Sluggish Start to Fiscal 2018 Likely Reflects Short-Term Factors for Sanderson Farms; Outlook Intact
Our $134 per share valuation for no-moat Sanderson Farms should not see a large change after it released first-quarter earnings. The firm reported 12% sales growth against nearly 300 basis points of operating margin degradation, versus our full-year marks of 6% (front-loaded due to plant investments) and 90 basis points (to 11.8%). We attribute much of the soft profitability to transitory factors, so our long-term targets (3% sales growth, high-single-digit operating margins, on average, over th...
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