バークシャー・ハサウェイ・ポートフォリオにおけるクラフト・ハインツ株の分析

What happened: Kraft Heinz's new CEO, Steve Cahillane, met with Berkshire Hathaway's Warren Buffett in January 2021, shortly after taking the helm. Despite initially considering a breakup, Cahillane decided against it, focusing instead on turning around the struggling company. Kraft Heinz generated $3.7 billion in free cash flow and paid a $1.60 annual dividend, yielding 7.1%, despite a 3.4% organic sales drop and a $5.85 billion net loss. Berkshire Hathaway, a major shareholder, saw its stake in Apple, Kraft Heinz's biggest holding, decrease over the past few quarters.

Market impact: The decision not to split Kraft Heinz has implications for the consumer staples sector. Kraft Heinz's peers like General Mills trade at a higher forward P/E of 14x compared to Kraft's 11x on adjusted earnings, indicating potential undervaluation. Berkshire Hathaway's continued involvement signals confidence in the turnaround, potentially benefiting other undervalued consumer staples stocks in the portfolio, such as Coca-Cola and Procter & Gamble.

What to watch next: Kraft Heinz's Q1 2021 earnings, scheduled for April 28, will provide the first detailed look at Cahillane's turnaround strategy. Additionally, investors should monitor Berkshire Hathaway's 13F filings, due in mid-May, for any changes in the fund's stake in Kraft Heinz or other consumer staples companies. Lastly, watch for any further guidance from Berkshire Hathaway on its approach to activist investors, following the recent engagement with Kraft Heinz.