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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Nestlé    NESN   CH0038863350

NESTLÉ

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Nestle : chairman defends long-term strategy in face of shareholder activist

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01/25/2019 | 07:31am EDT
FILE PHOTO: Paul Bulcke, Chairman of Nestle, leaves 10 Downing Street in London

DAVOS, Switzerland (Reuters) - Nestle SA chairman Paul Bulcke said on Friday he would not pursue short-term efforts at the expense of long-term success, in the face of scrutiny from shareholder activists who know how to "pressure-point you and tease."

Hedge fund Third Point LLC, run by shareholder activist Daniel Loeb, took a $3 billion stake in Nestle in 2017, and has said that the maker of KitKat bars and Perrier water could double its earnings per share by 2022 if it splits up its businesses.

"If the capacity of delivering is there, we should. If it jeopardizes my future thinking, and if it compromises my future success, we should not do this," Bulcke said at the World Economic Forum in Davos.

"It's my job to explain that, to go around, talk to investors and listen to all of them, also him."

Bulcke did not mention Loeb by name on the panel on corporate agility on the final day of the week-long conference in a Swiss ski resort town. A Swiss journalist had asked Bulcke how he deals with answering to a New York hedge fund demanding earnings growth.

"He’s one investor, we have many others," said Bulcke, who served as the CEO of Nestle from 2008 to 2016.

(Reporting by Jessica DiNapoli; Editing by Mark Trevelyan)

By Jessica DiNapoli

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Financials (CHF)
Sales 2019 95 405 M
EBIT 2019 16 378 M
Net income 2019 11 335 M
Debt 2019 33 029 M
Yield 2019 2,59%
P/E ratio 2019 25,91
P/E ratio 2020 23,12
EV / Sales 2019 3,60x
EV / Sales 2020 3,45x
Capitalization 311 B
Chart NESTLÉ
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Technical analysis trends NESTLÉ
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 101  CHF
Spread / Average Target -0,22%
EPS Revisions
Managers
NameTitle
Ulf Mark Schneider Chief Executive Officer & Director
jeff hamilton President
Paul Bulcke Chairman
Magdi Batato Executive Vice President-Operations
François-Xavier Michel Marie Roger Chief Financial Officer & Executive Vice President
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