$3B free cash flow and premiumization tailwinds.
Dagio offers defensive exposure with premiumization tailwinds, supported by $3 billion in free cash flow and deleveraging plus new management execution.
The argument emphasizes cash-generation strength ($3 billion free cash flow) alongside a turn toward higher-quality, higher-margin drinking behavior. Even as GLP-1 adoption changes some consumption patterns, the claim is that premiumization keeps the business resilient in risk-off periods.
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