Competitive and cost pressures persist for Performance Food, even though Vistar remains a standout.
We don’t intend to materially alter our $29 fair value estimate for no-moat Performance Food Group following fourth-quarter results (2.9% organic case volume growth and flat adjusted EBITDA margins at 2.9%) that generally tracked our estimates. Further, the firm’s initial guidance for fiscal 2019 (calling for organic case volume growth of 3%-5% and adjusted EBITDA growth of 7%-10%) aligns with our forecast. With the low-double-digit retreat in shares in response to the news (primarily reflecting...Performance Food Group is a holding company. Through its subsidiaries, the company markets and distributes food and food-related products. The company's products include frozen foods, such as meats, appetizers and entrees, fruits, vegetables, and desserts; canned and dry foods; fresh meats; dairy products; beverage products; imported specialties; fresh produce; and candy, snack, and other products. The company also supplies non-food items including paper products such as pizza boxes, disposable napkins, plates and cups; tableware such as china and silverware; cookware such as pots, pans, and utensils; restaurant and kitchen equipment and supplies; cigarettes and other tobacco products; and cleaning supplies.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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