英文_Bernstein_麦考密克2Q-25岁收益预览-关税透明度可能是吸引投资者的关键（英）_15页_1mb

报告摘要

Company: McCormick & Co Inc (MKC)
Rating: Outperform with target price of $101
Key Focus: Tariff impact discussed; gross expected 3% COGS increase due to tariffs, potentially mitigated by efforts.
Flavor Solutions: Volume pressure possible, but margins to improve via higher-margin new business.
U.S. Consumer Business: Steady performance; volume growth ~3%, price/mix neutral.
Financial Forecast: EPS outlook: Bernstein upside of +13.5% vs. consensus by FY27; revenue growth expected.
Valuation: Adjusted P/E from 250 to 208; EV/EBITDA from 188 to 159.
Risks: Higher tariffs, private label competition; unknown outcomes may affect confidence.
Investment View: Position recommended before or at earnings call; margin expansion expected once tariff clarity is achieved.