Culinary Nut Sale Furthers Snyder’s-Lance’s Differentiation Push; Small Size Leaves Outlook Unmoved
We do not plan to alter our $32.50 per share valuation for no-moat Snyder’s-Lance after the firm announced the pending sale of its culinary nuts unit to Blue Road Capital for an undisclosed sum (expected close around year-end 2016). While the deal reduces Snyder’s-Lance’s reliance on hard-to-differentiate businesses and increases its branded portfolio’s share of total sales (to about 78% of forecast 2017 revenue versus 70% estimated in 2016), the unit’s relatively small size--less than 10% of th...
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