Issuer Ranking: European Consumer Goods Industry, Strongest To Weakest Dec 10

  • ID: 1714135
  • December 2010
  • Region: Europe
  • Standard & Poors
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  • AB Electrolux
  • Campofrio Food Group S.A.
  • Diageo PLC
  • Imperial Brands PLC
  • Pernod Ricard S.A.
  • Roquette Freres
  • MORE

We maintain a stable mid-term rating view on the European consumer goods industries. We remain mindful, however, of the sluggish macroeconomic outlook for 2011, especially for the eurozone. Furthermore, we acknowledge the incipient rise in unemployment and the continuing volatility of commodities and currencies worldwide. We consider the uncertain balance between pricing and volumes to be a principal short-term risk to profitability in consumer goods manufacturing at present, particularly in the food, beverage, and household and personal care segments. This is because economies of scale are important to offset high marketing and distribution costs, while the combination of relatively low unit prices and short shelf-life limits the efficiency of stockpiling. For that reason, we consider product category leadership to be...

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Research Type: Commentary
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- British American Tobacco PLC
- Nestle S.A.
- Reckitt Benckiser PLC
- Unilever PLC
- Swedish Match AB
- LVMH Moet Hennessy Louis Vuitton S.E.
- AB Electrolux
- Danone
- SEB S.A.
- Roquette Freres
- Henkel AG & Co. KGaA
- Imperial Brands PLC
- FAGE International S.A
- Kering S.A.
- Diageo PLC
- Remy Cointreau S.A.
- Head N.V.
- Tate & Lyle PLC
- Agrokor d.d.
- Barry Callebaut AG
- Coca-Cola HBC AG
- Anheuser-Busch InBev S.A./N.V.
- Concern Kalina (JSC)
- L'Oreal S.A.
- Wimm-Bill-Dann Foods OJSC
- Safilo SpA
- SABMiller PLC
- Suedzucker AG
- BSH Hausgeraete GmbH
- Foodcorp (Proprietary) Ltd.
- Pernod Ricard S.A.
- Central European Distribution Corp.
- Anadolu Efes Biracilik ve Malt Sanayii AS
- Tereos Union de Cooperatives Agricoles
- Philip Morris International Inc.
- Campofrio Food Group S.A.
- R&R Ice Cream PLC
- Nomad Foods Europe Holdings Ltd

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