Despite a soft start to 2017, long-term health and snacking trends are favorable for Snyder’s-Lance.
We plan to reduce our $33.50 per share fair value estimate for no-moat Snyder’s-Lance by about 5% after it reported preliminary first-quarter results, reduced 2017 guidance, and unexpectedly announced CEO Carl Lee’s retirement. While the lower 2017 expectations (which now call for $2.20 billion-$2.25 billion of revenue, $290 million-$315 million of adjusted EBITDA, and $1.05-$1.20 of adjusted EPS, versus our $2.25 billion, $336 million, and $1.38 targets) will lead us to revise our outlook, the ...
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