No-Moat PFG's Shares Rich Despite Better Food-Service Growth Outlook and Eby-Brown Acquisition
We’re increasing our fair value estimate for no-moat Performance Food Group to $32.50 per share from $30.50 after incorporating the recent Eby-Brown acquisition and raising our revenue growth expectations for PFG’s food-service business, given the ramping productivity of the expanded salesforce. Our consolidated revenue growth outlook stays at 4.5% as our food-service segment assumption increases to 4.0% from 3.3% while our Vistar segment forecast falls to 5.4% from 7.5% due to the addition of t...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.
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