On-Trend Portfolio, Diamond Benefits Leave Snyder’s-Lance Poised to Benefit; Shares Fairly Valued
We are initiating coverage of Snyder’s-Lance with a $32.50 per share fair value estimate and a no-moat rating. Our valuation implies forward fiscal 2017 enterprise value/adjusted EBITDA of 11 and forward adjusted price/earnings of 20.A pure-play snack company, Snyder’s-Lance has benefited as consumers shift away from traditional meals at the table. With a portfolio increasingly reliant on on-trend better-for-you foods (expanded via its 2016 acquisition of Diamond Foods), the firm’s mix aligns w...
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