雀巢的六大赌注——正在取得进展

Restricted - External First LookNESN.S/NESN SWEuropean ConsumerStaplesPrice TargetPrice (30-May-25)Potential Upside/DownsideSource: Bloomberg, Barclays ResearchEuropean 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, UKTara Phadnis+44 (0)20 7773 0709tarani.phadnis@barclays.comBarclays, UKVarshil Modi+91 (0)22 6175 3995varshil.modi@barclays.comBarclays, UK EQUAL WEIGHTNEUTRALCHF 92.00CHF 87.70+4.9% Chocobakeryis a fast-growing part of the market and Nestle are pushing it into Latin America.Nestle has also launched its newKit-Kat tabletsin a number of European markets, includingthe UK.Nestle have developed apremium pyramid-shaped format of wet cat food.The concept hasbeen rolled out across most of Nestle's US portfolio and related launches are coming to 15European markets this year, with more in 2026.Barclays View:We like that Nestle are focusing on six bold initiatives and trying to scale them.We see this as afar moreeffectiveway to drive growth in FMCG than previous approaches we've seen fromNestle in recent years.Whilst we think Nestle is on the right track, we are not fully convinced that these six initiativesare enough in a portfolio with revenues over CHF90bn.We think Nestle would need todouble such initiatives to benefit materially, with half having higher sales ambitions. Forus, a product like Nescafe liquid roast should have a sales ambition above CHF100m; wethink CHF250m or even CHF500m could be achieved if scaled quickly and with flawlessexecution. 2 Analyst(s) Certification(s):We, Warren Ackerman, Alex Sloane and Patrick Folan, hereby certify (1) that the views expressed in this research report accurately reflect our personalviews about any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will bedirectly or indirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)Nestle SA(NESN.S, 30-May-2025, CHF 87.70), Equal Weight/Neutral, CD/E/J/K/L/M/NUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaffiliatehas been lead manager or c