In 2012, the vending industry showed positive growth as revenues improved. operators continued to raise prices, aggressively invest in technology and expand heavily into micro markets.
The sell-side report for Wm Morrison Supermarkets plcInna Sokolova
The report contains financial analysis of the latest financial results of WM Morrison Supermarkets plc, published in March 2015. Two valuation models, particularly the method of comparables and residual income model, are used to estimate stock intrinsic value. As a result, investment recommendation on this stock is provided.
This document provides a financial analysis report on Ocado Group PLC conducted by NUBSFinancial. It includes an industry analysis of the UK grocery sector, accounting analysis of Ocado's policies, financial analysis of profitability, liquidity, debt, and valuation. Key points include Ocado's dual business model focusing on online grocery sales and technology development, stagnating UK grocery industry growth offset by rising online retail, and increasing competition from Amazon and discount retailers posing threats. The report concludes with a BUY recommendation.
This document summarizes a study analyzing competition in Romania's edible oil market from 2008-2013. It examines indicators such as the number of companies, import penetration rate, and Herfindahl-Hirschman Index (HHI) to understand market concentration. Private label brands and e-commerce are also discussed as new factors influencing competition. The analysis focuses on whether current market behaviors and structures positively or negatively impact competition and consumer welfare in the edible oil sector.
Personal Care and Beauty Products Industry Insights - April 2015Duff & Phelps
The Personal Care and Beauty Products sector has seen strategic acquisitions driven by desires to strengthen market position, expand product portfolios, and broaden and deepen distribution channels. Robust M&A activity is forecasted to continue through 2015. For more detail on personal care and beauty products trends, public market performance and deal activity.
This document provides an analysis of problems facing La Vita's business and recommends strategies for improvement. Key issues identified include declining revenues, narrowing target audiences, and increasing costs. All store formats are experiencing sales and profitability declines. Large and mixed stores have particularly unprofitable models with high fixed costs. The strategy recommends optimizing formats, focusing on small and light stores, introducing private label products, developing delivery services, and establishing a centralized kitchen to control costs and adapt to changing customer needs. The goal is to increase value perception, traffic, and margins through more competitive pricing and a better assortment.
2020 - 13th Annual William Blair Investment Banking Case Competition Presenta...Demetre Carnot
Paesano's Products is a leading contract manufacturer and formulator for personal care and household products. The document discusses Paesano's industry, financials, growth opportunities, and strategic options moving forward. It recommends a full sale of Paesano's to a financial sponsor or strategic acquirer, valued between $700-760 million, to take advantage of high acquisition interest while retaining strong management.
In this edition of the European Chemicals Update, we highlight the global food additives market and include a special interview with Hezi Israel, Executive Vice President of Business Development and Strategy at Israel Chemicals Ltd.
The 2012 Georgia Manufacturing Survey found that:
1) Most Georgia manufacturers focus on quality and price-based strategies over innovation to compete, though innovation strategies are associated with higher profits.
2) While outsourcing affected about 14% of manufacturers, in-sourcing was higher at 16%.
3) Half of manufacturers exported, but adoption of advanced technologies and innovation activities was relatively low.
4) Marketing/sales concerns remained the top concern, followed by skills shortages, though concerns weakened slightly from previous surveys.
The sell-side report for Wm Morrison Supermarkets plcInna Sokolova
The report contains financial analysis of the latest financial results of WM Morrison Supermarkets plc, published in March 2015. Two valuation models, particularly the method of comparables and residual income model, are used to estimate stock intrinsic value. As a result, investment recommendation on this stock is provided.
This document provides a financial analysis report on Ocado Group PLC conducted by NUBSFinancial. It includes an industry analysis of the UK grocery sector, accounting analysis of Ocado's policies, financial analysis of profitability, liquidity, debt, and valuation. Key points include Ocado's dual business model focusing on online grocery sales and technology development, stagnating UK grocery industry growth offset by rising online retail, and increasing competition from Amazon and discount retailers posing threats. The report concludes with a BUY recommendation.
This document summarizes a study analyzing competition in Romania's edible oil market from 2008-2013. It examines indicators such as the number of companies, import penetration rate, and Herfindahl-Hirschman Index (HHI) to understand market concentration. Private label brands and e-commerce are also discussed as new factors influencing competition. The analysis focuses on whether current market behaviors and structures positively or negatively impact competition and consumer welfare in the edible oil sector.
Personal Care and Beauty Products Industry Insights - April 2015Duff & Phelps
The Personal Care and Beauty Products sector has seen strategic acquisitions driven by desires to strengthen market position, expand product portfolios, and broaden and deepen distribution channels. Robust M&A activity is forecasted to continue through 2015. For more detail on personal care and beauty products trends, public market performance and deal activity.
This document provides an analysis of problems facing La Vita's business and recommends strategies for improvement. Key issues identified include declining revenues, narrowing target audiences, and increasing costs. All store formats are experiencing sales and profitability declines. Large and mixed stores have particularly unprofitable models with high fixed costs. The strategy recommends optimizing formats, focusing on small and light stores, introducing private label products, developing delivery services, and establishing a centralized kitchen to control costs and adapt to changing customer needs. The goal is to increase value perception, traffic, and margins through more competitive pricing and a better assortment.
2020 - 13th Annual William Blair Investment Banking Case Competition Presenta...Demetre Carnot
Paesano's Products is a leading contract manufacturer and formulator for personal care and household products. The document discusses Paesano's industry, financials, growth opportunities, and strategic options moving forward. It recommends a full sale of Paesano's to a financial sponsor or strategic acquirer, valued between $700-760 million, to take advantage of high acquisition interest while retaining strong management.
In this edition of the European Chemicals Update, we highlight the global food additives market and include a special interview with Hezi Israel, Executive Vice President of Business Development and Strategy at Israel Chemicals Ltd.
The 2012 Georgia Manufacturing Survey found that:
1) Most Georgia manufacturers focus on quality and price-based strategies over innovation to compete, though innovation strategies are associated with higher profits.
2) While outsourcing affected about 14% of manufacturers, in-sourcing was higher at 16%.
3) Half of manufacturers exported, but adoption of advanced technologies and innovation activities was relatively low.
4) Marketing/sales concerns remained the top concern, followed by skills shortages, though concerns weakened slightly from previous surveys.
Credit Suisse Fall 2015 Pitch Competitionjontripp17
The document discusses Credit Suisse seeking an anchor investment for its private equity fund. It recommends purchasing ABM Industries as a platform company to build upon through acquisitions. The recommendation analyzes ABM's industry exposure, growth strategy, margin expansion opportunities, management team, and potential exit opportunities for investors.
Packaged Food in China report provides a comprehensive guide to the packaged food market in China from 2007-2011. It analyzes market size, growth rates, leading companies and brands, and forecasts the market to 2016. The 336-page report provides detailed data on product categories, regions, distribution channels, and profiles of the top 20 companies in the industry. It aims to help identify growth opportunities and strategic factors shaping the Chinese packaged food market.
The document summarizes the results of a survey of companies conducted by the Columbus Georgia Chamber of Commerce. It finds that while manufacturing makes up a major share of the local economy, the industry mix is diverse. Most companies are headquartered locally or elsewhere in Georgia. Availability of qualified workforce, costs of utilities, and K-12 education were areas of concern among surveyed companies, while business permitting processes, public utilities, and police protection were seen as top business climate assets. Over three-quarters of companies rated the overall cost of doing business positively. The summary identifies workforce development and governmental issues as ongoing areas of focus.
This report analyzes the financial and non-financial performance of J Sainsbury Plc, a leading UK supermarket established in 1869. It finds that Sainsbury's performance has improved in recent years, with higher return on equity and capital employed than competitors. A ratio analysis shows most profitability and efficiency ratios for Sainsbury have increased over the past decade, though current ratios remain relatively low. A comparison with WM Morrison Supermarkets finds that while Sainsbury has improved, Morrison currently outperforms it. Overall, the report concludes Sainsbury has strengthened but still needs to work hard to compete effectively.
The document provides an overview of key trends in the food and beverage industry in 2011. It discusses rising commodity and retail food prices, the popularity of healthier and private label brands, the increasing role of social media in marketing, and focus on sustainability. It also summarizes M&A activity, noting increased deal volumes but lower values and multiples. Finally, it outlines plans by major companies like Sara Lee, Ralcorp, and Kraft to split into separate entities focused on specific business areas.
William Blair Investment Banking Competition Slide DeckEric Bonelli
This document provides an executive summary for Paesano's Products, which manufactures household, personal care, and hospitality products. It evaluates Paesano's using valuation methods like comparable companies, precedent transactions, and DCF. Key points:
- Paesano's is well-positioned for growth in personal and household products due to pandemic demand.
- Valuation analysis values the company between $600-800 million.
- The summary recommends a sale to a middle market financial sponsor to optimize growth potential.
This document analyzes the economic impact of Instacart on the U.S. grocery industry both before and during the COVID-19 pandemic through a series of statistical models. Some of the key findings include:
1) Before the pandemic, Instacart was responsible for creating approximately 116,000 jobs and increasing grocery revenue by $2.9 billion in the U.S.
2) During the pandemic, Instacart created an additional 70,000 jobs and increased grocery revenue by $3.5 billion.
3) Instacart accounted for 92% of the net job growth in the grocery industry associated with COVID-19.
This document provides a summary of a 78-page market research report on the Bulgaria beer industry published in September 2012 by Canadean. It discusses the key drivers and trends in the Bulgarian beer market from 2007-2011, including declining domestic consumption but stable market size. It also profiles the major brewers (Bolyarka, Brewinvest, Bulbrew) and includes data on market size, segmentation, distribution channels, packaging, prices, and volumes and brands for each brewer. The report aims to provide an in-depth understanding of the dynamics and structure of the Bulgaria beer market.
Industrial Distribution Industry Insights - January 2015 Duff & Phelps
The Industrial Distribution market continues to be driven by improving end markets and favorable industry dynamics. Industry consolidation is expected to drive ongoing M&A activity. For more detail on market indices, public market performance and deal activity, read the report.
The document discusses several dominant trends driving change in the beverage industry: consumers are looking for more sustainable packaging, functional and convenient beverage formats, and healthier product offerings. To meet these demands, beverage manufacturers are expanding their product lines, incorporating more recycled materials in packaging, and investing in new equipment and automation. The COVID-19 pandemic also disrupted supply chains and material sourcing. Overall, beverage companies are adapting products and modernizing operations to satisfy changing consumer preferences.
Hawthorne Distribution Global Written ReportRyan Spetnagel
This document provides an analysis and recommendations for Hawthorne Distribution, a logistics company. It summarizes the transportation and logistics industry, including key details on local and global markets. Recommendations include developing a mobile app, increasing social media presence, revising business processes, and adding a customer relationship management system to facilitate international expansion while maintaining customer satisfaction.
The document analyzes the Chinese auto market and provides stock recommendations for several Chinese automakers. It finds that while Chinese brands are improving in quality and gaining market share through investments in R&D and marketing, they remain dependent on foreign suppliers for advanced technologies. Overall auto sales in China grew 7.3% in 2015 but Chinese stock markets declines and new restrictions in major cities could impact future growth. The report recommends moderate buys for Guangzhou Auto and BYD, a sell for Geely, and moderate sells for Great Wall based on stock price forecasts.
This 212-page report examines China's baby care products industry, including economic trends, industry development, supply and demand, major producers, and consumption by region. Historical data from 2001 to 2011 is presented, along with forecasts through 2016 and 2021. The report provides an overview of China's demand growth in baby care products in the past decade and predicts continued growth over the next five years. It also profiles major producers in China and analyzes factors like production, sales, imports/exports, prices, and demand for various baby care products categories. Regions of China are compared in terms of consumer spending and baby care products consumption.
Chair speak report -PEPSICO(Dupont analysis with coke)Akshara S
This document provides information about PepsiCo and the beverage industry. It discusses PepsiCo's CEO, Indra Nooyi, and provides an industry profile that describes the beverage industry and dominant economic factors like market size and growth rate. It also analyzes the financial statements of major companies like PepsiCo, Coca-Cola, and Cadbury Schweppes and notes trends in the industry like increasing globalization and changing consumer preferences.
Martinrea International Inc. is an automotive parts manufacturer that has experienced significant revenue growth through acquisitions and organic growth. The company is well positioned to benefit from increasing auto sales and the trend toward lighter weight vehicles. The analyst values Martinrea using a discounted cash flow model and estimates the stock price could rise 70-105% to a range of $16-19.50 per share based on margin expansion, growth opportunities, and a narrowing of its valuation gap with peers. Key growth drivers include the company's global scale, research capabilities, aluminum expertise, and strong order backlog.
Profitable addictions- Sin stocks mainSonia Khalsa
The document analyzes the profitable alcohol industry in Canada. It discusses factors that may contribute to the industry's forecasted growth between 2013-2018, such as changes to provincial policies allowing alcohol sales in grocery stores. However, it also notes risks like predicted decreases in per capita alcohol consumption due to growing health concerns. The industry is dominated by Anheuser-Busch InBev, which reported revenue growth and profit increases in Q1 despite higher costs of sales, demonstrating the success of its "Focus Brands" strategy of prioritizing brands popular in each market.
- The Baldwin Company has adopted strategic initiatives to aggressively pursue market share, improve production capacity to drive down costs, and maximize profits to attract investors.
- Baldwin's investments in R&D have helped it gain market share as its product lines have grown faster than industry averages. Its lead capacity strategy has also lowered labor costs.
- Moving forward, Baldwin plans to continue innovating, investing in R&D, and using debt financing to further increase profits and market share against competitors.
Miami University 2015 William Blair I-Banking Competition WinnerMichael T. Loffredo
Armstrong Foods is a leading food and beverage distributor seeking a potential sale. Valuation analyses value the company between $450-480 million based on comparable company and precedent transaction multiples of 8-10x EBITDA. A sale to a financial sponsor is recommended due to potential synergies, though a strategic buyer could work if they retain management. Key considerations include the fragmented distribution industry and Armstrong's diversified customer and product base.
This report provides a detailed market analysis of the Austria beer industry in 101 pages. It was published in September 2012 by Canadean and costs $6,672 for a single user license. The report covers total market trends, brands, brewers, packaging, distribution channels, and market valuation/pricing. It finds that beer volume grew 4% in Q2-2011 due to gains in the radler segment. The report provides historical and forecasted data from 2007-2012 to analyze trends. It also profiles the top 3 brewers in Austria: Brau Union, Eggenberg, and Fohrenburg Brauerei.
The document is a summary of the 2014 Food & Beverage Industry Study by WeiserMazars LLP. It finds that most food and beverage companies anticipated sales growth in 2013 and 2014 due to new customers and improved sales performance. Companies expect costs like labor to rise in 2014. The top concerns for companies are rising commodity costs and food safety. Most companies are prepared for Affordable Care Act requirements and are focusing on process improvement and digital marketing.
Credit Suisse Fall 2015 Pitch Competitionjontripp17
The document discusses Credit Suisse seeking an anchor investment for its private equity fund. It recommends purchasing ABM Industries as a platform company to build upon through acquisitions. The recommendation analyzes ABM's industry exposure, growth strategy, margin expansion opportunities, management team, and potential exit opportunities for investors.
Packaged Food in China report provides a comprehensive guide to the packaged food market in China from 2007-2011. It analyzes market size, growth rates, leading companies and brands, and forecasts the market to 2016. The 336-page report provides detailed data on product categories, regions, distribution channels, and profiles of the top 20 companies in the industry. It aims to help identify growth opportunities and strategic factors shaping the Chinese packaged food market.
The document summarizes the results of a survey of companies conducted by the Columbus Georgia Chamber of Commerce. It finds that while manufacturing makes up a major share of the local economy, the industry mix is diverse. Most companies are headquartered locally or elsewhere in Georgia. Availability of qualified workforce, costs of utilities, and K-12 education were areas of concern among surveyed companies, while business permitting processes, public utilities, and police protection were seen as top business climate assets. Over three-quarters of companies rated the overall cost of doing business positively. The summary identifies workforce development and governmental issues as ongoing areas of focus.
This report analyzes the financial and non-financial performance of J Sainsbury Plc, a leading UK supermarket established in 1869. It finds that Sainsbury's performance has improved in recent years, with higher return on equity and capital employed than competitors. A ratio analysis shows most profitability and efficiency ratios for Sainsbury have increased over the past decade, though current ratios remain relatively low. A comparison with WM Morrison Supermarkets finds that while Sainsbury has improved, Morrison currently outperforms it. Overall, the report concludes Sainsbury has strengthened but still needs to work hard to compete effectively.
The document provides an overview of key trends in the food and beverage industry in 2011. It discusses rising commodity and retail food prices, the popularity of healthier and private label brands, the increasing role of social media in marketing, and focus on sustainability. It also summarizes M&A activity, noting increased deal volumes but lower values and multiples. Finally, it outlines plans by major companies like Sara Lee, Ralcorp, and Kraft to split into separate entities focused on specific business areas.
William Blair Investment Banking Competition Slide DeckEric Bonelli
This document provides an executive summary for Paesano's Products, which manufactures household, personal care, and hospitality products. It evaluates Paesano's using valuation methods like comparable companies, precedent transactions, and DCF. Key points:
- Paesano's is well-positioned for growth in personal and household products due to pandemic demand.
- Valuation analysis values the company between $600-800 million.
- The summary recommends a sale to a middle market financial sponsor to optimize growth potential.
This document analyzes the economic impact of Instacart on the U.S. grocery industry both before and during the COVID-19 pandemic through a series of statistical models. Some of the key findings include:
1) Before the pandemic, Instacart was responsible for creating approximately 116,000 jobs and increasing grocery revenue by $2.9 billion in the U.S.
2) During the pandemic, Instacart created an additional 70,000 jobs and increased grocery revenue by $3.5 billion.
3) Instacart accounted for 92% of the net job growth in the grocery industry associated with COVID-19.
This document provides a summary of a 78-page market research report on the Bulgaria beer industry published in September 2012 by Canadean. It discusses the key drivers and trends in the Bulgarian beer market from 2007-2011, including declining domestic consumption but stable market size. It also profiles the major brewers (Bolyarka, Brewinvest, Bulbrew) and includes data on market size, segmentation, distribution channels, packaging, prices, and volumes and brands for each brewer. The report aims to provide an in-depth understanding of the dynamics and structure of the Bulgaria beer market.
Industrial Distribution Industry Insights - January 2015 Duff & Phelps
The Industrial Distribution market continues to be driven by improving end markets and favorable industry dynamics. Industry consolidation is expected to drive ongoing M&A activity. For more detail on market indices, public market performance and deal activity, read the report.
The document discusses several dominant trends driving change in the beverage industry: consumers are looking for more sustainable packaging, functional and convenient beverage formats, and healthier product offerings. To meet these demands, beverage manufacturers are expanding their product lines, incorporating more recycled materials in packaging, and investing in new equipment and automation. The COVID-19 pandemic also disrupted supply chains and material sourcing. Overall, beverage companies are adapting products and modernizing operations to satisfy changing consumer preferences.
Hawthorne Distribution Global Written ReportRyan Spetnagel
This document provides an analysis and recommendations for Hawthorne Distribution, a logistics company. It summarizes the transportation and logistics industry, including key details on local and global markets. Recommendations include developing a mobile app, increasing social media presence, revising business processes, and adding a customer relationship management system to facilitate international expansion while maintaining customer satisfaction.
The document analyzes the Chinese auto market and provides stock recommendations for several Chinese automakers. It finds that while Chinese brands are improving in quality and gaining market share through investments in R&D and marketing, they remain dependent on foreign suppliers for advanced technologies. Overall auto sales in China grew 7.3% in 2015 but Chinese stock markets declines and new restrictions in major cities could impact future growth. The report recommends moderate buys for Guangzhou Auto and BYD, a sell for Geely, and moderate sells for Great Wall based on stock price forecasts.
This 212-page report examines China's baby care products industry, including economic trends, industry development, supply and demand, major producers, and consumption by region. Historical data from 2001 to 2011 is presented, along with forecasts through 2016 and 2021. The report provides an overview of China's demand growth in baby care products in the past decade and predicts continued growth over the next five years. It also profiles major producers in China and analyzes factors like production, sales, imports/exports, prices, and demand for various baby care products categories. Regions of China are compared in terms of consumer spending and baby care products consumption.
Chair speak report -PEPSICO(Dupont analysis with coke)Akshara S
This document provides information about PepsiCo and the beverage industry. It discusses PepsiCo's CEO, Indra Nooyi, and provides an industry profile that describes the beverage industry and dominant economic factors like market size and growth rate. It also analyzes the financial statements of major companies like PepsiCo, Coca-Cola, and Cadbury Schweppes and notes trends in the industry like increasing globalization and changing consumer preferences.
Martinrea International Inc. is an automotive parts manufacturer that has experienced significant revenue growth through acquisitions and organic growth. The company is well positioned to benefit from increasing auto sales and the trend toward lighter weight vehicles. The analyst values Martinrea using a discounted cash flow model and estimates the stock price could rise 70-105% to a range of $16-19.50 per share based on margin expansion, growth opportunities, and a narrowing of its valuation gap with peers. Key growth drivers include the company's global scale, research capabilities, aluminum expertise, and strong order backlog.
Profitable addictions- Sin stocks mainSonia Khalsa
The document analyzes the profitable alcohol industry in Canada. It discusses factors that may contribute to the industry's forecasted growth between 2013-2018, such as changes to provincial policies allowing alcohol sales in grocery stores. However, it also notes risks like predicted decreases in per capita alcohol consumption due to growing health concerns. The industry is dominated by Anheuser-Busch InBev, which reported revenue growth and profit increases in Q1 despite higher costs of sales, demonstrating the success of its "Focus Brands" strategy of prioritizing brands popular in each market.
- The Baldwin Company has adopted strategic initiatives to aggressively pursue market share, improve production capacity to drive down costs, and maximize profits to attract investors.
- Baldwin's investments in R&D have helped it gain market share as its product lines have grown faster than industry averages. Its lead capacity strategy has also lowered labor costs.
- Moving forward, Baldwin plans to continue innovating, investing in R&D, and using debt financing to further increase profits and market share against competitors.
Miami University 2015 William Blair I-Banking Competition WinnerMichael T. Loffredo
Armstrong Foods is a leading food and beverage distributor seeking a potential sale. Valuation analyses value the company between $450-480 million based on comparable company and precedent transaction multiples of 8-10x EBITDA. A sale to a financial sponsor is recommended due to potential synergies, though a strategic buyer could work if they retain management. Key considerations include the fragmented distribution industry and Armstrong's diversified customer and product base.
This report provides a detailed market analysis of the Austria beer industry in 101 pages. It was published in September 2012 by Canadean and costs $6,672 for a single user license. The report covers total market trends, brands, brewers, packaging, distribution channels, and market valuation/pricing. It finds that beer volume grew 4% in Q2-2011 due to gains in the radler segment. The report provides historical and forecasted data from 2007-2012 to analyze trends. It also profiles the top 3 brewers in Austria: Brau Union, Eggenberg, and Fohrenburg Brauerei.
The document is a summary of the 2014 Food & Beverage Industry Study by WeiserMazars LLP. It finds that most food and beverage companies anticipated sales growth in 2013 and 2014 due to new customers and improved sales performance. Companies expect costs like labor to rise in 2014. The top concerns for companies are rising commodity costs and food safety. Most companies are prepared for Affordable Care Act requirements and are focusing on process improvement and digital marketing.
E marketer the_us_retail_industry_2013-digital_ad_spending_forecast_and_key_t...AdCMO
The document discusses digital advertising spending forecasts and trends for the US retail industry from 2013 to 2017. It finds that:
1) Retail will spend $9.42 billion on digital ads in 2013, growing to $13.50 billion in 2017, maintaining its lead as the top industry for digital ad spending.
2) Most of retailers' digital ad budgets (64.6% in 2013) go towards direct response advertising like search and display ads, rather than branding, as retailers aim to drive sales.
3) Retailers are increasing investments in targeted mobile ads as consumers spend more time on mobile devices and retailers try to engage customers across channels.
2018 UBS Global Industrials and Transportation Conference Presentationingersollrand2016
UBS Global Industrials & Transportation Conference presentation discusses Ingersoll Rand's business segments, financial performance, growth targets, and opportunities. It highlights Ingersoll Rand's leading market positions, focus on operational excellence and margin expansion, powerful cash flow generation, and balanced capital allocation strategy, which has delivered consistent growth and shareholder returns. The presentation also emphasizes Ingersoll Rand's commitment to sustainability, innovation, and high employee engagement.
The document provides an analysis of the working capital management and financial performance of Tamil Nadu Newsprint and Papers Limited (TNPL). It includes an industry profile of the Indian paper industry, a company profile of TNPL, calculations of various working capital metrics like working capital days and cash conversion cycle, and financial ratios analyzing liquidity, leverage, turnover and profitability. Key findings are that TNPL's working capital requirements are high due to large inventories, and profitability has declined in recent years due to rising expenses. Suggestions include better inventory management, cost reduction, and diversification.
This investor presentation covers Ingersoll Rand's business, financial performance, growth opportunities, and outlook. Some key points:
- Ingersoll Rand is a global leader in energy efficiency and productivity with two segments - Industrial and Climate - that have diversified end markets and recurring revenue streams.
- The company has delivered strong financial performance through revenue growth, margin expansion, and powerful free cash flow generation. Targets include 4-4.5% revenue CAGR through 2020.
- Ongoing business investments in new products, technology, and capabilities support continued growth and profitability opportunities across segments.
- Ingersoll Rand pursues a balanced capital allocation strategy of reinvestment, dividends
Strategic management mba final project dec 2021RaMyMoHamed77
Dollar General was considering expansion plans in 2011 to open 625 new stores, add 6,000 employees, and remodel 550 existing stores. They hoped this would help increase their market share from 41% to 59% and take advantage of economic growth. However, management recognized increased debt from expansion could negatively impact the business. After analyzing their financials, market position, and strategies, it was recommended that Dollar General continue their growth strategy through international expansion, market development, and pursuing opportunities in the healthcare industry through partnerships.
This investor presentation summarizes an investor presentation from Ingersoll Rand given in May 2018. The key points are:
1) Ingersoll Rand is a global leader in energy efficiency and productivity with two segments - Industrial and Climate - and leading brands in various markets.
2) The company has a robust financial model that delivers powerful cash flow through diversified end markets, market leading positions, focus on margin expansion, and balanced capital deployment.
3) Ingersoll Rand's strategy of sustained growth, operational excellence, and dynamic capital allocation is driving profitable growth and margin improvement towards 2020 targets of 4-4.5% revenue CAGR, 14.5-15% operating margins, and 11-
Mondelēz International is focused on delivering strong shareholder returns through leveraging unique assets, cost reduction initiatives, and generating strong cash flow. The company is a global snacks powerhouse with leading brands in biscuits, chocolate, gum, and candy. It has an advantaged global footprint, with emerging markets representing 38% of revenues. Mondelēz will continue to focus on snacks, reduce supply chain and overhead costs, and invest in brands, innovation, and routes to market.
Jollibee Food Corporation is a major Philippines-based food company that operates quick-service restaurants under the Jollibee brand. The document analyzes Jollibee's costs, revenues, market capitalization, and strategies from 2015-2019. It finds that Jollibee's variable costs increased over this period as sales grew. While revenue and number of stores increased each year, market capitalization declined in 2019. The document recommends ways for Jollibee to cut expenses to improve profits, such as reducing electricity and travel costs.
Financial Analysis: La Paloma Restaurant & BarTemi Vasco
Variance analysis, financial ratios, common-sized statements, trend analysis and common sense evaluation to identify root causes and recommend possible solutions
Sprouts Farmers Market operates 326 grocery stores across 21 states specializing in fresh, natural, and organic products. A discounted cash flow analysis assuming a 4% discount rate and 2% perpetual growth rate values Sprouts at $20.11 per share, indicating it is fairly valued. A comparable companies analysis using median and average enterprise value/EBITDA multiples also suggests Sprouts is fairly valued. While precedent grocery industry transactions point to potential overvaluation, consolidation is ongoing as companies seek inorganic growth in the competitive, low growth industry.
Whole Foods is undervalued by 25% according to the valuation team. They recommend an acquisition of Whole Foods at $120 per share based on the following key value drivers:
1. Whole Foods has established a niche in the natural and organic foods industry and has cultivated strong brand loyalty.
2. Their financial analysis shows Whole Foods is well-positioned for continued growth, with projections of increasing sales revenue, expanding operating margins, and growing their store count to 500 locations by 2017.
3. Key value drivers include their ability to expand their customer base further, new stores performing strongly out of the gate, and opportunities to decrease costs of goods sold and occupancy expenses over time.
General Mills' annual report summarizes its financial performance in fiscal year 2012. Key points include:
- Net sales grew 12% to $16.7 billion, with international sales up 45% due to the Yoplait yogurt acquisition.
- Segment operating profit rose 2% to over $3 billion.
- Adjusted diluted EPS grew 3% to $2.56, excluding one-time items.
- The company aims to continue balanced growth across core and emerging markets through established and new brands.
Retailers can significantly increase and diversify their income streams by using their websites to generate secondaryrevenue - revenue that does not come
directly from main product lines of a company - and thus safeguard and increase revenue using their current websites.
This presentation by Mondelēz International discusses the company's strategy and financial outlook. Some key points:
- Mondelēz aims to grow revenue at or above snack category growth rates through focusing on power brands and revenue management actions. It also aims to expand margins by reducing supply chain and overhead costs.
- In 2015, Mondelēz delivered organic net revenue growth of 1.4%, adjusted operating income margin expansion of 150 basis points, and adjusted EPS growth of 13.5% on a constant currency basis.
- For 2016, Mondelēz expects organic net revenue growth of at least 2%, adjusted operating income margin expansion to 15-16%, and double-digit
Initial Valuation Report
Chipotle Mexican Grill, Inc.
12/14/2015
Final Report
CONTENT
Executive Summary ......................................................................................................................................................................... 1
Company and Industry Overview ............................................................................................................................................. 2
Chipotle Mexican Grill - The Business .................................................................................................................................... 2
Strategic Highlights ........................................................................................................................................................................ 2
Restaurant Industry - The Playing Field ............................................................................................................................... 2
Financial Ratio Analysis ................................................................................................................................................................ 4
Key Ratios across Industry .......................................................................................................................................................... 4
DuPont Analysis ............................................................................................................................................................................... 5
Profitability across Industry ....................................................................................................................................................... 6
Detailed Revenue Analysis .......................................................................................................................................................... 7
Other Key Ratios .............................................................................................................................................................................. 8
Forecast of Financial Statements ............................................................................................................................................. 9
Financial Statements – 2015-2020 .......................................................................................................................................... 9
Sustainable long term growth rate analysis ..................................................................................................................... 10
Underlying assumptions ........................................................................................................................................................... 10
Risk and Return Analysis ...................................................................................................................... ...
Od4961 lipstick manufacturing industry reportReggie Aspelund
The lipstick manufacturing industry has experienced steady growth over the past five years despite economic volatility. During the recession, lipstick sales remained strong as consumers indulged in smaller luxuries. Major companies have consolidated through acquisitions to gain market share in the saturated market. Innovation will continue driving growth as manufacturers introduce products catering to trends like natural ingredients and long-lasting formulas that meet busy lifestyles. The industry is projected to grow steadily in the coming years through innovation and as economic conditions improve consumer spending.
- The company achieved steady growth in 2012 despite challenges from the slowing economy and weak capital markets. Total premiums grew to RMB995.8 billion, driven by growth in renewal premiums.
- The value of new business grew to RMB20.8 billion and in-force business value reached RMB209.1 billion. Both the individual and group insurance businesses saw steady growth, while the short-term business maintained its leading position.
- The company will focus on developing new business and enhancing business value in 2013, while promoting product innovation and service capabilities. It will also explore new business areas and leverage technology to drive sustainable development.
Similar to 2013 State Of The Vending Industry Report - VendingMarketWatch.com - Automatic Merchadiser (20)
12 Recruiting & Candidate Sourcing Stats to Know in 2016 | Happie | gethappie.meSteven Duque
Anybody can tell you that the secret of sourcing is to be resourceful, that social media feels important, and that all you really need to do for your career is center your chi. In lieu of more unspecific adjectives, we’ve put together 12 hard, real, checkable numbers in this infographic to give you a better understanding of the recruitment and talent acquisition landscape today.
View the interactive version here: http://goo.gl/Dms8LA
2013 State of Inbound Marketing Report - HubSpotSteven Duque
Inbound marketing not only has staying power, it’s growing. It has proven itself to be much more than the next shiny technology or the latest buzzword. The research shows that nearly 60% of marketers have adopted inbound marketing strategies and more than 80% of those executing inbound marketing have integrated it into broader company goals. People are also investing more in inbound, as budgets for this strategy have grown nearly 50% in each of the past three years.
Today’s consumer and how contact data affects relationships - An Experian QAS...Steven Duque
This document discusses a study on how data quality affects customer experience. Some key findings:
1) Businesses are motivated to improve data quality to increase efficiency, enhance customer satisfaction, and enable better decisions. However, many still struggle with inaccurate contact data.
2) On average, businesses believe 17% of their customer data may be inaccurate, most commonly due to incomplete, outdated, or duplicate records. Inaccuracies waste an estimated 12% of departmental budgets.
3) Improving data quality can positively impact the customer experience across channels by preventing errors, consolidating duplicate records, and enabling personalized outreach. But accuracy must be established before leveraging data analytics.
2012 State of the Vending Industry Report - Automatic Merchandiser - June / J...Steven Duque
The road to recovery has been slow in the recession, for both automatic merchandising and the multiple industries it serves. Fiscal 2011 saw trends from the previous year continue, as the vending industry slowly recovers from the massive fallout of the Great Recession. In 2011, industry sales declined for the fourth consecutive year, although at a progressively slower rate. The 1.5 percentage point sales decline in 2011 was half the rate posted in 2010, indicating vending operators made progress in
stemming the downward trend.
From Stretched to Strengthened: Insights from the Global Chief Marketing Offi...Steven Duque
Today’s customers can shop around the globe, find out more than ever before about the organizations they’re dealing with, and share their views with hundreds of thousands, if not millions, of fellow customers. Their expectations — be they consumers, citizens or business customers — are soaring. And they can make or break brands overnight.
So how are chief marketing officers (CMOs) faring amid such turbulence? We conducted face-to-face interviews with 1,734 CMOs, spanning 19 industries and 64 countries, to find out what they are doing to help their enterprises cope with the fundamental shifts transforming business and the world.
Our CMO Study is the latest in IBM’s series of C-suite Studies, encom- passing interviews with more than 15,000 top executives over the past seven years. The study casts light on the challenges public and private sector CMOs confront — and the opportunities they envision — in increasingly complex times. It also illustrates how closely CMOs’ perception of the marketplace mirrors previous assessments by chief executive officers (CEOs).
Amp Agency - The Psychology of Social - February 2012Steven Duque
This document discusses the psychological and sociological motivations behind social media usage. It begins by defining social media as web-based tools for communal interaction between people and brands. It then explores John Bowlby's theories of human connection and attachment, explaining that humans have a universal need to form close, affectionate bonds due to evolving in social groups, which social media now facilitates. The growth of social media is also examined through data on search volume, news references, and patent activity.
An awesome workplace is one where people want to join, they want to perform well, and they want to tell everyone just how awesome their work is. As the ratio of people who fit this description increases, so too does the degree of awesomeness.
The desire to be awesome is universal. Both employers and employees share it. The human brain is wired with the desire to master tasks and to win. Awesome workplaces maintain environments where those inherent ambitions are unleashed.
Awesomeness builds brands. It sustains success. It fuels the virtuous cycle between internal magnetism and external loyalty. The more magnetic your culture, the more clients love working with you. The more clients
love working with you, the more magnetic your culture becomes.
Bullhorn Reach: 2012 Activity Report | Social Media RecruitingSteven Duque
Since social recruiting has proven
to be a rapidly growing category, we
expect increased social engagement
from recruiters. This report evaluates
the current social network activity
among recruiters and suggests several
interesting insights. First, our findings
suggest that recruiters are connected to
all three social networks, but are using
LinkedIn and Twitter much more than
Facebook to recruit talent. While we
found that LinkedIn is driving the most
views and applications per job posted
on the “big three” social networks, our
analysis shows that Twitter followers are
much more likely to apply for a job than
connections on LinkedIn or friends on
Facebook. Overall, Twitter and Facebook
appear to be highly under-utilized
networks for recruiting, but we expect
that behavior to change during 2012.
Social Recruiting for HR Execs Made Simple | by Bullhorn Reach Evangelist Ste...Steven Duque
FOR THE TALKING POINTS, WATCH THE RECORDED WEBINAR HERE: https://www1.gotomeeting.com/register/689626184
Maybe you’re looking for better ways to leverage social media for your recruiting organization. Perhaps you want to turn up the volume on your unique workplace culture and employment brand. Or, like most HR executives, you’re probably concerned about EEOC compliance of your team’s social recruiting efforts.
Social Recruiting for IT Consulting Made Simple | by Bullhorn Reach Evangelis...Steven Duque
WATCH THE RECORDED WEBINAR TO HEAR THE TALKING POINTS HERE: https://www1.gotomeeting.com/register/708185208
Maybe you’re looking for better ways to target good java developers, infrastructure architects or other candidates with specialized skill sets. Or, perhaps you’re trying to convey your consultancy’s unique workplace culture to set yourself apart from the competition.
Social Recruiting | How to Get Started | a Free e-Book by Bullhorn ReachSteven Duque
Today, staffing and corporate recruiters can leverage social media to post jobs and recruit talent, but it’s still new for a lot of organizations ― which is why we’ve created this e-book. This e-book will show you how to set up your social media profiles and highlight some social recruiting tips for finding the right talent for your business.
33 Essential Social Recruiting Stats - 2011Steven Duque
Jobvite compiled a great collection of stats relevant to recruiters who are leveraging new media to find, engage and recruit talent.
http://www.bullhornreach.com
White Paper: Embracing Social Media and Being Smart about It by Laurie ReuttimanSteven Duque
We live in a Googled world. Pew Research estimates that 79% of American adults use the Internet on a regular basis and that nearly half of those individuals use a social networking site (Facebook, Twitter, LinkedIn) in their personal lives. This number has doubled since 2008.
Human Resources professionals have a reputation for being stodgy and difficult, but according to the results in the I Love Rewards survey on social media, that reputation is unfair and inaccurate. Ninety-eight percent of respondents believe that social networks are a tool that HR should be using, which tells us that Human Resources professionals are open to social media and new technology. This may seem counterintuitive based on your personal experiences in the workforce, but in the Googled world, even your local HR generalist sees value in connecting on Facebook, Twitter and LinkedIn. Social media adoption is pervasive and fun.
2011 Social Recruiting Trends & StrategiesSteven Duque
This document discusses social recruiting trends and strategies for 2011. It outlines that social recruiting will continue to grow as employers seek to attract candidates through transparent communication on social media sites like LinkedIn, Twitter and Facebook. Specifically, it notes that employers will focus on developing talent communities rather than just candidate pools to foster deeper engagement. It also explores how social applicant tracking systems can help companies track their social recruiting efforts more effectively. Overall, the document suggests that social recruiting provides a cost-effective way for companies of all sizes to find and interact with qualified professionals.
Seven Steps to Better Brainstorming - by Kevin Coyne & Shawn Coyne - McKinsey...Steven Duque
Most attempts at brainstorming are doomed. To generate better ideas—and boost the odds that your organization will act on them— start by asking better questions.
Presentation Secrets of Steve Jobs - Carmine Gallo - BusinessWeek ColumnistSteven Duque
In The Presentation Secrets of Steve Jobs: How to be Insanely Great in Front of Any Audience, communications coach and BusinessWeek.com columnist Carmine Gallo reveals the techniques that have turned the Apple CEO into one of the world’s most extraordinary corporate storytellers. For more than three decades, Jobs has transformed product launches into an art form. Whether you’re a CEO, manager, entrepreneur, small business owner, or sales or marketing professional, Steve Jobs has something to teach you. Above all, a Steve Jobs presentation is intended to do three things: inform, educate and
entertain. Here are ten steps to accomplishing them.
The State of Inbound Marketing - HubSpot Report - January 2009Steven Duque
The State of Inbound Marketing offers readers three key findings:
#1 Inbound marketing channels deliver a dramatically lower cost-per-sales lead than outbound channels.
Respondents that spent more than 50% of their marketing budget on inbound marketing consistently reported a lower cost-per-sales lead than those that spent 50% or more on outbound marketing. In fact, inbound marketing-dominated organizations experience a 61% lower cost-per-lead than outbound marketing-dominated organizations.
Businesses are responding by allocating a greater portion of their budget to inbound marketing. Currently, 37% of business’ lead-generation budget is dedicated to inbound marketing, whereas 30% is dedicated to outbound marketing efforts. We expect this gap to widen significantly over time.
#2 Blogs lead other social media categories in terms of importance to business.
Blogs are frequently cited as the most useful type of social media marketing, with 75% of those familiar with their business’ blogging efforts saying they are ‘useful,’ ‘important,’ or ‘critical’ to their business. MySpace finished last in terms of importance of those that use the service for business purposes.
#3 Small businesses are most aggressively allocating lead generation budgets to blogging, social media and search engine optimization.
Realizing that inbound marketing techniques ‘level the playing field’ with the bigger budgets of larger competitors, small businesses are spending a 180% greater portion of their budgets on blogging/social media and 36% greater portion of their budgets on search engine optimization than businesses with 50 employees or more.
Future of Consumerism - MITX FutureM Conference 2010 - AMP Agency Presentation Steven Duque
A presentation on how consumers' consumptive behavioral patterns are changing, necessitating change in the way modern marketers work. The sales funnel is now antiquated, and the customer decision journey has subsumed its place as the standard framework for thinking about consumer behavior.
ComScore 2010 US Digital Year in ReviewSteven Duque
ComScore presents the 2010 U.S. Digital Year in Review, its annual report on the prevailing digital trends of the past year and their implications for the future. The report looks across the digital landscape to highlight the industry’s leading stories of the year.
* How did the rebounding economy influence retail e-commerce, what group-buying and flash sales sites found success in 2010?
* Which social networks witnessed the largest gains, what new social media players came onto the scene in 2010?
* What were the key trends in the search market, which search engines saw the largest gains throughout the year?
* Who were the top players in display advertising in 2010, what are the key trends in measuring the effectiveness of digital advertising campaigns?
* How did online video viewers’ behaviors shift throughout the year, how are video ads influencing the industry landscape?
* How has smartphone adoption influenced the mobile landscape, which players accounted for the largest share of the mobile market across operating systems, device manufacturers and network operators in 2010?
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Enhancing Adoption of AI in Agri-food: IntroductionCor Verdouw
Introduction to the Panel on: Pathways and Challenges: AI-Driven Technology in Agri-Food, AI4Food, University of Guelph
“Enhancing Adoption of AI in Agri-food: a Path Forward”, 18 June 2024
Cover Story - China's Investment Leader - Dr. Alyce SUmsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
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The report *State of D2C in India: A Logistics Update* talks about the evolving dynamics of the d2C landscape with a particular focus on how brands navigate the complexities of logistics. Third Party Logistics enablers emerge indispensable partners in facilitating the growth journey of D2C brands, offering cost-effective solutions tailored to their specific needs. As D2C brands continue to expand, they encounter heightened operational complexities with logistics standing out as a significant challenge. Logistics not only represents a substantial cost component for the brands but also directly influences the customer experience. Establishing efficient logistics operations while keeping costs low is therefore a crucial objective for brands. The report highlights how 3PLs are meeting the rising demands of D2C brands, supporting their expansion both online and offline, and paving the way for sustainable, scalable growth in this fast-paced market.
Presentation by Herman Kienhuis (Curiosity VC) on Investing in AI for ABS Alu...Herman Kienhuis
Presentation by Herman Kienhuis (Curiosity VC) on developments in AI, the venture capital investment landscape and Curiosity VC's approach to investing, at the alumni event of Amsterdam Business School (University of Amsterdam) on June 13, 2024 in Amsterdam.
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Adani Group's Active Interest In Increasing Its Presence in the Cement Manufa...Adani case
Time and again, the business group has taken up new business ventures, each of which has allowed it to expand its horizons further and reach new heights. Even amidst the Adani CBI Investigation, the firm has always focused on improving its cement business.
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AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
Efficient PHP Development Solutions for Dynamic Web ApplicationsHarwinder Singh
Unlock the full potential of your web projects with our expert PHP development solutions. From robust backend systems to dynamic front-end interfaces, we deliver scalable, secure, and high-performance applications tailored to your needs. Trust our skilled team to transform your ideas into reality with custom PHP programming, ensuring seamless functionality and a superior user experience.
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The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
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L'indice de performance des ports à conteneurs de l'année 2023SPATPortToamasina
Une évaluation comparable de la performance basée sur le temps d'escale des navires
L'objectif de l'ICPP est d'identifier les domaines d'amélioration qui peuvent en fin de compte bénéficier à toutes les parties concernées, des compagnies maritimes aux gouvernements nationaux en passant par les consommateurs. Il est conçu pour servir de point de référence aux principaux acteurs de l'économie mondiale, notamment les autorités et les opérateurs portuaires, les gouvernements nationaux, les organisations supranationales, les agences de développement, les divers intérêts maritimes et d'autres acteurs publics et privés du commerce, de la logistique et des services de la chaîne d'approvisionnement.
Le développement de l'ICPP repose sur le temps total passé par les porte-conteneurs dans les ports, de la manière expliquée dans les sections suivantes du rapport, et comme dans les itérations précédentes de l'ICPP. Cette quatrième itération utilise des données pour l'année civile complète 2023. Elle poursuit le changement introduit l'année dernière en n'incluant que les ports qui ont eu un minimum de 24 escales valides au cours de la période de 12 mois de l'étude. Le nombre de ports inclus dans l'ICPP 2023 est de 405.
Comme dans les éditions précédentes de l'ICPP, la production du classement fait appel à deux approches méthodologiques différentes : une approche administrative, ou technique, une méthodologie pragmatique reflétant les connaissances et le jugement des experts ; et une approche statistique, utilisant l'analyse factorielle (AF), ou plus précisément la factorisation matricielle. L'utilisation de ces deux approches vise à garantir que le classement des performances des ports à conteneurs reflète le plus fidèlement possible les performances réelles des ports, tout en étant statistiquement robuste.
L'indice de performance des ports à conteneurs de l'année 2023
2013 State Of The Vending Industry Report - VendingMarketWatch.com - Automatic Merchadiser
1. W
e are through the proverbial tun-
nel and can see the light. A slowly
recovering economy and increasing
consumer confidence has pushed dol-
lars spent on foodservice upwards,
including those spent in the vend-
ing industry. Overall, the four-year
decline in vending operation revenues
finally ended in fiscal 2012. Opera-
tors reported an average growth
of 1.86 percentage points, raising
this year’s Automatic Merchandiser
State of the Vending Industry Report
aggregate industry revenue to $19.31
billion, up from $18.96 billion in
2011. The growth was accompanied
by more operators raising prices —
83 percent — in a continuing effort
to keep up with increasing product
and operating costs. These operators
met with less resistance than in the
past as end users saw other retailers
also raise prices.
Technology was named as one
of the top factors contributing to
growth, along with the improv-
ing economy. Operators reported
investing in systems that allow an
operation to run with higher profits
and lower operating costs, installing
more diverse payment options and
launching micro markets.
A challenge that affected many
vendors in 2012 was healthy vend-
ing requirements in schools as well
BILLIONSOFDOLLARS
23.21
19.31
21.05 21.26 21.89 22.54 22.05
19.85 19.25 18.96
0
5
10
15
20
25
2012201120102009200820072006200520042003
Chart 1: industry revenue in billions, 10-year review
The wait
for recovery
is over
In 2012, the vending industry showed
positive growth as revenues improved.
Operators continued to raise prices,
aggressively invest in technology and
expand heavily into micro markets.
By Emily Refermat, Editor
Chart 2: Operator sales
Size
Revenue
range
% of 2012
operators
Projected
2012 sales
% of
2012
sales
Projected
2011 sales
% of
2011
sales
Small under $1M 61.32% $1.32B 7.20% $1.8B 10%
Medium $1M - $4.9M 20.60% 1.28B 7% 0.9B 5%
Large $5M - $9.9M 9% 2.16B 11.80% 2.34B 13%
Extra large $10M + 8% 13.57B 74% 12.97B 72%
Total $18.34 BILLION* $18.01 BILLION*
*Does not include 5 percent of total industry revenue for machines owned
and operated by locations.
Editor’s Note: Revenue totals for individual groups were rounded off, therefore
the sums will not completely reflect the totals.
1 Automatic Merchandiser VendingMarketWatch.com June 2013
S p e c i a l a n n u a l r e p o r t : s t a t e o f t h e v e n d i n g i n d u s t r y
2. as other vending locations. Opera-
tors struggled with legislation that
restricted the potential products
sold and/or that placed taxes on
traditional vending fare. They also
reported concern about future leg-
islation. Both the Food and Drug
Administration’s final rule regard-
ing calorie disclosure required by
Obamacare and the U.S. Depart-
ment of Agriculture proposed
rule regarding the items allowed
in school vending machines could
severely constrict operator revenue
and profits.
Compared to retail sales growth,
vending revenue continued to lag
in 2012. According to Technomic, a
food research firm, restaurants and
bars showed revenue growth of 4.5
percent for 2012.
Medium operations increase
Besides 2012 being a growth year in
terms of revenue, many smaller opera-
tors were also able to grow. There was
an increase in medium operations,
defined as those with $1 million to
$4.9 million in annual sales, as seen
in chart 2. Locations hiring more
employees and consumer confidence
as well as embracing a new busi-
Chart 3: Machines by location, 4-year review
● Manufacturing
● Offices
● Hotels/motels
● Restaurants,
bars, clubs
● Retail sites
● Hospitals, nursing
homes
● Universities, colleges
● Elementary, middle,
high schools
● Military bases
● Correctional facilities
● Other
8.6%
7.3%
6.6%
0.7%
2.2%
2.5%
2.9%
11.5%
8.8%
9%
5.8%
5%
8.3%
8.2%
2.7%
5.2%
1.1%
5%
20.1%
22.4%
22.5%
33.2%
9.1%
0.4%
0.9%
8.8%
5.9%
4.7%
7%
1.3%
6.8%
28.5%
26.8%
31.3%
8.8% 22.2%
4.1%1.4%
2.5%
5.3%
1%
1.1%
8.55%
13.7%
20112009 2010 2012
12.7%
27.9%
40.8%
34.1%
21.8%
16.2%
46.5%
53.5%
56.3%
55.9%
12.4%
21.8%
No change
Reduced
Added
Warehouse
Repair
Delivery
Sales
14.3
28.6%
23.7%
14.3%
11.3%
13.3%
22%
61%
28.6%
45%
50%
15%
10%
11.3%
16.7%
23.7%
Warehouse
Repair
Delivery
Sales
N/A
50%
30.4%
0%
15.4%
25%
33.3%
69.6%
50%
30.8%
38.9%
26.9%
11.1%
26.9%
25%
41.2%
Chart 4A:
STAFFING CHANGES,
4-YEAR REVIEW
● 2009 ● 2010
● 2011 ● 2012
Chart 4C:
AREAS WHERE STAFF WAS
REDUCED, 4-YEAR REVIEW
● 2009 ● 2010
● 2011 ● 2012
Chart 4B:
AREAS WHERE STAFF WAS
ADDED, 4-YEAR REVIEW
● 2009 ● 2010
● 2011 ● 2012
4.7%
6.9%
8.6%
14.1%
16.9%
8.6%
5.9%
3.6%
3.9%
Divested
Acquired
Both
acquired
and
divested
Neither
acquired
nor
divested
75.3%
72.7%
78.9%
Chart 5:
ACQUIRED OR DIVESTED
BUSINESS, 3-YEAR REVIEW
● 2010 ● 2011 ● 2012
Chart 6: STRATEGIES FOR HANDLING HIGHER COSTS, 3-YEAR REVIEW
Product 2010 2011 2012*
Raised prices 18.24% 18.30% 83.10%
Absorbed extra cost 15.2 14.18 62.3
Reduced service frequency 11.32 10.31 42.1
Rearranged routes 10.64 11.86 46.2
Eliminated unprofitable account 8.95 7.99 47.3
Lowered commissions 6.76 6.96 33.1
Postponed parts or equipment buys 5.74 6.96 19.7
Rearranged job responsibilities 4.9 4.12 22.4
Reduced company travel 4.56 2.84 12.8
Reduced equipment in accounts 4.39 4.64 22.4
Adjusted compensation/benefits 3.72 3.35 7.7
Reduced product variety 3.04 3.35 10.7
Postponed equipment repairs 1.69 3.09 4.9
Switched to using more cost-efficient vehicles 0.84 2.06 14.5
* Includes multiple mentions
2 Automatic Merchandiser VendingMarketWatch.com June 2013
S p e c i a l a n n u a l r e p o r t : s t a t e o f t h e v e n d i n g i n d u s t r y
3. ness model account for much of this
change. The most successful opera-
tors reported analyzing their business
more closely to focus on profitability
and limiting waste better than they
did in the past, which often required
technology implementation.
There was a decline in the num-
ber of extra-large operators in 2012,
as defined by revenue. Declining
same store sales, loss of accounts and
location downsizing were the most
reported reasons for reduced sales
which also led to staff reductions.
More than half of operators made no
staffing changes in 2012, however.
Of the owners that did make staff
changes, more increased their deliv-
ery staff than other positions, followed
by nearly equal increases in sales and
repair staff, see chart 4B. Reductions
in staff were also overwhelmingly
in delivery personnel and usually
brought on by dropping revenues.
Operators used a variety of strate-
gies to handle rising costs in 2012 and
were asked this year to report all steps
taken, therefore the total in chart 6
will not equal 100 percent. However,
the top ranking strategy was raising
prices mostly in the candy, snack and
confection category, shown in chart
7, which continues a four year trend.
Operators were also likely to increase
prices in cold drinks, OCS and vended
food. Many operators reported they
were more comfortable raising prices
in 2012 due to other retail segments
also increasing prices.
Theneedforallfoodretailerstoraise
their prices is supported by a forecast
from the National Restaurant Asso-
ciation, which tracks data for full and
quick-serve restaurants, bars as well
as cafeterias. The NRA reports that
wholesale food prices continued to rise
in2012,by2percent,makingtheaggre-
gateincreaseforthelastsixyears30per-
cent, minus a 3.8 percent drop in 2009.
While more than half of operators
reported absorbing extra costs, slightly
moreoperatorschosetoremoveunprof-
itableaccountscomparedto2011,where
rearrangingaccountswasthethirdmost
used strategy reported, shown in chart
6.Thenumberofoperatorspostponing
partorequipmentbuysin2012dropped
slightly,decreasingfromthesixthmost
usedstrategy,totheeighth.Thisissup-
ported by operators claiming 2012 into
2013iswhentheyareinvestingintech-
nology and new growth opportunities.
Interestingly, vendors adjusting
their product mix to reduce service fre-
quency dropped last year to a level seen
priorto2010,indicatedinchart8A.For
those that did reduce their mix, the
candy, snack and confection category
saw the greatest contraction, although
again, the 2012 percentages in chart 8B
willnotdirectlyrelatetotheprioryear’s
because operators were asked to choose
all the segments that applied.
Another way vendors reacted in
2012 was to expand into new services.
Fiscal 2012 witnessed the largest per-
cent increase for this in the last five
years. One new service reported was
micro markets, which was broken out
as its own segment for the first time in
2012 and showed more than half the
growth, see chart 9B. More operators
also began offering water service in
2012 than in 2011 as a way to com-
pete with both other operators and
water companies approaching loca-
tions with add-on vending. Operators
also reported it as a way to increase
same site sales and replace a declining
bottled water business.
While office coffee service has been
a big area of expansion, 2012 saw a drop
in operators adding OCS, indicating the
market is saturated. Most vending oper-
ators now offer OCS to locations. How-
ever, while the number adding OCS
has declined, operators report that the
revenue for OCS is increasing, covered
in chart 12. The real surprise in 2012
was the number of operators reentering
the bulk vending business. Operators
reported investing in bulk for a num-
ber of reasons. Some did it to eliminate
these machines from existing locations.
Chart 7: Segments where prices
were raised, 3-year review
Product 2010 2011 2012*
Candy/snacks/
confections
28.07%28.03%87.60%
OCS 12.57 11.72 46.3
Ice cream 7.02 6.28 20.8
Sundries/
toiletries
1.46 2.09 6.8
Milk 5.56 7.53 19.6
Vended food 9.65 10.46 42.9
Bulk vending 0.88 0 1.9
Hot beverages 7.6 5.44 26.4
Condoms 0.29 1.26 0.3
Bottled water
(not single-serve)
3.22 2.09 8.7
Music 0.2 0 0.3
Cooperative
service vending
0.58 0 0.9
Cigarettes 3.22 1.26 3.1
Cold drinks 17.54 21.76 52.5
Manual
foodservice
2.05 1.26 6.2
Other N/A N/A 2.5
* Includes multiple mentions
No
Yes
48.8%
51.8%
37.8%
51.2%
48.2%
62.2%
Chart 8A: ADJUSTED PRODUCT
MIX TO REDUCE DELIVERIES,
2-Year Review
● 2010 ● 2011 ● 2012
Chart 8B: For those who
reduced product variety,
reduced in the following areas,
3-year review:
Product 2010 2011 2012
OCS 32.65% 33.80% 78.20%
Ice cream 3.06 8.45 13.7
Vended food 5.1 2.82 11.3
Hot beverage 9.18 9.86 19.4
Cold drinks 2.04 1.41 4
Sundries/
toiletries
2.04 0 1.6
Bottled
water (not
single serve)
2.04 0 3.2
Milk 2.04 0 1.6
Other N/A N/A 2.4
* Includes multiple mentions
3 Automatic Merchandiser VendingMarketWatch.com June 2013
S p e c i a l a n n u a l r e p o r t : s t a t e o f t h e v e n d i n g i n d u s t r y
4. Other
Micro markets
Retail store
Drop shipping
via courier
Wholesale
distribution/non
vending locations
Manual
foodservice
Catering
Bulk
Water service
OCS
16.1%
21.4%
14.7%
3.6%
0%
5.5%
7.1%
6.5%
N/A
N/A
35.5%
57.8%
32.1%
10.1%
22.6%
14.3%
16.5%
6.4%
3.6%
4.6%
3.7%
0%
6.5%
0%
4.6%
12.9%
8.3%
17.9%
0%
0%
Others used bulk as an add-on service
that produces more revenue especially
at a location the provider already vis-
its. Many reported it was just a way
to utilize every potential opportunity
for revenue.
Technology shows huge increases
Operators embraced payment tech-
nology at an accelerated rate in 2012,
as more vendors recognized the
changing need of the consumer. The
number of bill recyclers increased
slightly, following a 4-year upward
trend, as indicated in chart 10A.
Operators continued to give recy-
clers mixed reviews. Some consider
them a more affordable option than
cashless readers, while others think
they increase service calls. The other
payment technology added in 2012
was cashless readers, which jumped
3 percent. The projected number
of machines that accept a cashless
form of payment is nearly 375,000.
Most systems are ‘open’ compared to
a closed system which only accepts
a system specific prepaid card. The
number of closed systems has been
declining over the last few years,
especially among vending operations
outside of prisons and schools.
The increase in cashless payment
acceptance is a result of higher prod-
uct price points, increased accep-
tance of debit and credit in retail
for smaller purchases, Gen X and Y/
millennials joining the workforce to
become vending consumers and the
growing research about how the sys-
tems increase sales. One of the larger
cashless suppliers recently reported
that after 12 months of having a cash-
less reader installed, sales per vend-
ing machine increased an average of
28 percent, including a 17 percent
increase in cash sales.
Transaction and connectivity fees
continue to be the biggest hurdle for
cashless, although a small percent of
operators are experimenting with
charging between 10 and 25 cents
for purchases made with a credit or
debit card as opposed to cash. Oper-
ators reported mixed reviews from
locations with this two-tier pricing.
Some receive resistance, while oth-
Chart 9B: If yes, which services?
● 2010 ● 2011 ● 2012
20%
28.9%
31.1%
80%
71.1%
68.9%
No
Yes
Chart 9A: Expanded into new
services, 3-year review
● 2010 ● 2011 ● 2012
Chart 10a: technology upgrades, 4-year comparison*
2009 2010 2011 2012
Installed bill recyclers 17.5% 26% 29% 29.6%
Added remote monitoring (wireless) 10 12 14 22
% of machine equipped with
remote monitoring
1.65
% of machines equipped with
cashless readers*
2.28 3.5 4 7
Added video screens 0 0 0.1 1.1
% of machine equipped with video
screens
0.2
Added micro markets 0 2 5 15.8
% of operation that is micro markets 1.8
Chart 10B: Cashless projections, 3-year review
2010 2011 2012
Projected with cashless 189,842 199,955 374,472
Closed cashless 32,270 (17%) 31,993 (16%) 44,936 (12%)
Open cashless 157,554 167,962 329,536
*Includes closed cashless systems
Total machine base: 5,424,070 for 2010; 5,056,000 for 2011; 5,349,605 for 2012
4 Automatic Merchandiser VendingMarketWatch.com June 2013
S p e c i a l a n n u a l r e p o r t : s t a t e o f t h e v e n d i n g i n d u s t r y
5. ers have no comments.
The higher price is
commonly the posted
price and a sign is
added that details the
amount discounted for
using cash.
Remote machine
monitoring (RMM),
sometimes referred
to a machine being
wireless, increased 8
percent in 2012, see
chart 10A. While this
increase represents
machines with RMM
capabilities, operators
reported adding RMM
even if they just added
the hardware, but
weren’t yet using the
wireless monitoring
capabilities to deliver
greater operating effi-
ciencies. Based on oper-
ator reports, there are at
least 80,000 machines
with RMM capability.
Technology addi-
tions continued in 2012
with more touchscreen
vending machines and
video screen retrofits.
Operators added this
technology as more options became
available, also indicated in chart 10A.
Many examples introduced in 2012,
such as small retrofit vending screens,
allowed operators to purchase one
piece of hardware, but get the benefits
of video screens and cashless payment
acceptance — making the investment
even more attractive. Many operators
reported liking that these video screens
could also be used to display nutritional
information when the calorie disclosure
rule is finally published by the FDA.
Micro markets spike
The addition of micro markets jumped
10 percent in 2012, according to vend-
ing operators, marking it as the most
significant change in the vending
business strategy. While there is an
estimated 2,800 micro markets in ser-
vice, operators reported 1.8 percent of
their business drew revenue from this
segment in 2012. That’s the equiva-
lent to almost 90,000 machines.
The popularity of micro mar-
kets are attributed to many things,
including allowing more products
to be displayed in the same area and
increasing variety. Because micro
market kiosks use cashless payments,
operators can use penny increments
on product prices, as well as collect
sales tax at the end of the transaction,
similar to other retail establishments.
Micro markets also drive up all sales,
including those of fresh food — typi-
cally 30 percent of market sales — and
draw more customers to use the sys-
tem than use the traditional vending
bank. Some operators reported losing
long-time locations to micro markets
if they didn’t embrace the technology.
The largest challenge presented by
micro markets is the new merchandis-
ing requirement since it needs to be
managed more like a retail store than a
vending machine. Also, in 2012 micro
market data was not able to integrate
with existing vending management
systems (VMS), making it difficult
to accurately track and manage all
aspects of the business using one sys-
tem. Recently however, micro market
Chart 11: Share of sales by
category, 4-year review
Chart 12: Projected sales by category, 4-year review
Percent revenue changes
2009 2010 2011 2012 2009 2010 2011 2012
Cold beverages $5.87 $5.97 $5.88 $5.97 -8.50% 1.58% -1.50% 1.58%
Manual foodser-
vice
5.437 5.39 5.384 3.33 -17.8 -0.08 -0.1 -38.15
Candy/snacks/
confections
4.167 4.04 3.977 4.13 -0.05 -3 -1.55 3.85
OCS 1.043 1.212 1.213 1.78 -3.4 16.2 0.01 46.74
Vend food 1.012 0.866 0.815 1.12 -20.9 -14.4 -5.8 37.42
Micro Markets N/A N/A N/A 0.35
Hot beverages 0.813 0.75 0.7 0.73 -16.1 -7.7 -1.3 4.29
Milk 0.337 0.288 0.246 0.4 -3.7 -4.9 -14.5 62.60
Ice cream 0.317 0.346 0.303 0.48 2.2 9.14 -12.4 58.42
Cigarettes 0.14 0.115 0.076 0.27 7.7 -17.8 -33.9 255.26
Other 0.713 0.421 0.379 0.75 -15.1 -40.9 -10 97.89
21%
29.6%
27.4%
5.2%
1.6%
5.1%
4.1%
3.6%
0.7%
1.7%
4.5%
3.9%
1.8%
2.2%
0.6%
1.5%
2009
2010
2011
2012
*Includes cooperative service
vending, music, games, bulk
vending, bottled water, sundries,
toiletries, condoms, kiddie rides,
and other foodservice revenue.
21%
31%
28%
6.3%
4.3%
3.7%
31%
21%
6.4%
1.6%
28.4%
2%
0.4%
1.3%
5.8%
1.8%
3.8%
21.4%
9.2%
2.5%30.9%
1.4%
3.9%2.1%
17.2%
21%
29.6%
27.4%
5.2%
1.6%
5.1%
4.1%
3.6%1.7%
4.5%
3.9%
1.8%
2.2%
0.6%
1.5%
2009
2010
2011
2012
*Includes cooperative service
vending, music, games, bulk
vending, bottled water, sundries,
toiletries, condoms, kiddie rides,
and other foodservice revenue.
21%
31%
28%
6.3%
4.3%
3.7%
31%
21%
6.4%
1.6%
28.4%
2%
0.4%
1.3%
5.8%
1.8%
3.8%
21.4%
9.2%
2.5%30.9%
1.4%
3.9%2.1%
17.2%
21%
29.6%
27.4%
5.2%
1.6%
5.1%
4.1%
3.6%1.7%
4.5%
3.9%
1.8%
2.2%
0.6%
1.5%
2009
2010
2011
2012
*Includes cooperative service
vending, music, games, bulk
vending, bottled water, sundries,
toiletries, condoms, kiddie rides,
and other foodservice revenue.
21%
31%
28%
6.3%
4.3%
3.7%
31%
21%
6.4%
1.6%
28.4%
2%
0.4%
1.3%
5.8%
1.8%
3.8%
21.4%
9.2%
2.5%30.9%
1.4%
3.9%2.1%
17.2%
4.5%
3.9%
1.8%
2.2%1.5%
2010
2011
2012
*Includes cooperative service
vending, music, games, bulk
vending, bottled water, sundries,
toiletries, condoms, kiddie rides,
and other foodservice revenue.
21%
31%
28%
6.3%
4.3%
3.7%
31%
21%
6.4%
1.6%
28.4%
2%
0.4%
1.3%
5.8%
1.8%
3.8%
21.4%
9.2%
2.5%30.9%
1.4%
3.9%2.1%
17.2%
2011
2012
*Includes cooperative service
vending, music, games, bulk
vending, bottled water, sundries,
toiletries, condoms, kiddie rides,
and other foodservice revenue.
4.3%
3.7%
31%
21%
6.4%
1.6%
28.4%
5.8%
1.8%
3.8%
21.4%
9.2%
2.5%30.9%
1.4%
3.9%2.1%
17.2%
● Candy/snacks/
confections
● OCS
● Ice cream
● Vended food
● Micro markets
● Hot beverages
● Cold beverages
● Manual
foodservice
● Milk
● Cigarettes
● Other*
5 Automatic Merchandiser VendingMarketWatch.com June 2013
S p e c i a l a n n u a l r e p o r t : s t a t e o f t h e v e n d i n g i n d u s t r y
6. and software suppliers are develop-
ing solutions for data integration that
range from cloud-based systems to
data standards used by micro market
manufacturers.
Product segment review
In 2012, most product segments
experienced an increase. The larg-
est segment by revenue, cold bever-
age, grew more than 1.5 percent in
the vending channel, beating the 1
percent revenue growth reported in
overall retail by the Beverage Market-
ing Corp. (BMC). According to BMC,
growth is attributed to the strength-
ened economy. Ready-to-drink tea
and coffee, as well as energy drinks,
were the beverages that grew the
most, while established segments
like carbonated soft drinks and fruit
beverages didn’t grow much in 2012,
reports BMC data.
Cold beverage machines, both
closed front and glassfront, were
relatively flat in 2012, up just half a
percent, with the number of placed
venders hovering around 3.5 million
for both bottlers and vending opera-
tors, shown in chart 13. The canned
cold beverage segment gained market
share as vending operators used them
to offer beverages at a lower price
point. Cup drinks grew for a similar
reason as well as some being placed
in micro market locations.
The national average canned
cold beverage price remained at 76
cents in 2012, shown in chart 13C.
The average bottle price increased to
$1.33 and the cup to 71 cents.
The candy,snackandconfectionseg-
ment increased in 2012, posting a 3.85
percent growth in revenue, the first
growth in five years. However, 2012
also showed a decrease in this seg-
ments’ unit sales, seen in chart 14B.
According to Management Science
Associates, Inc., which tracks UPC
level sales data from vending machines
and projects it to a national scale, vend-
ing operators raised prices in this cat-
egory an average of 2.17 percent in the
past year, shown in chart 14E. This
accounts for the increase in revenue
despite falling unit sales. Unit sales
fell in all candy segments, nutritional
snacks, baked foods and nuts/seeds.
Conversely, the number of crackers
as well as food and meat snacks sold
showed an increase in 2012.
Hot beverage sales rebounded
in 2012. The number of machines
increased to 2009 levels, shown in
chart 15A. Operators also increased
most coffee prices in 2012 including
fresh-brewed regular coffee (5 cents),
fresh-brewed specialty/flavored (4
cents) and hot chocolate (7 cents).
The most notable percent of sales
change in this segment is a 6 percent
increase in specialty, flavored drinks
for 2012, while fresh-brewed regular
coffee dropped 20 percent.
OCS continued its trend of growth
in revenue for the fourth straight
year, proving it’s still a thriving seg-
ment for profits, shown in chart 12.
OCS sales, as a percent of total rev-
enue, continued to post higher than
hot beverage, a trend that began in
2007. Of the major product segments,
OCS posted the most 1-year sales gain.
Consumer research still points to OCS
Chart 13a: Cold beverage machines by type,
bottlers and vendors, 4-year review
bottler owned
Type 2009 2010 2011 2012
Bottle and can closed front 2,300,000 2,300,000 2,280,000 2,291,400
Glassfront 195,000 200,000 210,000 211,050
Cup 0 0 0 0
ToTAL 2,495,000 2,500,000 2,490,000 2,502,450
vendor owned
Type 2009 2010 2011 2012
Bottle and can closed front 972,000 972,000 972,000 976,860
Glassfront 25,000 30,000 35,000 35,175
Cup 8,000 6,000 4,000 4,000
ToTAL 1,005,000 1,008,000 1,011,000 1,016,035
Chart 13B: Cold beverage sales, 4-year review
% of sales
Type 2009 2010 2011 2012
Can 29% 29% 29% 42.15%
Bottle 70.7 70.8 70.7 55.13
Cup 0.3 0.2 0.3 3.35
projected totals
Type 2009 2010 2011 2012
Can $1.69B $1.7B $1.704B $2.352B
Bottle 4.56 4.11 4.155 3.076
Cup 0.018 0.017 0.017 0.187
Editor’s Note: These totals only apply to the volume sold by vending operators, not bottlers.
Chart 13C: Average cold beverage prices, 4-year review
Type 2009 2010 2011 2012
Can 71¢ 73¢ 76¢ 76¢
Bottle $1.25 $1.30 $1.32 $1.33
Cup 70¢ 70¢ 70¢ 71¢
6 Automatic Merchandiser VendingMarketWatch.com June 2013
S p e c i a l a n n u a l r e p o r t : s t a t e o f t h e v e n d i n g i n d u s t r y
7. opportunities to include more spe-
cialty drinks as well as single cup. The
OCS Update on page 13 shares some
tips for increasing OCS sales based
on NAMA commissioned research.
Food sales in 2012 showed an
increase as well, especially in freshly
prepared items, which increased 1.9
percent to 29.3 percent of operator
sales. Operators reported growth in
this area was due to the increase in
micro markets. This is supported
by the fact that food sales increased
despite a decline in refrigerated
machine sales, shown in chart 16A.
Operators also reported increasing
different types of food offerings
both in markets and food machines.
Chart 14A: candy/snack/confection machines, 4-year review
2009 2010 2011 2012
Projected Total 1,315,000 1,315,000 1,315,000 1,328,150
Chart 14B: Totals by category and subcategory
% Sales Changes 2011
Projected
revenue
% sales of
total
Share
change
from 2010
Revenue
Change
Unit
Change
Candy $1.33B 32.17% -0.53% 1.89% -3.3%
Chocolate candy 0.99 23.93 0.05 4.12 -1.8
Gum 0.06 1.41 -0.02 2.52 -2.8
Mint/hard roll 0.02 0.56 0.50 -3.79 -7.1
Non-chocolate 0.26 6.37 -0.43 -3.60 -8.5
Snacks $2.79B 67.53% 0.32% 4.34% -1.2%
Total nutrition snacks 0.12 2.93 0.08 6.97 -1.1
Breakfast bars, cereal, fruit snacks, functional bars,
nutritional pretzels, granola bars, rice cakes, trail mix
Baked goods 0.85 20.49 0.40 5.91 -3.8
Cakes/brownies, cereal snacks, crème-filled cake, Danish,
donuts/gems, honey buns, misc. (Poptarts), muffins, pies,
regular cookies, sandwich cookies, sweet rolls, unfilled cakes
Crackers 0.23 5.68 0.28 9.71 4.3
Regular crackers 0.15 3.75 0.35 14.67 4.7
Sandwich crackers 0.08 1.91 0.12 11.19 3.6
Food snacks 0.06 1.43 0.23 31.58 7.6
Meat snacks 0.06 1.37 0.27 48.69 8.9
Meat and cheese 0.00 0.07 0.062 -9.7 -15.9
Nuts and seeds 0.06 1.42 -0.08 -3.99 -3.6
Almonds, cashews, mixed nuts, peanuts, pistachio nuts,
pumpkin seeds, sunflower seeds
Salty snacks 1.47 35.61 -0.53 2.34 -2.3
Cheese curls, corn/tortilla chips, onion rings, popcorn, potato
chips, potato sticks, pretzels, snack mix, misc.
Chart 14D: Top frozen
confections in 2012, Unit Volume
# Product
1 Cloverhill Bakery 4-oz. Big Texas
Cinnamon Roll
2 Flowers Foods Mrs. Freshley’s 5-oz.
Jumbo Honey Bun
3 Flowers Foods Mrs. Freshley’s 6-oz.
Grand Iced Honey Bun
4 Flowers Foods Mrs. Freshley’s 4-oz.
Chocolate Cupcake
5 Cloverhill Bakery 4.75-oz. Jumbo
Glazed Honey Bun
6 Cloverhill Bakery 4-oz. Danish
Cheese Round
7 Cloverhill Bakery 4-oz. Glazed
Honey Bun
8 Cloverhill Bakery 4.75-oz. Jumbo
Iced Honey Bun
9 Aryzta Otis Spunkmeyer 4-oz.
Blueberry Muffin
10 Flowers Foods Mrs. Freshley’s 4-oz.
Danish Gourmet Texas Cinnamon
Source: Vend product distributors
Chart 14E: Top 10 candy/snack/confections in dollar sales, 4-year review
Average selling price
# Product 2009 2010
1-year
change 2011
1-year
change 2012
1-year
change
1 Mars Chocolate NA 2-oz.
Snickers Original
$0.83 $0.88 6% $0.91 3.65% $0.95 4.40%
2 Mars Chocolate NA 1.74-oz.
MM’s Peanut
0.84 0.89 5 0.91 3.1 0.95 4.40
3 Mars Chocolate NA 2-oz. Twix Bar 0.85 0.89 4.7 0.92 3.3 0.96 4.35
4 Frito-Lay 1.75-oz. Doritos
Nacho Cheesier Big Grab 80
0.83 0.86 3.6 0.88 1.94 0.87 -1.14
5 Frito-Lay 1.5-oz. Lay’s Chips 0.81 0.84 3.5 0.87 2.18 0.88 1.15
6 Frito-Lay 1.5-oz. Ruffles
Cheddar Sour Cream
0.85 0.88 3.7 0.90 2.91 0.90 0
7 Frito-Lay 1.125-oz.
Cheetos Crunchy
0.87 0.75 -13.7 0.79 4.8 0.81 2.53
8 FA Chocolate Chip Cookie 2-oz NA NA 3.2 NA 2.19 0.95 ----
9 Mars Chocolate NA 2.13-oz.
Three Musketeers Original
0.84 0.88 4.7 0.91 3.56 0.94 3.27
10Frito-Lay 2.125-oz.
Cheetos Crunchy
0.82 0.83 1.2 0.86 3.04 0.86 0.49
Editor’s Note: Percentage gains have been affected by rounding.
Source: Management Science Associates ProVen data.
Chart 14C: Average number of
new candy/snack/confection
products introduced to vending,
4-year review
2009 122
2010 245
2011 152
2012 157
Source: Management Science Associates
ProVen data.
7 Automatic Merchandiser VendingMarketWatch.com June 2013
S p e c i a l a n n u a l r e p o r t : s t a t e o f t h e v e n d i n g i n d u s t r y
8. There was also an 8 percent jump
in sales for “other” types of foods in
2012. The most reported items were
cups of soup and packaged items that
could be a snack or food. Operators
also saw success with juice and
desserts. Prices remained flat in
the food segment, $2.40 for freshly
prepared, $2.35 for frozen prepared
and $2 for shelf stable.
Milk, ice cream and cigarettes all
showed growth in 2012, although
they remain small product segments
in vending, see chart 12. These seg-
ments are doing better through
a combination of an improving
economy as well as operators offer-
ing more product variety, especially
in micro markets. Operators also
reported doing more bulk vending
in 2012 than in previous years rep-
resented in the “other” category of
chart 12.
2013: the new vending business
Vending operators were somewhat
divided about the future. Those
that proceed with the same product
mix, machines and business prac-
tices from 5 or 10 years ago con-
tinue to struggle. They suffer lost
locations taken by savvy competi-
tors and consumers wanting more
variety. They report that location
employees still hesitate to buy vend-
ing products due to low wages. The
operators who have acknowledged
vending is a different business
now have raised prices, invested
in technology at various levels and
started investigating new revenue
streams, like micro markets, which
eliminate commissions in most
cases. They’ve strengthened OCS
programs and started offering teas
and water service to better serve
the needs of the consumer. This
is still a challenging market with
negative consumer perception
of vending machines and leaner
workplaces, but the growth in 2012
looks like it will continue. Already
in 2013 many operators who have
embraced new and evolving tech-
nologies and business practices
report seeing even more growth.
Chart 16A: Food machines, 4-year review
Type 2009 2010 2011 2012
Refrigerated 133,000 131000 129000 128,700
Frozen* 51300 52,600 53,000 53,000
Ambient 2000 2000 2000 2000
Food systems (pizza,
french fries)
3900 1500 1100 1000
Total 190200 187,100 185,000 184,700
Frozen food machines as
a percent of total 27% 28.1% 28.6% 28.7%
* Most were also used for ice cream.
Chart 16B: Top 20 frozen food products in 2012, Unit Volume
# Product # Product
1 Pierre Foods Big AZ Beef Charbroil
with Cheese
11 Michelina’s Pepperoni Pizza
Snack Rolls
2 White Castle Twin Cheeseburger 12 Nestle Chef America Hot Pockets
Ham Cheese
3 Nestle Chef America Hot Pockets
Pepperoni Pizza
13 Schwan’s Foods 7-inch
Pepperoni Pizza
4 Pierre Foods Bubba Twin Chili
Cheese Hot Dog
14 Michelina’s Salisbury Steak
with Mashed Potato
5 Furlani Texas Toast 15 Michelina’s Pepper Steak and Rice
6 Pierre Foods Country Fried
Chicken with Cheese
16 Schwan’s Foods 7-inch Supreme
Pizza
7 Pierre Foods Hot Spicy
Chicken Wings
17 Monogram Chicken Corn Dog
8 Dreyer’s Vanilla with Crunch Dibs 18 Pierre Foods Jumbo Cheeseburger
with Bacon
9 Pierre Foods Double Beef Stacker
with Cheese
19 Michelina’s Meatloaf and Gravy
with Mashed Potato
10 JJ Snack Frozen Lemonade Cup 20 Pierre Foods Spicy Chicken Sandwich
with Cheese
Source: Vend product distributors
Chart 15: Hot beverage machines, 4-year review
2009 2010 2011 2012
320,000 315,000 309,000 318,270
8 Automatic Merchandiser VendingMarketWatch.com June 2013
S p e c i a l a n n u a l r e p o r t : s t a t e o f t h e v e n d i n g i n d u s t r y