Rubens Morse

3 Interesting Reductions in Bill Ackman's Holdings

Could you elaborate on how you compared DPS with PEP and KO and didn't find it attractive?

DPS is a misunderstood company, a combination of syrup company (like PEP and KO) with a bottler (like CCE and PBG). It should trade at an EV/EBITDA multiple somewhere in between, but is valued right now very close to the bottlers.