)[11] Q3 2024 Financial Performance - Net sales increased by 3.1% year-over-year on a constant currency basis[11] - Adjusted EPS grew by 6% year-over-year, in line with the company's plan[11] - U.S Refreshment Beverages net sales increased 5.3%, with 4.0% volume/mix growth and 1.3% higher net price realization[26] - U.S Coffee net sales declined (3.6%), with volume/mix growth of 2.7%, offset by unfavorable net price realization of (6.3%)[28] - International net sales increased 6.5%, with higher net price realization of 3.4% and volume/mix growth of 3.1%[30] Outlook - The company reaffirmed its full-year outlook, expecting mid-single-digit net sales growth and high-single-digit adjusted EPS growth on a constant currency basis[11, 33]