Solid Third-Quarter Results Leaves Our Outlook Unchanged for Snyder’s-Lance; Shares a Touch Rich
We do not plan to materially alter our $32.50 per share valuation for no-moat Snyder’s-Lance after the firm posted third-quarter earnings that leave it on-track to meet our 2016 estimates and long-term outlook. Year to date, the company has posted 0.4% branded revenue growth (excluding Diamond) and a 13.0% adjusted EBITDA margin, slightly behind our 1.5% and 13.8% full-year expectations ahead of a seasonally strong fourth quarter. Snyder’s-Lance slightly narrowed its 2016 guidance to $2.29 billi...
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