Business Strategy and Outlook
| Dan Su |Following years of anemic growth due to operational missteps and underinvestment, management has worked to right PepsiCo’s ship, even amid COVID-19-related disruptions and inflation. But we think there is more room to go, as the firm benefits from secular tailwinds in the snack business, growth initiatives in select attractive beverage subcategories (energy drinks, for one) and regional markets (Africa and Asia-Pacific), and an integrated business model facilitating more effective commercialization.