Morningstar: aandeel in de kijker is Diageo PLC (10/6/2014)

Slowdown in Emerging Markets for Diageo, but Wide Moat Intact

Diageo has built an enviable business empire. We believe that the firm's unmatched portfolio of spirits, combined with its vast distribution network including thousands of dedicated sales people in the United States, would be very difficult and expensive for any competitor to duplicate and results in a wide moat. Longer term, the company is making investments to grow its book of business in emerging markets such as Africa, India, and China. We expect these seeds of growth will benefit investors in the long term as Diageo gains additional distribution scale in these fast-growing regions, and as the company continues to shift additional global consumers into more premium (and higher-margin) brands. In our opinion, these competitive advantages and growth prospects justify an earnings valuation above the market average.

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