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Drew Levine

Vice President in Equity Research at JPMorgan Chase & Co.

Drew Levine is a Vice President in Equity Research at JPMorgan Chase & Co., specializing in the coverage of the Beverages and Household & Personal Care (HPC) sectors. He provides research and analysis on key consumer-focused companies in these industries and supports investment recommendations based on industry and company fundamentals. Levine has held the Vice President position at JPMorgan Chase for over four years, contributing expertise and insight since joining the firm and focusing on equity analysis for both large-cap and mid-cap companies within his sectors. He is recognized for his analytic rigor and dedication to sector coverage, holding relevant industry credentials for his research role.

Drew Levine's questions to Primo Brands (PRMB) leadership

Drew Levine's questions to Primo Brands (PRMB) leadership • Q4 2024

Question

Drew Levine, on for Andrea Teixeira, asked for a breakdown of Q4 revenue growth between retail and home/office delivery, more detail on the growth outlook by business segment, and the potential for synergies beyond the newly raised $300 million target.

Answer

The company is now viewing the business as one integrated go-to-market system rather than separate segments. The 2025 growth outlook is balanced between volume and price/mix. The current synergy target is a firm $300 million, accelerated into a two-year plan, and they will update if there are future changes. Synergy capture will be reported on as it is realized.

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Drew Levine's questions to Primo Brands (PRMB) leadership • Q4 2024

Question

Drew Levine, on behalf of Andrea Teixeira, requested a breakdown of Q4 revenue growth by channel and more detail on the growth outlook by business segment for 2025. He also asked about the potential for synergies beyond the updated $300 million target.

Answer

CEO Robbert Rietbroek emphasized the company's shift to a single, integrated go-to-market system, moving away from separate channel reporting. CFO David Hass reiterated the 2025 growth outlook is balanced between volume and price/mix across the unified portfolio. Regarding synergies, Rietbroek stated the current $300 million target is firm, achieved through operations, procurement, and SG&A, and the company will provide updates if there are future changes.

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Drew Levine's questions to Primo Brands (PRMB) leadership • Q4 2024

Question

Drew Levine, on for Andrea Teixeira, asked for a breakdown of the Q4 5.5% combined revenue growth between the retail and Home & Office Delivery (HOD) channels, and sought more detail on the 2025 growth outlook by business segment.

Answer

CEO Robbert Rietbroek responded by emphasizing the company's strategic shift to viewing the business as one integrated, end-to-end go-to-market system rather than distinct channels. CFO David Hass reiterated the 2025 outlook of 3-5% growth balanced between volume and price/mix, and noted synergy capture would ramp up after Q1.

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Drew Levine's questions to MOLSON COORS BEVERAGE (TAP) leadership

Drew Levine's questions to MOLSON COORS BEVERAGE (TAP) leadership • Q4 2024

Question

Drew Levine of JPMorgan, on behalf of Andrea Teixeira, asked for more color on the 3% decline in U.S. brand volume, seeking insights into underlying consumer behavior and channel performance.

Answer

CEO Gavin Hattersley explained that performance was aided by an extra trading day in the quarter. From a consumer perspective, he noted a shift back into the convenience store channel after a move away from it during the summer, and also mentioned that the on-premise channel continued to show slight outperformance.

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Drew Levine's questions to MOLSON COORS BEVERAGE (TAP) leadership • Q3 2024

Question

Drew Levine, on for Andrea Teixeira, asked for more detail on the U.S. beer industry backdrop, questioning what drove the recent performance improvement in September and October after a summer of value-seeking behavior.

Answer

CEO Gavin Hattersley attributed the summer softness to economic pressures accelerating channel and pack shifting, a trend that eased in September and October. He stated that overall consumer behavior has not meaningfully changed from previous trends but noted that recent improvements in consumer confidence are encouraging.

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Drew Levine's questions to PEPSICO (PEP) leadership

Drew Levine's questions to PEPSICO (PEP) leadership • Q4 2024

Question

Drew Levine from JPMorgan Chase & Co. pointed out that energy drinks were not mentioned in the prepared remarks, a departure from recent quarters. He asked if this signaled a change in the company's view of the category or its growth plans.

Answer

CEO Ramon Laguarta stated there was 'nothing special to mention,' which is why it was omitted. He reaffirmed that energy remains a fundamental part of PepsiCo's U.S. beverage growth strategy and that the company is well-positioned with a comprehensive portfolio to serve both consumers and customers.

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Drew Levine's questions to NAPA leadership

Drew Levine's questions to NAPA leadership • Q2 2024

Question

Asked for a breakdown of the updated guidance between inventory adjustments and slower consumption, including depletion trends. Also inquired about the competitive and promotional environment.

Answer

In Q2, depletions exceeded shipments more than anticipated, and the company expects a rebalancing in the second half. Distributor inventory levels are not high. The promotional environment is more intense in the value segment (sub-$15), and they are not increasing promotional activity for their brands.

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Drew Levine's questions to PRMW leadership

Drew Levine's questions to PRMW leadership • Q4 2023

Question

Asked about the drivers of the 2024 EBITDA guidance, including the cadence of M&A and cost savings, and questioned the company's confidence in achieving high single-digit organic growth in the long term.

Answer

EBITDA growth is expected to be driven by margin expansion from production investments, automation, and achieving a $20 million productivity run rate by year-end. Long-term growth confidence comes from a strategy focused on volume acceleration in the second half of the year, targeting high-value customers, and a robust M&A pipeline that is not included in the current guidance.

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