Mondelez Continues to Take Inflation and Supply Chain Angst in Stride, but We Aren't Sweet on Shares

In our view, wide-moat Mondelez’s second-quarter results evidence the prowess of its brand mix and its ability to withstand a slew of headwinds. This was underscored by the outsize revenue gains chalked up, 13.1% on an organic basis, which we perceive as especially impressive given the firm was lapping around 6% growth in the year-ago period. Moreover, we find the composition of the growth as particularly illustrative of Mondelez’s pricing power as price contributed 8% of the growth, with volume and mix accounting for the rest.