Solid End to 2017 Leaves Our Long-Term View of Hostess Intact; Shares Somewhat Attractive
A large change to our $15 fair value estimate for narrow-moat Hostess is unlikely after 2017 results met our targets (mid-single-digit sales growth and adjusted operating margins just south of 24%). We believe shares are attractive, with sentiment overestimating the risk associated with its CEO transition (incumbent Bill Toler postponed his retirement to the end of March from the start of the month as a replacement is sought) while underestimating its brand strength despite category headwinds.O...
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