Soft Fourth Quarter, Management Change Concerning, but Tyson’s Long-Term Outlook Intact
We do not plan to make a large change to our $55 per share valuation for no-moat Tyson after it reported soft fourth-quarter earnings. In fiscal 2016, Tyson posted a 9.2% adjusted sales decline alongside a 7.7% adjusted operating margin, slightly lagging our 8.9% and 7.8% expectations, respectively. We had been more pessimistic than prevailing sentiment about Tyson’s long-term margin prospects as protein prices normalize and believed pre-announcement trading levels priced the stock to perfection...Tyson Foods is a food company. The company's operations consist of breeding stock, contract farmers, feed production, processing, further-processing, marketing and transportation of chicken and related allied products, including animal and pet food ingredients. Through its wholly-owned subsidiary, Cobb-Vantress, Inc., the company is engaged as poultry breeding stock supplier. The company also processes live fed cattle and hogs and fabricates dressed beef and pork carcasses into primal and sub-primal meat cuts, case-ready beef and pork and fully-cooked meats. The company produces a range of fresh, frozen and refrigerated food products. The company operates in Beef, Pork, Chicken and Prepared Foods segments.
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