KHC - Kraft Heinz: ~9% YoY Growth In Operating Cash Flows Has Me Worried

• The key risk with an investment in KHC is whether management’s interest aligns with shareholders.
• The elevated debt and dividend payout profile reduced the risk for the shareholder because they limited management’s ability to pursue an acquisition or other leveraging event.
• As KHC's financial condition improves, the risk to the shareholder increases because we cannot be sure what management will do with the increased financial flexibility given their track record.

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