我们关注雀巢的五件事

Restricted - External NESN.S/NESN SWEQUAL WEIGHTUnchangedEuropean ConsumerStaplesNEUTRALUnchangedPrice TargetCHF 92.00raised 2% from CHF 90.00Price (21-May-25)CHF 88.46Potential Upside/Downside+4.0%Source: Bloomberg, Barclays ResearchMarket Cap (CHF mn)227918Shares Outstanding (mn)2576.52Free Float (%)96.8152 Wk Avg Daily Volume (mn)4.1Dividend Yield (%)3.45Return on Equity TTM (%)30.38Current BVPS (CHF)13.96Source: BloombergPrice PerformanceExchange-SWX52 Week rangeCHF 98.62-72.82Source: IDCLink to Barclays Live for interactive chartingEuropean Consumer StaplesWarren Ackerman+44 (0)20 3134 1903warren.ackerman@barclays.comBarclays, UKAlex Sloane+44 (0)20 3555 0645alexander.sloane@barclays.comBarclays, UKPatrick Folan+44 (0)20 7773 1712patrick.folan@barclays.comBarclays, UK engaging with Marty and will make up our own mind when we have had a chance to assesshis plans for Nestle's US business.New head of Zone AOA:Zone AOA will be led byRemy Ejel.Remy has extensive experiencein the region having been appointed as CEO of Middle East and North Africa in 2020 and in2022 being promoted to CEO of the larger Zone Asia, Oceania and Africa (AOA) region.DavidZhanghas stepped down from the Executive Board but will remain Chairman and CEO of theGreater China Region.New head of SBUs and marketing:Bernard Meunier stepped down from the ExecutiveBoard at the end of March and will now lead strategic projects for Nestle. David Rennie,currently Head ofNestléCoffeeBrandswill succeed Bernard Meunier as the Head ofStrategic Business Units (SBUs) and Marketing and Sales.New head of Human Resources:Béatrice Guillaume-Grabisch Nestle head of HR has steppeddown and has been replaced by Anna Lenz who was formerly country head of Nestle Portugaland has joined the Executive Board.A revamped Investor Relations team:Nestle's investor relations team will increase fro 3 to5. It will be led by David Hancock (ex sell side and IR of Deliveroo) and includes JohnArmstrong, Alicia Gong, Yannick Rohrbasser and Abigail LundmarkBelow the senior leadership we have spotted a couple of other notable changesNew head of UK Confectionery:Scott Coles was appointed the new Managing Director forNestlé Confectionery UK & Ireland,effective1 May 2025. Scott takes over from Mark Davies,who is retiringaftera 34-year tenure with the company. Scott joined Nestle in 1997 and since2018, Scott led Nestle'scoffeebusiness across Central and West Africa (25 countries)New marketing head for Dairy:Neha Gulati has been appointed as the new Marketing Headfor the Dairy category. Gulati brings previously worked at Coca-Cola Company and RelianceIndustries.There have also been some interesting changes to the Board which wereeffectivelastyear. Nestle has slimmed down its board and reduced the average age of its boardmembers.We like the addition ofGeraldine Matchett to Nestle's board at Nestle's AGM lastyear. She was previously the Co-Chief ExecutiveOfficerand CFO at DSM-Firmenich and led thetransformation of DSM-Firmenich and think her CEO and CFO experience will be useful assetsfor Nestle.All of these changes are important as it shows that Laurent Freixe is committed torejuvenating the organisation and makingdifficultchoices to change people that held keyroles for a long time.Longer term, Nestle's board will need to look to the future. We think the Chairman Paul Bulckeneed to take some accountability for the last few years of Mark Schneider's reign as CEO. PaulBulcke is 70 and can stay on to 72. In our conversations with investors, we think a new Chairmanwould be well received by Nestle's shareholders. Although most of the big changes seem to behave been done, we certainly wouldn't rule out further changes and the injection of more freshenergy anddifferentperspectives. ••••••2 2. Organisation ChangeLaurent Freixe's aim is to make Nestle a simpler organisation with more agility.There havebeen a number of changes on the organisational front that we highlight below:•New Reporting:Nestlé’s has moved back to three zones from five geographic zones - ZoneAMS, Zone AOA, and Zone Europe. Latin America and China have moved back into ZoneAmericas and Zone AOA. This reverses the change that previous CEO Mark Schneider had putin place.•Big changes in Europe:At the Q1-25 results, Nestle announced that it was further simplifyingthe structure of its European business, with a focus on eliminating duplication, acceleratinginnovation, and enhancing capabilities in R&D. We think Europe is ripe for restructuring andwe view it as the most fragmented part of Nestle, with more out-dated infrastructure, alongwith the slower growth. Moving to a country led structure better aligns with how Nestle isorganised in its other zones, so in theory should lead to clearer accountability going forward.Zone Europe will continue to be led by Guillaume LeCunff.•Nestle have also decided to simplify itscoffeebrand structure.NestléCoffeeBrands, withthe exception of Nespresso, was integrated into the SBU organization,