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    Eric Serotta • Morgan Stanley

    Eric Serotta's questions to Primo Brands Corp (PRMB) leadership

    Eric Serotta's questions to Primo Brands Corp (PRMB) leadership • Q2 2025

    Question

    Eric Serotta of Morgan Stanley questioned the risks associated with upcoming technology transitions, given historical challenges in the CPG sector, and asked about the viability of the long-term $1 billion adjusted free cash flow target with a lower 2025 revenue base.

    Answer

    CEO Robbert Rietbroek detailed the migration to SAP and expressed confidence due to lessons learned and addressed challenges. CFO David Hass added that increased training will mitigate future risks. Regarding the free cash flow target, Hass affirmed it remains achievable, citing factors like working capital efficiencies, CapEx timing, and future opportunities in pricing and debt structure that have not yet been utilized.

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    Eric Serotta's questions to Celsius Holdings Inc (CELH) leadership

    Eric Serotta's questions to Celsius Holdings Inc (CELH) leadership • Q2 2025

    Question

    Eric Serotta inquired about the relationship between Alani Nu's robust shipment figures and its retail takeaway, and asked for expectations on the upcoming Witch's Brew LTO.

    Answer

    CEO John Fieldly stated that shipments and sell-through are tracking relatively closely and highlighted the launch of the Witch's Brew and new Pumpkin Spice flavors. CFO Jarrod Langhans provided supporting data, noting Alani's scanner data growth of 129% outpaced its revenue growth of 106%, indicating strong consumer pull-through and no excess inventory build at distributors.

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    Eric Serotta's questions to Celsius Holdings Inc (CELH) leadership • Q4 2024

    Question

    Eric Serotta asked about the distribution agreement with Pepsi, specifically if Pepsi has a right of first refusal for acquired brands and who would be responsible for distributor buyout costs if Alani Nu's network were to change. He also asked for the financial impact of the change in Pepsi inventories during Q4.

    Answer

    CEO John Fieldly deferred on the hypothetical distribution questions, stating the current focus is on closing the transaction. CFO Jarrod Langhans quantified the Q4 inventory impact, stating it was between $8 million and $10 million.

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    Eric Serotta's questions to Celsius Holdings Inc (CELH) leadership • Q3 2024

    Question

    Eric Serotta of Morgan Stanley asked how Celsius is evolving its execution playbook for 2025 as competitors increase their focus on the sugar-free segment. He also inquired about the company's pricing strategy, specifically if a price increase has been communicated to trade partners.

    Answer

    CEO John Fieldly positioned the increased competition in sugar-free as a positive trend that reinforces Celsius's core strength and will help expand the category. He reiterated the company's focus on its three primary growth drivers for 2025. On pricing, Fieldly confirmed a price increase was rolled out but stated the company is being conservative and does not expect a significant net benefit in 2025 due to the promotional environment.

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    Eric Serotta's questions to Coca-Cola Europacific Partners PLC (CCEP) leadership

    Eric Serotta's questions to Coca-Cola Europacific Partners PLC (CCEP) leadership • H1 2025

    Question

    Eric Serotta of Morgan Stanley asked about the drivers of the acceleration in the away-from-home channel and for an update on initiatives to reinvigorate sparkling beverage growth in Europe.

    Answer

    CEO Damian Gammell attributed away-from-home growth to better weather, return-to-office trends, and sustained investments in coolers and execution. For sparkling beverages, he said the priority is to add more volume growth to the consistent revenue growth, driven by Zeros, Diet Coke, and flavor innovations.

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    Eric Serotta's questions to Coca-Cola Europacific Partners PLC (CCEP) leadership • H1 2025

    Question

    Eric Serotta of Morgan Stanley asked about the drivers behind the acceleration in the away-from-home channel and its implications for consumer health, and also about initiatives to reinvigorate sparkling category growth in Europe.

    Answer

    CEO Damian Gammell attributed the away-from-home recovery to factors like better weather, more people returning to offices, and sustained investment in coolers and menus. For the sparkling category, he stated that while revenue growth has been consistent, the current priority is to drive more volume growth within that revenue mix, which they are beginning to see.

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    Eric Serotta's questions to Coca-Cola Europacific Partners PLC (CCEP) leadership • FY 2024

    Question

    Eric Serotta from Morgan Stanley asked for color on the slowdown in energy drink growth during 2024 and the company's expectations for the category in 2025.

    Answer

    CEO Damian Gammell acknowledged a slight slowdown but sees Energy as the standout growth category, expecting it to return to high single-digit growth. He highlighted expansion into new markets like Indonesia and the Philippines, a strong innovation pipeline from Monster, and increased competition as drivers of future category growth.

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    Eric Serotta's questions to Coca-Cola Europacific Partners PLC (CCEP) leadership • Q4 2024

    Question

    Eric Serotta questioned the slowdown in the Energy drink category's growth rate to the 6% range and asked about the outlook for 2025.

    Answer

    CEO Damian Gammell positioned Energy as a standout category despite the moderation, expecting it to return to high single-digit growth. He attributed this confidence to expansion into new markets like Indonesia and the Philippines, a strong innovation pipeline from Monster, and a competitive landscape that continues to drive overall category growth.

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    Eric Serotta's questions to Molson Coors Beverage Co (TAP) leadership

    Eric Serotta's questions to Molson Coors Beverage Co (TAP) leadership • Q2 2025

    Question

    Eric Serotta from Morgan Stanley inquired about recent market share trends relative to competitors and any corresponding changes in marketing strategy. He also asked for clarification on the size of the incentive compensation reversal and details on the free cash flow bridge.

    Answer

    CEO Gavin Hattersley noted that overall U.S. share trends have improved sequentially since Q3 2024, with losses concentrated in flavors and seltzers. He outlined Q3 marketing plans for core brands. CFO Tracey Joubert confirmed a large portion of H1 incentive compensation was reversed due to the adjusted outlook and that cash tax benefits and working capital improvements are offsetting the profit decline to maintain the free cash flow guidance.

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    Eric Serotta's questions to Molson Coors Beverage Co (TAP) leadership • Q1 2025

    Question

    Eric Serotta asked for a medium-term perspective on beer category growth, considering the dynamics of various segments like slowing Mexican imports and the role of domestic premium and light beers.

    Answer

    CEO Gavin Hattersley focused his response on Molson Coors' portfolio, expressing confidence in the health of its core brands and the plans in place for its above-premium portfolio, including Peroni and Blue Moon. He reiterated the company's goal to have its above-premium segment reach one-third of net sales revenue. While not commenting on specific segments, he repeated his view that the soft Q1 for the industry was an anomaly and expects a normalization over time.

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    Eric Serotta's questions to Molson Coors Beverage Co (TAP) leadership • Q4 2024

    Question

    Eric Serotta of Morgan Stanley asked about expectations for U.S. shelf space in 2025 following significant gains and sought clarification on the accounting for the Fever-Tree partnership.

    Answer

    CEO Gavin Hattersley expressed confidence in holding onto the substantial shelf space gains achieved for core brands. CFO Tracey Joubert clarified the accounting: Molson Coors will recognize 100% of U.S. revenue, share certain costs like marketing, pay a royalty included in COGS, and report its investment in the Fever-Tree entity on a cost basis, marked-to-market, and excluded from underlying results.

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    Eric Serotta's questions to Molson Coors Beverage Co (TAP) leadership • Q3 2024

    Question

    Eric Serotta asked about plans to revitalize the Blue Moon brand, whether the Golden brewery expansion adds capacity for Coors Banquet, and for initial thoughts on the COGS per hectoliter outlook for the next year.

    Answer

    CEO Gavin Hattersley detailed revitalization efforts for Blue Moon, including new packaging and campaigns, which are leading to sequential dollar share improvement. He clarified the Golden expansion frees up capacity for Coors Banquet indirectly. CFO Tracey Joubert declined to give 2025 COGS guidance but highlighted positive drivers like brewery efficiencies and the Pabst contract exit.

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    Eric Serotta's questions to Altria Group Inc (MO) leadership

    Eric Serotta's questions to Altria Group Inc (MO) leadership • Q2 2025

    Question

    Eric Serotta followed up on illicit vapes, asking if Altria has observed shortages of specific brands and how illicit players are adapting. He also questioned if Altria's stance on re-launching nJoy has changed, referencing a previously more cautious tone about not rushing back into a disorganized market.

    Answer

    CEO Billy Gifford noted it's early to see sustained trends but confirmed that shutting down one illicit brand often leads consumers to another, highlighting the need for consistent enforcement. He clarified that Altria's disciplined approach to re-launching nJoy has not changed, stating the company is excited to bring it back when appropriate, but acknowledged the e-vapor market remains dominated by illicit disposable products.

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    Eric Serotta's questions to Altria Group Inc (MO) leadership • Q4 2024

    Question

    Eric Serotta of Morgan Stanley sought to quantify the pension income impact within the 2025 EPS guidance and asked for color on tobacco consumer spending trends, particularly in the convenience channel.

    Answer

    CFO Salvatore Mancuso and CEO William Gifford clarified that while pension income is lower, the guidance range accounts for various puts and takes, and the long-term EPS goal allows for year-to-year variability. Gifford emphasized that the primary headwind for consumers is the cumulative impact of inflation, which disproportionately affects their lower-income consumer base, and this is the key economic factor they are monitoring.

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    Eric Serotta's questions to Boston Beer Company Inc (SAM) leadership

    Eric Serotta's questions to Boston Beer Company Inc (SAM) leadership • Q2 2025

    Question

    Eric Serotta inquired about the sustainability of the company's high gross margins and the potential for future improvement, and also asked about the seemingly more tentative tone regarding Twisted Tea's growth potential.

    Answer

    CFO Diego Reynoso credited the operations and procurement teams for margin improvements but noted headwinds from tariffs and lower volumes, while highlighting the positive mix benefit from Sun Cruiser. Regarding Twisted Tea, Founder & Chairman C. James Koch explained the brand's health is strong at the single-serve level, but 12-packs have been impacted by aggressive pricing and a loss of retail display space to RTDs, issues he believes are correctable.

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    Eric Serotta's questions to Boston Beer Company Inc (SAM) leadership • Q1 2025

    Question

    Eric Serotta of Morgan Stanley asked about the long-term growth runway for Twisted Tea, questioning if a return to low-double-digit growth is a reasonable expectation. He also inquired about the Truly brand, asking for an update on the product line rationalization and the extent to which de-emphasized SKUs are still a drag on performance.

    Answer

    CEO Michael Spillane explained that future Twisted Tea growth will be driven by innovation, particularly the expansion of under-distributed high-ABV and light versions. Regarding Truly, he stated that most of the flavor assortment editing is complete and that the brand's current challenges stem from both the category's decline and lost distribution space, which they aim to reclaim through heavy marketing investment with partners like Barstool Sports.

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    Eric Serotta's questions to Boston Beer Company Inc (SAM) leadership • Q4 2024

    Question

    Eric Serotta asked about the expected deceleration of Twisted Tea's growth, whether the industry is doing enough to combat health and wellness pressures, and the interaction between spirits-based hard teas and Twisted Tea.

    Answer

    CEO Michael Spillane stated that planning for single-digit growth for Twisted Tea is prudent given its large base, but highlighted growth drivers like increased investment and new extensions. Founder and Chairman C. Koch addressed health concerns, affirming the industry is advocating strongly against new, stricter guidelines. On product interaction, management sees minimal cannibalization between spirits-based teas and Twisted Tea, viewing them as attracting different drinkers.

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    Eric Serotta's questions to Boston Beer Company Inc (SAM) leadership • Q3 2024

    Question

    Eric Serotta of Morgan Stanley asked about 2025 shelf space expectations for Sun Cruiser, its potential source, and its interaction with the Twisted Tea brand. He also followed up on the cause of higher obsolescence costs in the quarter.

    Answer

    Founder and Chairman C. Koch positioned Sun Cruiser as a margin-accretive, incremental product to Twisted Tea, aimed at capturing share from other vodka-based canned beverages. On the follow-up, he clarified that the quarter's obsolescence cost was not brand-related but was due to a strategic rebalancing of the company's hops portfolio.

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    Eric Serotta's questions to Vita Coco Company Inc (COCO) leadership

    Eric Serotta's questions to Vita Coco Company Inc (COCO) leadership • Q1 2025

    Question

    Eric Serotta of Morgan Stanley sought clarity on the drivers of higher finished goods costs, the variables within the 200-basis-point gross margin guidance range, and the timing and scale of planned price increases relative to tariffs.

    Answer

    CEO Martin Roper clarified that a price increase was already planned for Q2, with an additional increase likely in Q3 to offset tariffs. He attributed the wide gross margin guidance to uncertainty in ocean freight rates and explained that higher finished goods costs stem from start-up expenses for new factories and higher year-over-year freight costs flowing through inventory. CFO Corey Baker added that gross margin cadence should be relatively flat, with H2 pricing benefits offsetting tariff impacts.

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    Eric Serotta's questions to Vita Coco Company Inc (COCO) leadership • Q4 2024

    Question

    Eric Serotta asked for an update on inventory levels throughout the distribution channel, questioning if further replenishment is expected. He also inquired about the magnitude and retailer reception of the planned U.S. price increase and whether the company would ship ahead of consumption in the first half of the year.

    Answer

    Executive Michael Kirban and CEO Martin Roper confirmed that inventory levels were healthy at year-end, with retail and distributor channels largely replenished. They noted that price increase letters are being sent to customers for a summer implementation, supported by a strong rationale of higher freight costs, with no significant pushback reported yet. While back to a normal shipping cadence, they aim to build additional inventory ahead of the summer season.

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    Eric Serotta's questions to Vita Coco Company Inc (COCO) leadership • Q3 2024

    Question

    Eric Serotta requested more granular details on the strategic initiatives planned to maintain top-line momentum in 2025 and beyond. He also asked for the order of magnitude of the gross margin benefit from reduced promotional activity in the quarter.

    Answer

    CFO Corey Baker and CEO Martin Roper outlined a strategy focused on expanding households and occasions through multipacks, Vita Coco Treats, and the canned juice line, while also capitalizing on the success of the 1-liter format in convenience stores. Regarding promotions, they confirmed a major club store promotion was skipped due to inventory constraints, which provided a material benefit to gross margin that offset some ocean freight pressure, but declined to quantify the specific impact.

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