Pilgrim’s specialty chicken growth should prove valuable, but competition renders benefits fleeting.
We do not plan a large change for our $33 per share valuation for no-moat Pilgrim's Pride after it reported a somewhat soft end to 2017, with more significant-than-expected U.S. tax reform and the time value of money offsetting a more modest near-term outlook. We do not believe the performance affects Pilgrim’s long-term potential, and still expect low-single-digit average organic sales growth and high-single-digit operating margins over the next decade. The shares are attractive, which we attri...Pilgrims Pride is primarily engaged in the production, processing, marketing and distribution of fresh, frozen chicken products to retailers, distributors and foodservice operators. The company's primary product types are fresh chicken products, prepared chicken products and export chicken products. The company's fresh chicken products consist of refrigerated (nonfrozen) whole or cut-up chicken, either pre-marinated or non-marinated and prepackaged case-ready chicken. The company's case-ready chicken includes various combinations of freshly refrigerated, whole chickens and chicken parts in trays, bags or other consumer packs labeled and priced ready for the retail grocer's fresh meat counter.
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