Strong demand and cheap grain lift Sanderson's results, but commodities drive long-term returns.
We do not plan to significantly alter our $126 fair value estimate for no-moat Sanderson Farms after it posted fourth-quarter earnings that approximated our targets. Our forecast was more pessimistic than most for fiscal 2017, leading to our more-subdued take relative to the stock price’s swoon after the announcement, though we still believe the shares are trading ahead of their fair value.Sanderson reported $3.34 billion in sales and diluted EPS of $12.30 for the year, slightly ahead of our $3...
Sanderson Farms is a poultry processing company engaged in the production, processing, marketing and distribution of frozen chicken products, including processed and minimally prepared chicken. The company sells ice-packed, chill-packed, bulk-packed and frozen chicken, in whole, cut-up and boneless form to retailers, distributors, and casual dining operators, and to customers who resell frozen chicken into export markets. The company operates through: Sanderson Farms, Inc. (Production Division), which is engaged in the production of chickens to the broiler stage; and Sanderson Farms, Inc. (Processing Division), which is engaged in the processing, sale and distribution of chicken products.
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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