Narrow-Moat Hormel's Exposure to On-Trend Categories Positions the Firm for Accelerated Growth
We do not expect to make a material change to our $36 fair value estimate for narrow-moat Hormel after a fiscal second quarter that was largely as expected, with 0.6%Â revenue growth (0.9% for the first half), compared with our 1.1% full-year estimate excluding Cytosport, and a 12.6%Â adjusted operating margin (12.8% for the first half), not far off our 13.2% full-year estimate. Despite their moderate sell-off, the shares appear rich to us, trading at a high-single-digit premium to our fair value ...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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