Faster-than-expected turkey recovery should keep Hormel’s returns high.
We anticipate lifting our $31 per share valuation for narrow-moat Hormel by about 5% to reflect the time value of money and strong third-quarter earnings that leave the firm pacing slightly ahead of our full-year 2016 expectations and leave us more optimistic about the pace of Jennie-O Turkey Store’s recovery from its 2015 avian influenza outbreak. Year to date, Hormel has posted a 0.5% revenue increase (versus our 0.3% expectation) and a 14% adjusted operating margin (consistent with our outloo...Hormel Foods is primarily engaged in the production of meat and food products and the marketing of those products throughout the United States and internationally. The company's segments are: Grocery Products, which consists of the processing, marketing, and sale of shelf-stable food products; Refrigerated Foods, which consists of the processing, marketing, and sale of branded and unbranded pork, beef, chicken, and turkey products; Jennie-O Turkey Store, which consists of the processing, marketing, and sale of branded and unbranded turkey products; and International and Other, which includes Hormel Foods International Corporation that manufactures, markets, and sells the company's products internationally.
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