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No. of Recommendations: 5
You know - 17b revenue seen for 2016
pet foot and consumer oriented

20.6xx the 2016 estimate
5 year PE band 23.8-19.3; 20x median on VL
2016 Sales Est 4%
2016 EPS est 16.4% (looks high?)

869m cash
6128m debt (2622 short-term)

60% payout ratio on divi - 52 straight increases
above 30% ROE typical
Trading near Peak operating margin
VL projects 6.0% top line to 2020
Constant buyback plan - 1157 in 1999, 1003 in 2008, 907 today
100 EPS Predictability
Intl at 80% of sales (!)
3 year CFFO at 9698, CapEx 1992, Acq 119
Option grants a bit over 1% now (buyback effect)
Brazil is largest market; VL says emerging markets are 56% of sales

1 - great American company - in HQ only!
2 - top line only 5% last 5 years w/currency issues - Vez.
3 - never, ever cheap. maybe 2009. That's it.
4 - VL numbers are based on some pretty strong margin improvements
5 - stock price trades in a tight range past several years - buy below 60, sell above 70
6 - acquisitions not part of the playbook at least in past 3 years

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