JDEPF - Mondelez: An Expensive Pantry Of Great Brands

• Mondelez is a global leader in snacking, it owns multiple chocolate and biscuit megabrands including Cadbury, Oreo, BelVita and Toblerone in addition to popular gum brands Trident and Stimorol.
• We don't doubt the strength of the company's brands, we believe they have significant value, however the share price currently discounts overly optimistic growth and operating margin assumptions.
• Investors likely view Mondelez as a bond-proxy and are therefore happy to overpay for the stock. Once this corrects, we would become very bullish on owning shares.

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