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element.setAttribute('media', 'all') }); }); </script><script data-n-head="ssr" data-hid="piano-init-scripts"> function pianoUpdateSalutation(config, data, field, forceReload = false) { if (window.localStorage && window.localStorage.getItem(`nzz-salutation`) === data.uid) { if (window.nzzDebugPiano) { console.log('##piano## pianoUpdateSalutation already updated'); } if (forceReload) { if (window.nzzDebugPiano) { console.log('##piano## pianoUpdateSalutation forceReload, because of source PIANOID'); } window.location.reload(); } } if (window.nzzDebugPiano) { console.log('##piano## pianoUpdateSalutation'); } let accountSalutation = null; if (field && field.value) { accountSalutation = field.value; } /* Determine values for new custom field for TEM (here called "salutation_text_TEM") */ let salutation_text_TEM = ''; if (accountSalutation === "[\"female\"]") { salutation_text_TEM = "Sehr geehrte Frau"; } else if (accountSalutation === "[\"male\"]") { salutation_text_TEM = "Sehr geehrter Herr"; } /* Update custom field with new value */ fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: data.uid, /* replace correct form ID and custom field ID */ form_id: config.salutationForm.formName, custom_fields: JSON.stringify({ salutation_text_TEM: salutation_text_TEM }) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }).then(() => { if (window.nzzDebugPiano) { console.log(`##piano## salutation_text_TEM updated to ${salutation_text_TEM}`); } if (window.localStorage) { window.localStorage.setItem(`nzz-salutation`, data.uid); } }).catch(e => { if (window.nzzDebugPiano) { console.log(`##piano## salutation_text_TEM error: ${e}`); } }).finally(() => { if (forceReload) { if (window.nzzDebugPiano) { console.log('##piano## pianoUpdateSalutation forceReload, because of source PIANOID'); } window.location.reload(); } });}; ((bT, clientCountryPreference, config) => { let tags = []; if 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window.tp.push(['setPianoIdUrl', 'https://id-eu.piano.io']); window.tp.push(['setEndpoint', 'https://buy-eu.piano.io/api/v3']); } else { window.tp.push(['setPianoIdUrl', 'https://sandbox.piano.io']); window.tp.push(['setEndpoint', 'https://sandbox.tinypass.com/api/v3']); } window.tp.push(['setUseTinypassAccounts', false]); window.tp.push(['setUsePianoIdUserProvider', true]); /* gift article */ try { const urlParams = new URLSearchParams(window.location.search); if (urlParams.has('gift_created') && new Date(urlParams.get('gift_created') / 1 * 1000) > Date.now() - 7 * 24 * 60 * 60 * 1000) { window.tp.push(['setCustomVariable', 'shared_article_valid', 'true']); } } catch (e) { console.log(e); } /* Execute when the page is first loaded */ if (window.nzzDebugPiano) { console.log('%c set tags', 'background: yellow;color:black'); } tags.forEach(function (tag) { window.tp.push(tag); }); window.tp.push(['init', function () { if (window.nzzDebugPiano) { console.log('%c init piano', 'background: green;color:yellow'); } window.nzzPianoLoaded = true; window.tp.push(['addHandler', 'registrationSuccess', data => { if (window.nzzDebugPiano) { console.log('##piano## registrationSuccess:'); } fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: data.user.sub, form_id: config.RSEvent.formName, custom_fields: JSON.stringify(config.RSEvent.params) }), { method: 'POST', headers: { 'Authorization': data.token, 'Content-Type': 'application/json; charset=UTF-8' } }); }]); window.tp.push(['addHandler', 'loginSuccess', callbackData => { if (window.nzzDebugPiano) { console.log('##piano## loginSuccess in init', callbackData.source); } window.tp.pianoId.loadExtendedUser({ extendedUserLoaded: function (data) { if (window.nzzDebugPiano) { console.log('##piano## extendedUserLoaded for salutation', data); } let salutationField = null; const customFieldValues = data.custom_field_values; if (customFieldValues && customFieldValues.length > 0) { for (const field of customFieldValues) { if (field.field_name === "account_salutation") { salutationField = field; } } } let forceReload = false; if (callbackData.source == "PIANOID") { forceReload = true; } pianoUpdateSalutation(config, data, salutationField, forceReload); }, formName: 'salutation_form' }); }]); window.tp.push(['addHandler', 'checkoutCustomEvent', event => { if (window.nzzDebugPiano) { console.log('##piano## onCheckoutExternalEvent'); } const params = JSON.parse(event.params.params); if (event.eventName === 'purchaseCustom' && params.pmId == 'inbas') { if (window.nzzDebugPiano) { console.log('##piano## onCheckoutExternalEvent: Invoice payments'); } fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: window.tp.pianoId.getUser().uid, form_id: config.CEEvent.formName, custom_fields: JSON.stringify(config.CEEvent.params) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }); } else if (event.eventName == 'purchaseCustom' && params.pmId == 'inbaf') { if (window.nzzDebugPiano) { console.log('##piano## onCheckoutExternalEvent: inbaf'); } fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: window.tp.pianoId.getUser().uid, form_id: config.CEEventInbaf.formName, custom_fields: JSON.stringify(config.CEEventInbaf.params) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }); } }]); window.tp.push(['addHandler', 'checkoutClose', event => { if (event && event.state == "checkoutCompleted") { window.location.reload(); } }]); window.tp.push(['addHandler', 'externalCheckoutComplete', event => { /* Default behavior is to refresh the page on successful checkout */ if (event && event.state == "checkoutCompleted") { location.reload(); } }]); window.tp.push(['addHandler', 'customEvent', event => { if (window.nzzDebugPiano) { console.log(`##piano## customEvent: ${event.eventName}`); } if (event.eventName 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class="headline"><div class="headline__highlight headline__highlight--opinion"><div class="headline__inner headline__inner--highlight"><div class="teaser__flag teaser__flag--content teaser__flag--colored"><div class="teaser__flag teaser__flag--colored teaser__flag--default teaser__flag--default-opinion"><span class="teaser__flag--text"> Meinung </span> </div></div> <h1 class="headline__title headline__title--opinion"> <span>Nestlé: Die Abrechnung mit Mark Schneider</span></h1></div></div> <div class="headline__inner"><p class="headline__lead">Die am Kapitalmarkttag vorgestellten Massnahmen und Ziele lesen sich teilweise wie ein Seitenhieb in Richtung des abgetretenen Konzernchefs. Das hat Strategie.</p> <div class="progressbar__wrapper"><div class="progressbar"><div class="progressbar__line"><div class="progressbar__line--fill" style="transform:translateX(-100%);"></div></div></div></div> <div class="headline__meta"> <div class="metainfo metainfo--content"> <span class="metainfo__item metainfo__item--author"><a target="_blank" href="mailto:gabriella.hunter@themarket.ch">Gabriella Hunter</a> ✉</span>    <span class="metainfo__item metainfo__item--date"><time datetime="2024-11-19T16:31:45.155Z"> 19.11.2024, 17.31 Uhr </time> </span></div> <div class="headline__meta-extra"><div class="actionbar actionbar--header"> <div class="popover__placeholder"><div><div class="actionbar__item"><button class="actionbar__button button actionbar__button--header"><svg version="1.1" viewBox="0 0 18 16" class="svg-icon" style="width:16px;height:18px;"><path stroke="#000000" fill="none" pid="0" d="M17.477 7.5C17.148 3.747 13.165.5 9 .5 4.834.5.85 3.747.52 7.5M2.5 8.5h-2v7h2v-7zM17.5 8.5h-2v7h2v-7z" _stroke="#000"/><path stroke="#000000" fill="none" pid="1" fill-rule="evenodd" clip-rule="evenodd" d="M7.5 9.04v5.92L11.2 12 7.5 9.04z" _fill="#000" _stroke="#000"/></svg> <span class="actionbar__label">Hören</span></button></div></div> <div class="popover popover--header hidden"><div class="popover__container popover--header"><button class="button popover__close"><svg version="1.1" viewBox="0 0 14 14" class="button popover__close-icon svg-icon svg-fill" style="width:12px;height:12px;"><path stroke="#000000" fill="none" pid="0" d="M1 1l12 12M1 13L13 1" _stroke="#000"/></svg></button> <div class="popover__content"><div class="popover__title">Neue Vorlese-Stimmen</div> <div class="popover__desc">Eine verbesserte Vorlesefunktion steht zur Verfügung. Probieren Sie es aus!</div></div></div></div></div>  <div class="actionbar__item actionbar__item--print"><div class="actionbar__button actionbar__button--header"><svg version="1.1" viewBox="0 0 18 16" class="svg-icon" style="width:18px;height:16px;"><path stroke="#000000" fill="none" pid="0" fill-rule="evenodd" clip-rule="evenodd" d="M3.5.5v4h11v-4h-11z" _stroke="#000"/><path stroke="#000000" fill="none" pid="1" d="M3.5 12.5H1.8a1.3 1.3 0 01-1.3-1.3V5.8a1.3 1.3 0 011.3-1.3h14.4a1.3 1.3 0 011.3 1.3v5.4a1.3 1.3 0 01-1.3 1.3h-1.7" _stroke="#000"/><path stroke="#000000" fill="none" pid="2" d="M12.5 8.5h-7a2 2 0 00-2 2v3a2 2 0 002 2h7a2 2 0 002-2v-3a2 2 0 00-2-2z" _stroke="#000"/></svg> <span class="actionbar__label">Drucken</span></div></div> <div class="actionbar__item share" style="position:relative;"><div class="contextmenu-closed"><div class="actionbar__button actionbar__button--header"><svg version="1.1" viewBox="0 0 18 18" class="svg-icon" style="width:18px;height:18px;"><path stroke="#000000" fill="none" pid="0" d="M10.48 1.18l6.795 6.584-6.794 6.353v-3.796l-.513.013c-2.052.051-3.758.423-5.238 1.2-1.471.773-2.684 1.927-3.785 3.49.565-2.854 1.539-5.138 3.005-6.82 1.467-1.683 3.456-2.8 6.116-3.263l.414-.072V1.181z" _stroke="#000"/></svg> <span class="actionbar__label">Teilen</span></div></div>  <div data-nzz-tid="contextmenu-overlay" class="overlay--container"> </div></div> </div></div></div></div></div><p data-team-paragraph="" id="id-doc-1i5uvqngo0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text">Die Unterschiede sind augenscheinlich: Hier der joviale, kommunikationsfreudige Franzose, dort der spröde wirkende, analytische Deutsche. Hier das Eigengewächs mit einer vierzigjährigen Nestlé-Karriere, dort der erste Externe auf dem höchsten Posten beim weltgrössten Nahrungsmittelkonzern.</p><div id="id-doc-a2a22c5d" content="" pagetype="Article" componenttype="barrier" is-new-line-child="true"><div id="paywall_container" class="disabled-overlay"></div></div><div id="id-doc-8b2a5eec" content="" pagetype="Article" componenttype="advertisement" is-new-line-child="true" class="nzzinteraction"></div><p data-team-paragraph="" id="id-doc-1id2676dt0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Laurent Freixe, <a target="_blank" href="https://themarket.ch/meinung/paul-bulcke-dominiert-nestle-ob-das-hilft-ist-fraglich-ld.11918">seit September CEO von Nestlé</a>, ist so etwas wie der Gegenentwurf zu seinem Vorgänger Mark Schneider.</p><p data-team-paragraph="" id="id-doc-1id26cf090" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><a target="_blank" href="https://themarket.ch/hinter-der-headline/nestle-misslingt-der-befreiungsschlag-ld.12551">Und nun legt der Neue dem Publikum einen ersten Entwurf seiner Strategie vor</a>, die sich in vier Punkten wie die Distanzierung vom Alten liest und die als Abrechnung mit der alten Zeit interpretiert werden kann. Nestlé versucht ein neues Kapitel aufzuschlagen.</p><h2 data-team-subtitle="" id="id-doc-1i5v04gal0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>In Vevey kehrt Realismus ein</span></h2><p data-team-paragraph="" id="id-doc-1id26famj0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Der Konzern aus Vevey schraubt die Ambitionen deutlich zurück. Ausdruck davon ist vor allem das mittelfristige Wachstumsziel: Mit «4% plus» liegt es zwar deutlich höher als was für 2024 erwartet werden darf, aber nur gerade am unteren Rand der bisherigen Mittelfristprognose. Bei der Profitabilität liegt Nestlé heute schon im angestrebten Bereich von «17% plus» für die bereinigte Betriebsgewinnmarge.</p><p data-team-paragraph="" id="id-doc-1id2cpprm1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Nein, er wolle nicht tiefstapeln, sagt Freixe im Gespräch, die Ziele seien vor allem eines: realistisch. Und die leise Kritik an den bisherigen Vorstellungen ist nicht zu überhören.</p><p data-team-paragraph="" id="id-doc-1id2b92ng0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Als Schneider 2017 sein Amt antrat, klang das deutlich anders. Auch er strebte eine Wachstumsbeschleunigung von niedrigem Niveau aus an, 2,4% organisches Wachstum in seinem ersten Jahr. Das sollte aber nur der erste Schritt auf dem Weg zu den 4 bis 6% sein, die er mittelfristig für möglich hielt. Gleichzeitig strebte er eine bereinigte operative Marge von 17,5 bis 18,5% an. Und tatsächlich: Getragen von den Sondereffekten der Pandemie wurden auch diese Ziele erreicht.</p><div id="id-doc-1i5v0sg5r0" content="" pagetype="Article" componenttype="idms-article-comparison" is-new-line-child="true" class="articlecomponent idms nzzinteraction" style="opacity:0.1;"><iframe id="market-widget-doc-1i5v0sg5r0" src="https://boerse.themarket.ch/widgets/instrument/3886335-4-1?period=3J&loaded=false#market-widget-doc-1i5v0sg5r0" allowfullscreen="allowfullscreen" class="market-iframe" style="border:0;width:100%"></iframe></div><h2 data-team-subtitle="" id="id-doc-1id1p5keb0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Nestlé fokussiert auf die eigenen Stärken</span></h2><p data-team-paragraph="" id="id-doc-1id26fr3h0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die neue Führung fokussiert sich klar auf die eigenen Stärken. Unter anderem dank bekannter Marken und der dominanten Position will Nestlé das Wachstum ihrer Märkte übertreffen und weitere Anteile gewinnen. Die zugrunde liegenden Kategorien wachsen durchschnittlich 3 bis 4% pro Jahr. Dreissig Bereiche wurden identifiziert, die diese Beschleunigung liefern sollen. Das Schöne daran: Sie sind bereits Teil von Nestlé. Externes Wachstum ist nicht nötig. «Grow what we have» lautet das Mantra. Freixe will, wie er sagt, «das volle Potenzial» aus dem bestehenden Geschäft herausholen.</p><p data-team-paragraph="" id="id-doc-1id2752dn0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Von Anfang an setzte Schneider auch auf akquisitorisches Wachstum. Für die Zeit nach der grossen Portfoliobereinigung, bei der zunächst Marken wie Herta abgestossen wurden, kündigte er an, eine Reihe kleinerer und mittlerer Akquisitionen tätigen zu wollen. Mit dem Kauf der Handelssparte von Starbucks für mehr als 7 Mrd. $ im Mai 2018 gelang dem Konzern ein früher transformativer Schritt, der auch das organische Wachstum durch schnelle Innovation in kürzester Zeit beflügelte. Doch gerade im Bereich der Gesundheitsnahrung und Nahrungsergänzungsmittel – Nestlé Health Science – blieb der Erfolg der teuren Zukäufe aus.</p><p data-team-paragraph="" id="id-doc-1id28aqck0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Aber auch bei der Finanzierung schaute sich der Konzern unter Mark Schneider und seinem Finanzchef François-Xavier Roger neu um: Das Fremdkapital wuchs deutlich; das Verhältnis von Nettoverschuldung zum operativen Gewinn auf Stufe Ebitda stieg von unter 1 im Jahr 2016 auf zuletzt gegen 3. Gleichzeitig wurden Aktien im grossen Stil zurückgekauft. Mit der aktionärsfreundlichen Politik ist es nun ebenso vorbei, angesichts der hohen Verschuldung bei gleichzeitig niedrigerem Cashflow besteht kaum mehr Spielraum für ein weiteres Rückkaufprogramm.</p><h2 data-team-subtitle="" id="id-doc-1i5v0st710" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Nicht nur Kaffee und Tiernahrung, auch Kitkat und Maggi</span></h2><p data-team-paragraph="" id="id-doc-1id279cen0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Ab 2025 wird das Wassersegment aus den Regionen herausgelöst – wieder, möchte man sagen. Was ist der Unterschied zu Nestlé Waters, das bis Ende 2019 noch als eigenständige Geschäftseinheit geführt wurde? Es sei ein globaleres Geschäft, vor allem durch den Verkauf der lokalen US-Marken, sagt Freixe im Gespräch. Und vor allem macht er klar, dass Nestlé die Sparte ins Schaufenster stellen will. Damit ist der Grundstein für mehr Eigenständigkeit bis hin zum Verkauf gelegt. Trotzdem: Es ist auch das Eingeständnis, dass Schneiders Idee, das Geschäft lokaler zu führen, nicht aufgegangen ist.</p><p data-team-paragraph="" id="id-doc-1id27f8el0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Liste der Produkte, die unter dem alten CEO noch höchste Aufmerksamkeit genossen und nun in den Hintergrund gerückt sind, enthält einige prominente Namen: Nestlé Health Science arbeitet an der Trendwende und bleibt im Konzern, aber die akquisitorischen Abenteuer und damit die grosse Öffentlichkeit sind definitiv vorbei. Fleischersatzprodukte, ein Lieblingsthema Schneiders, spielen in der Kommunikation eine deutlich kleinere Rolle. Frisch und gesund, das war einmal.</p><p data-team-paragraph="" id="id-doc-1id27jnu50" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die grossen Wetten, die Big Bets, wie Nestlé sie nennt, liegen heute woanders. Hatte Schneider mit Heimtierprodukten, Kaffee, Wasser und Säuglingsnahrung zunächst vier global schnell wachsende Kategorien ausgemacht, ruhen die Wachstumshoffnungen nun auch auf Chocobakery oder Fertigprodukten für den Airfryer. Sie gehören ebenso wie San Pellegrino oder Purina zu den dreissig Marken mit überdurchschnittlichem Potenzial.</p><p data-team-paragraph="" id="id-doc-1id2868dj0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Das ist streng genommen nicht neu, denn schon Schneider hatte erkannt, dass Marken in weniger populären Bereichen wie Maggi bei Fertiggerichten und Kitkat und lokale Marken bei Süsswaren ein erhebliches Wachstumspotenzial haben – das heute zum Teil schon realisiert wird. Doch erst mit Freixe wurde die Rhetorik geschärft. Der neue CEO zeigt keine Angst vor Umsatzeinbussen durch Gesundheitstrends oder mögliche US-Zölle.</p><h2 data-team-subtitle="" id="id-doc-1id1p55l70" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Mit Charme und Überzeugung gegen Zweifler</span></h2><p data-team-paragraph="" id="id-doc-1id1p5vr60" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Bei den bisherigen Präsentationen und Begegnungen wirkte Freixe locker, er erzählt gerne und viel. Der Inhalt ist selten so informativ und präzise formuliert, wie bei Schneider, wo auch nach stundenlangen Anlässen noch jedes Wort sass. Doch der Charme scheint intern gut anzukommen. Die Mitarbeitenden scheinen vom Führungswechsel positiv überrascht, viele schätzen, dass mit dem 62-Jährigen ein langjähriger Kenner das Ruder übernommen hat.</p><p data-team-paragraph="" id="id-doc-1id2i8lhl0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Schneiders analytische Fähigkeiten und seine klare Kommunikation kamen am Finanzmarkt anfangs sehr gut an. <a target="_blank" href="https://themarket.ch/analyse/nestle-muss-das-vertrauen-wiederherstellen-ld.11208">Doch in den letzten Monaten hatte das Verhältnis stark gelitten.</a> Der 59-Jährige wirkte zunehmend müde und gealtert. Zu lange hielt er an seiner Strategie und seinen Zielen fest. So lange, dass sich Freixe heute mit aller Kraft davon distanzieren muss, in der Hoffnung, mit seiner Überzeugung vom Potenzial Nestlés auch die Zweifler am Finanzmarkt mitreissen zu können.</p><p data-team-paragraph="" id="id-doc-1id1p9sbn0" content="" pagetype="Article" componenttype="p" data-vars-danzz-last-article-element="true" is-new-line-child="true" class="articlecomponent text nzzinteraction">In einem Punkt sind die beiden Manager sehr ähnlich: Sie wollen schnelle Resultate sehen. Während man verlorengegangenes Geschäft zurückerobern könne, arbeite die Zeit stets gegen einen, sagt Laurent Freixe nach seinem ersten Auftritt als CEO am Kapitalmarkttag von Nestlé. 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class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/hinter-der-headline/nestle-misslingt-der-befreiungsschlag-ld.12551" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Nestlé misslingt der Befreiungsschlag" src="https://img.themarket.ch/2024/11/19/6d0a121b-693d-4650-93fe-966848874af3.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3909,2932,x0,y0" loading="eager" srcset="https://img.themarket.ch/2024/11/19/6d0a121b-693d-4650-93fe-966848874af3.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=3909,2932,x0,y0 160w, https://img.themarket.ch/2024/11/19/6d0a121b-693d-4650-93fe-966848874af3.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=3909,2932,x0,y0 320w, https://img.themarket.ch/2024/11/19/6d0a121b-693d-4650-93fe-966848874af3.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=3909,2932,x0,y0 120w, https://img.themarket.ch/2024/11/19/6d0a121b-693d-4650-93fe-966848874af3.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3909,2932,x0,y0 240w" width="3909" height="2932" class="image-placeholder__image poster__image">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/hinter-der-headline/nestle-misslingt-der-befreiungsschlag-ld.12551" data-nzz-referrer="articleTeaser" ordinal-number="1" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Hinter der Headline </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--0">  <span class="teaser__title-name">Nestlé misslingt der Befreiungsschlag</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Der Nahrungsmittelkonzern präsentiert am mit Spannung erwarteten Kapitalmarkttag keine bahnbrechenden Neuerungen, sondern betont den neuen Realismus mit Blick nach vorne. Die Neuorganisation des Wassergeschäfts kann die Stimmung an der Börse nur kurz heben.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Gabriella Hunter ✉</span> <time class="metainfo__item metainfo__item--date">19.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_12289" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/mister-market/mrs-market-zu-nestle-aryzta-bachem-und-pierer-mobility-ld.12289" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Die Erwartungen an Nestlé sind gesunken – zum Glück" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/10/23/bad0c020-4f06-47e2-b5cd-8cae6c2d88f2.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=1820,1365,x114,y0 160w, https://img.themarket.ch/2024/10/23/bad0c020-4f06-47e2-b5cd-8cae6c2d88f2.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=1820,1365,x114,y0 320w, https://img.themarket.ch/2024/10/23/bad0c020-4f06-47e2-b5cd-8cae6c2d88f2.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=1820,1365,x114,y0 120w, https://img.themarket.ch/2024/10/23/bad0c020-4f06-47e2-b5cd-8cae6c2d88f2.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=1820,1365,x114,y0 240w" width="1820" height="1365" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/mister-market/mrs-market-zu-nestle-aryzta-bachem-und-pierer-mobility-ld.12289" data-nzz-referrer="articleTeaser" ordinal-number="2" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Mr Market </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--1">  <span class="teaser__title-name">Die Erwartungen an Nestlé sind gesunken – zum Glück</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Die meisten Analysten haben ihre Gewinnschätzung für den Nahrungsmittelkonzern deutlich gesenkt. Das sind gute Neuigkeiten. Ausserdem: Aryzta wird unterschätzt, Bachem-Aktien sind nach dem Kursrücksetzer attraktiv und ein Wort zu Pierer Mobility.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Gabriella Hunter ✉</span> <time class="metainfo__item metainfo__item--date">23.10.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_11918" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--opinion teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-opinion"><figure class="poster__figure poster__figure--image"><a href="/meinung/paul-bulcke-dominiert-nestle-ob-das-hilft-ist-fraglich-ld.11918" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:100%;"><img alt="Paul Bulcke dominiert Nestlé – ob das hilft, ist fraglich" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/08/23/c97ec92a-e716-4ce6-874c-2c63d38d1cc8.jpeg?width=120&height=120&fit=bounds&quality=75&auto=webp&crop=3621,3621,x1997,y445 120w, https://img.themarket.ch/2024/08/23/c97ec92a-e716-4ce6-874c-2c63d38d1cc8.jpeg?width=240&height=240&fit=bounds&quality=75&auto=webp&crop=3621,3621,x1997,y445 240w, https://img.themarket.ch/2024/08/23/c97ec92a-e716-4ce6-874c-2c63d38d1cc8.jpeg?width=80&height=80&fit=bounds&quality=75&auto=webp&crop=3621,3621,x1997,y445 80w, https://img.themarket.ch/2024/08/23/c97ec92a-e716-4ce6-874c-2c63d38d1cc8.jpeg?width=160&height=160&fit=bounds&quality=75&auto=webp&crop=3621,3621,x1997,y445 160w" width="3621" height="3621" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/meinung/paul-bulcke-dominiert-nestle-ob-das-hilft-ist-fraglich-ld.11918" data-nzz-referrer="articleTeaser" ordinal-number="3" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-opinion"><span class="teaser__flag--text"> Meinung </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--opinion teaser__title--2">  <span class="teaser__title-name">Paul Bulcke dominiert Nestlé – ob das hilft, ist fraglich</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--opinion">Mit dem abrupten Führungswechsel beim Nahrungsmittelkonzern demonstriert der Verwaltungsratspräsident seine Macht. Die angekündigten Massnahmen sind sinnvoll, aber ohne schmerzhafte Eingriffe wird es kaum gehen.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--opinion"><div class="metainfo__main metainfo__main--opinion"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Gabriella Hunter ✉</span> <time class="metainfo__item metainfo__item--date">23.08.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--opinion ">  </div></div> </div></div></article></div></div></div></section></section> <div class="cve articlepromobox"></div>   </div></div></div> <div id="footer" class="footer"> <div class="footer__section"><h2 class="footer__section--title"> </h2> <ul class="footer__section--list"><li class="footer__item"><a href="https://abo.themarket.ch/kontakt/" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Abo-Service </a></li><li class="footer__item"><a href="/agb" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> AGB/Datenschutz </a></li><li class="footer__item"><a href="/impressum" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Impressum </a></li><li class="footer__item"><a href="https://themarket.ch/feedback" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Feedback </a></li></ul></div> <div class="footer__print"> Copyright © The Market Media AG. 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Market, Schweiz";bS.url=be;bS.logo={"@type":"ImageObject",url:"https:\u002F\u002Fthemarket.ch\u002Flogo.png",width:413,height:60};bS.contactPoint=[{"@type":"ContactPoint",telephone:"+41-44-2581000",contactType:"customer service"}];bS.sameAs=["https:\u002F\u002Fwww.facebook.com\u002FTheMarketCH","https:\u002F\u002Fwww.twitter.com\u002FTheMarket_CH","https:\u002F\u002Fwww.linkedin.com\u002Fcompany\u002Fthe-market-ch\u002F"];bW.title="Suche The Market, Schweiz, https:\u002F\u002Fthemarket.ch\u002Fsuche";bW.href="\u002Fsuche";b_.standard={Tags:[F,"classification=default","language=de-CH","meinung","audiotts=true","product=themarket","doctype=article","pagetype=article","ldid=ld.12552","channel=Meinung"],ContentCreated:G,ContentAuthor:u,ContentSection:i,ContentIsNative:c};b_.custom={product:bd,docType:q,pageType:q,layout:p,ldId:E,channel:i,heading:r,language:s};return {layout:"default",data:[{data:{content:[{component:"header",identifier:bl,id:"doc-1i5uvds7j0",content:{title:r,lead:J,author:"\u003Ca target=\"_blank\" href=\"mailto:gabriella.hunter@themarket.ch\"\u003EGabriella Hunter\u003C\u002Fa\u003E ✉"},prevElement:a,nextElement:d,firstContentElement:c},{component:h,identifier:d,id:"doc-1i5uvqngo0",content:{text:"Die Unterschiede sind augenscheinlich: Hier der joviale, kommunikationsfreudige Franzose, dort der spröde wirkende, analytische Deutsche. Hier das Eigengewächs mit einer vierzigjährigen Nestlé-Karriere, dort der erste Externe auf dem höchsten Posten beim weltgrössten Nahrungsmittelkonzern."},prevElement:bl,nextElement:aH},{id:"doc-a2a22c5d",identifier:aH,prevElement:d,nextElement:aI},{id:"doc-8b2a5eec",identifier:aI,paidContent:c,prevElement:aH,nextElement:d},{component:h,identifier:d,id:"doc-1id2676dt0",content:{text:"Laurent Freixe, \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fmeinung\u002Fpaul-bulcke-dominiert-nestle-ob-das-hilft-ist-fraglich-ld.11918\"\u003Eseit September CEO von Nestlé\u003C\u002Fa\u003E, ist so etwas wie der Gegenentwurf zu seinem Vorgänger Mark Schneider."},paidContent:c,prevElement:aI,nextElement:d},{component:h,identifier:d,id:"doc-1id26cf090",content:{text:"\u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fhinter-der-headline\u002Fnestle-misslingt-der-befreiungsschlag-ld.12551\"\u003EUnd nun legt der Neue dem Publikum einen ersten Entwurf seiner Strategie vor\u003C\u002Fa\u003E, die sich in vier Punkten wie die Distanzierung vom Alten liest und die als Abrechnung mit der alten Zeit interpretiert werden kann. Nestlé versucht ein neues Kapitel aufzuschlagen."},paidContent:c,prevElement:d,nextElement:k},{component:Q,identifier:k,id:"doc-1i5v04gal0",content:{title:"In Vevey kehrt Realismus ein",id:"subtitle-in-vevey-kehrt-realismus-ein"},contentTable:b,paidContent:c,prevElement:d,nextElement:d},{component:h,identifier:d,id:"doc-1id26famj0",content:{text:"Der Konzern aus Vevey schraubt die Ambitionen deutlich zurück. Ausdruck davon ist vor allem das mittelfristige Wachstumsziel: Mit «4% plus» liegt es zwar deutlich höher als was für 2024 erwartet werden darf, aber nur gerade am unteren Rand der bisherigen Mittelfristprognose. Bei der Profitabilität liegt Nestlé heute schon im angestrebten Bereich von «17% plus» für die bereinigte Betriebsgewinnmarge."},paidContent:c,prevElement:k,nextElement:d},{component:h,identifier:d,id:"doc-1id2cpprm1",content:{text:"Nein, er wolle nicht tiefstapeln, sagt Freixe im Gespräch, die Ziele seien vor allem eines: realistisch. Und die leise Kritik an den bisherigen Vorstellungen ist nicht zu überhören."},paidContent:c,prevElement:d,nextElement:d},{component:h,identifier:d,id:"doc-1id2b92ng0",content:{text:"Als Schneider 2017 sein Amt antrat, klang das deutlich anders. Auch er strebte eine Wachstumsbeschleunigung von niedrigem Niveau aus an, 2,4% organisches Wachstum in seinem ersten Jahr. Das sollte aber nur der erste Schritt auf dem Weg zu den 4 bis 6% sein, die er mittelfristig für möglich hielt. Gleichzeitig strebte er eine bereinigte operative Marge von 17,5 bis 18,5% an. Und tatsächlich: Getragen von den Sondereffekten der Pandemie wurden auch diese Ziele erreicht."},paidContent:c,prevElement:d,nextElement:aJ},{component:"idms-article-comparison",identifier:aJ,id:"doc-1i5v0sg5r0",content:{idms:{service:"idms",params:{hasExtendedConfig:e,url:"https%3A%2F%2Fboerse.themarket.ch%2Fwidgets%2Finstrument%2F3886335-4-1%3Fperiod%3D3J",extendedConfig:{showTitle:e,hauptinstrument:aK,vergleichsinstrument1:a,vergleichsinstrument2:a,vergleichsinstrument3:a,duration:"3J"}}}},paidContent:c,prevElement:d,nextElement:k},{component:Q,identifier:k,id:"doc-1id1p5keb0",content:{title:"Nestlé fokussiert auf die eigenen Stärken",id:"subtitle-nestl-fokussiert-auf-die-eigenen-st-rken"},contentTable:b,paidContent:c,prevElement:aJ,nextElement:d},{component:h,identifier:d,id:"doc-1id26fr3h0",content:{text:"Die neue Führung fokussiert sich klar auf die eigenen Stärken. Unter anderem dank bekannter Marken und der dominanten Position will Nestlé das Wachstum ihrer Märkte übertreffen und weitere Anteile gewinnen. Die zugrunde liegenden Kategorien wachsen durchschnittlich 3 bis 4% pro Jahr. Dreissig Bereiche wurden identifiziert, die diese Beschleunigung liefern sollen. Das Schöne daran: Sie sind bereits Teil von Nestlé. Externes Wachstum ist nicht nötig. «Grow what we have» lautet das Mantra. Freixe will, wie er sagt, «das volle Potenzial» aus dem bestehenden Geschäft herausholen."},paidContent:c,prevElement:k,nextElement:d},{component:h,identifier:d,id:"doc-1id2752dn0",content:{text:"Von Anfang an setzte Schneider auch auf akquisitorisches Wachstum. Für die Zeit nach der grossen Portfoliobereinigung, bei der zunächst Marken wie Herta abgestossen wurden, kündigte er an, eine Reihe kleinerer und mittlerer Akquisitionen tätigen zu wollen. Mit dem Kauf der Handelssparte von Starbucks für mehr als 7 Mrd. $ im Mai 2018 gelang dem Konzern ein früher transformativer Schritt, der auch das organische Wachstum durch schnelle Innovation in kürzester Zeit beflügelte. Doch gerade im Bereich der Gesundheitsnahrung und Nahrungsergänzungsmittel – Nestlé Health Science – blieb der Erfolg der teuren Zukäufe aus."},paidContent:c,prevElement:d,nextElement:d},{component:h,identifier:d,id:"doc-1id28aqck0",content:{text:"Aber auch bei der Finanzierung schaute sich der Konzern unter Mark Schneider und seinem Finanzchef François-Xavier Roger neu um: Das Fremdkapital wuchs deutlich; das Verhältnis von Nettoverschuldung zum operativen Gewinn auf Stufe Ebitda stieg von unter 1 im Jahr 2016 auf zuletzt gegen 3. Gleichzeitig wurden Aktien im grossen Stil zurückgekauft. Mit der aktionärsfreundlichen Politik ist es nun ebenso vorbei, angesichts der hohen Verschuldung bei gleichzeitig niedrigerem Cashflow besteht kaum mehr Spielraum für ein weiteres Rückkaufprogramm."},paidContent:c,prevElement:d,nextElement:k},{component:Q,identifier:k,id:"doc-1i5v0st710",content:{title:"Nicht nur Kaffee und Tiernahrung, auch Kitkat und Maggi",id:"subtitle-nicht-nur-kaffee-und-tiernahrung-auch-kitkat-und-maggi"},contentTable:b,paidContent:c,prevElement:d,nextElement:d},{component:h,identifier:d,id:"doc-1id279cen0",content:{text:"Ab 2025 wird das Wassersegment aus den Regionen herausgelöst – wieder, möchte man sagen. Was ist der Unterschied zu Nestlé Waters, das bis Ende 2019 noch als eigenständige Geschäftseinheit geführt wurde? Es sei ein globaleres Geschäft, vor allem durch den Verkauf der lokalen US-Marken, sagt Freixe im Gespräch. Und vor allem macht er klar, dass Nestlé die Sparte ins Schaufenster stellen will. Damit ist der Grundstein für mehr Eigenständigkeit bis hin zum Verkauf gelegt. Trotzdem: Es ist auch das Eingeständnis, dass Schneiders Idee, das Geschäft lokaler zu führen, nicht aufgegangen ist."},paidContent:c,prevElement:k,nextElement:d},{component:h,identifier:d,id:"doc-1id27f8el0",content:{text:"Die Liste der Produkte, die unter dem alten CEO noch höchste Aufmerksamkeit genossen und nun in den Hintergrund gerückt sind, enthält einige prominente Namen: Nestlé Health Science arbeitet an der Trendwende und bleibt im Konzern, aber die akquisitorischen Abenteuer und damit die grosse Öffentlichkeit sind definitiv vorbei. Fleischersatzprodukte, ein Lieblingsthema Schneiders, spielen in der Kommunikation eine deutlich kleinere Rolle. Frisch und gesund, das war einmal."},paidContent:c,prevElement:d,nextElement:d},{component:h,identifier:d,id:"doc-1id27jnu50",content:{text:"Die grossen Wetten, die Big Bets, wie Nestlé sie nennt, liegen heute woanders. Hatte Schneider mit Heimtierprodukten, Kaffee, Wasser und Säuglingsnahrung zunächst vier global schnell wachsende Kategorien ausgemacht, ruhen die Wachstumshoffnungen nun auch auf Chocobakery oder Fertigprodukten für den Airfryer. Sie gehören ebenso wie San Pellegrino oder Purina zu den dreissig Marken mit überdurchschnittlichem Potenzial."},paidContent:c,prevElement:d,nextElement:d},{component:h,identifier:d,id:"doc-1id2868dj0",content:{text:"Das ist streng genommen nicht neu, denn schon Schneider hatte erkannt, dass Marken in weniger populären Bereichen wie Maggi bei Fertiggerichten und Kitkat und lokale Marken bei Süsswaren ein erhebliches Wachstumspotenzial haben – das heute zum Teil schon realisiert wird. Doch erst mit Freixe wurde die Rhetorik geschärft. Der neue CEO zeigt keine Angst vor Umsatzeinbussen durch Gesundheitstrends oder mögliche US-Zölle."},paidContent:c,prevElement:d,nextElement:k},{component:Q,identifier:k,id:"doc-1id1p55l70",content:{title:"Mit Charme und Überzeugung gegen Zweifler",id:"subtitle-mit-charme-und-berzeugung-gegen-zweifler"},contentTable:b,paidContent:c,prevElement:d,nextElement:d},{component:h,identifier:d,id:"doc-1id1p5vr60",content:{text:"Bei den bisherigen Präsentationen und Begegnungen wirkte Freixe locker, er erzählt gerne und viel. Der Inhalt ist selten so informativ und präzise formuliert, wie bei Schneider, wo auch nach stundenlangen Anlässen noch jedes Wort sass. Doch der Charme scheint intern gut anzukommen. Die Mitarbeitenden scheinen vom Führungswechsel positiv überrascht, viele schätzen, dass mit dem 62-Jährigen ein langjähriger Kenner das Ruder übernommen hat."},paidContent:c,prevElement:k,nextElement:d},{component:h,identifier:d,id:"doc-1id2i8lhl0",content:{text:"Schneiders analytische Fähigkeiten und seine klare Kommunikation kamen am Finanzmarkt anfangs sehr gut an. \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fanalyse\u002Fnestle-muss-das-vertrauen-wiederherstellen-ld.11208\"\u003EDoch in den letzten Monaten hatte das Verhältnis stark gelitten.\u003C\u002Fa\u003E Der 59-Jährige wirkte zunehmend müde und gealtert. Zu lange hielt er an seiner Strategie und seinen Zielen fest. So lange, dass sich Freixe heute mit aller Kraft davon distanzieren muss, in der Hoffnung, mit seiner Überzeugung vom Potenzial Nestlés auch die Zweifler am Finanzmarkt mitreissen zu können."},paidContent:c,prevElement:d,nextElement:d},{component:h,identifier:d,id:"doc-1id1p9sbn0",content:{text:"In einem Punkt sind die beiden Manager sehr ähnlich: Sie wollen schnelle Resultate sehen. Während man verlorengegangenes Geschäft zurückerobern könne, arbeite die Zeit stets gegen einen, sagt Laurent Freixe nach seinem ersten Auftritt als CEO am Kapitalmarkttag von Nestlé. Mark Schneider würde ihm wohl zustimmen."},paidContent:c,prevElement:d,nextElement:aL,lastContentElement:c},{component:"sharebox",identifier:aL,id:"doc-1i5uvds7k1",paidContent:c,prevElement:d,nextElement:bm},{component:"moreToSubject",identifier:bm,id:"doc-1i5uvds7k2",containers:{"moreToSubject-area":[{component:aM,identifier:aN,id:"doc-1i5uvds7k3",content:{"link-box-embed":{service:aO,params:{type:aP,layout:[B,aQ,aR,aS,aT,aU,R,aV,aW,S,T,U,aX,p,V,W,X,Y],mediaId:12551}},article:{metadata:{contentTypeGroup:C,firstTitle:"Nestlé misslingt die Trendwende",flag:K,significantUpdate:b,language:{groupId:"9rtsDj_l-ODBUM1SofNgW",locale:s},title:bn,seoTitle:bn,nzzAuthors:[{external:b,name:Z,id:_,shortName:$}],designName:z,seoSocialMediaTitle:"Kapitalmarkttag von Nestlé: Dem neuen Chef Laurent Freixe misslingt der Befreiungsschlag",nzzExchangeCode:aK,significantUpdateTill:"2024-11-19T23:31:26.311Z",nzzEditor:[{external:b,name:"Mark Böschen 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Das hat Strategie.","Hinter der Headline","image\u002Fjpeg",3621,"https:\u002F\u002Fthemarket.ch\u002Fmeinung\u002Fnestle-die-neue-strategie-ist-auch-eine-abrechnung-mit-mark-schneider-ld.12552","nzzas","preload","subtitle","longformvisual","longformstandard","briefing","briefing-intl","advertisement-regular","advertisement-longformvisual","advertisement-gallery","advertisement-video","Gabriella Hunter (gh)",5024,"gh","\u002Fhinter-der-headline","fastly","16:9",1.77778,2932,"1:1","4:3",1.33333,1365,"Nestlé am Kapitalmarkttag: Die neue Strategie ist auch eine Abrechnung mit Mark Schneider","Nestlé: Die neue Strategie ist auch eine Abrechnung mit Mark Schneider","2024-11-19T19:31:45+02:00","The Market","\u002Fagb","Impressum","\u002Fimpressum","main","https:\u002F\u002Fabo.themarket.ch\u002Fkampagne\u002F?lp=19003844","Empfehlungen","\u002Fempfehlungen","Unternehmen","\u002Funternehmen","Strategie","\u002Fstrategie","Interview","\u002Finterview","English","\u002Fenglish",void 0,"48","anonymous","font\u002Fwoff2","font","judi.barrier","judi.advertisement","judi.idms-article-comparison","3886335-4-1","judi.sharebox","moreToSubject--internal","judi.moreToSubject--internal","embed-teaser","link-box-embed","gallery","video","fullwidth","alias-teaser","matchcard-teaser","headlesslongformvisual","bylinepoc","recipe",3909,"2024-10-23T12:25:14.454Z","Paul Bulcke dominiert Nestlé – ob das hilft, ist fraglich","2024-08-23T10:04:52.080Z",7227,4583,"classification=default,language=de-CH","themarket","https:\u002F\u002Fthemarket.ch","Article","The Market abonnieren","Startseite","\u002F","\u003Cp\u003EEs ist ein Fehler aufgetreten. Bitte prüfen Sie Ihre Internetverbindung oder versuchen Sie es später erneut.\u003C\u002Fp\u003E","bellevue","judi.header","judi.moreToSubject","Nestlé misslingt der Befreiungsschlag","2024-11-19T11:31:26.311Z",22,"Der Nahrungsmittelkonzern präsentiert am mit Spannung erwarteten Kapitalmarkttag keine bahnbrechenden Neuerungen, sondern betont den neuen Realismus mit Blick nach vorne. Die Neuorganisation des Wassergeschäfts kann die Stimmung an der Börse nur kurz heben.","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F19\u002F6d0a121b-693d-4650-93fe-966848874af3.jpeg?crop=3909,2199,x0,y367&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F19\u002F6d0a121b-693d-4650-93fe-966848874af3.jpeg?crop=2932,2932,x489,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F19\u002F6d0a121b-693d-4650-93fe-966848874af3.jpeg?crop=3909,2932,x0,y0&width=1024&quality=75&auto=webp","ld.12551","Die Erwartungen an Nestlé sind gesunken – zum Glück","Die meisten Analysten haben ihre Gewinnschätzung für den Nahrungsmittelkonzern deutlich gesenkt. Das sind gute Neuigkeiten. Ausserdem: Aryzta wird unterschätzt, Bachem-Aktien sind nach dem Kursrücksetzer attraktiv und ein Wort zu Pierer Mobility.","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F10\u002F23\u002Fbad0c020-4f06-47e2-b5cd-8cae6c2d88f2.jpeg?crop=2048,1152,x0,y107&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F10\u002F23\u002Fbad0c020-4f06-47e2-b5cd-8cae6c2d88f2.jpeg?crop=1365,1365,x342,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F10\u002F23\u002Fbad0c020-4f06-47e2-b5cd-8cae6c2d88f2.jpeg?crop=1820,1365,x114,y0&width=1024&quality=75&auto=webp","ld.12289",11918,"Mit dem abrupten Führungswechsel beim Nahrungsmittelkonzern demonstriert der Verwaltungsratspräsident seine Macht. Die angekündigten Massnahmen sind sinnvoll, aber ohne schmerzhafte Eingriffe wird es kaum gehen.","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F08\u002F23\u002Fc97ec92a-e716-4ce6-874c-2c63d38d1cc8.jpeg?crop=6424,3613,x402,y485&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F08\u002F23\u002Fc97ec92a-e716-4ce6-874c-2c63d38d1cc8.jpeg?crop=3621,3621,x1997,y445&width=1024&quality=75&auto=webp",481,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F08\u002F23\u002Fc97ec92a-e716-4ce6-874c-2c63d38d1cc8.jpeg?crop=4828,3621,x1199,y481&width=1024&quality=75&auto=webp","ld.11918",{},{},"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F19\u002F800e0880-38f5-4469-a998-2f79011b5d50.jpeg?crop=7227,4065,x0,y259&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F19\u002F800e0880-38f5-4469-a998-2f79011b5d50.jpeg?crop=3621,3621,x1803,y481&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F19\u002F800e0880-38f5-4469-a998-2f79011b5d50.jpeg?crop=6111,4583,x558,y0&width=1024&quality=75&auto=webp","CH","MKT",100,{},"Nestlé: Die Abrechnung mit Mark Schneider,Meinung,Meinung, Finanznachrichten, The Market",{},"redaktion@themarket.ch","2024 The Market Media AG, Schweiz","index, follow, noarchive, noodp, max-snippet:-1, max-image-preview:large, max-video-preview:-1",{},Array(0),"de","Thu, 28 Nov 2024 21:12:03 GMT",{},"doc-1d56tma850","doc-1d5mrda050","doc-1d5mrdbao0","doc-1d5mrdu480","Abo-Service","https:\u002F\u002Fabo.themarket.ch\u002Fkontakt\u002F","doc-1d5mred4f0","AGB\u002FDatenschutz","doc-1d5mreouo0","doc-1g01n283l0","Feedback","https:\u002F\u002Fthemarket.ch\u002Ffeedback","doc-1cujumg810","doc-1cujumg830","subscription","doc-1cujumohi0","doc-1dkgfp6c00","Abonnemente","doc-1e9b0hpst0","Probeabo abgelaufen","showForTrialExpired mobnavOnly","doc-1cv5t47ce0","showForTrial mobnavOnly","doc-1d5mqh1t80","Newsletter","https:\u002F\u002Fabo.themarket.ch\u002Fnewsletter\u002F","doc-1d0n745un0","\u002Fdeutschland","doc-1e4qr0dfc0","Neueste 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