Share Rally Validates Our View That Surprise CEO Retirement Obscured Hostess' Brand Strength
With the shares up around 25% in the past month after a roughly 20% October-November dip after news of CEO Bill Toler’s retirement, narrow-moat Hostess is trading near our $15 fair value estimate, validating our contention that the leadership change was obscuring the firm’s ongoing brand strength.Executive chairman Dean Metropoulos is actively involved and taking a larger role until Toler’s replacement takes office, and we expect the new CEO to hew closely to Hostess’ successful playbook as the...
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