Report
Zain Akbari, CFA
EUR 101.80 For Business Accounts Only

While it remains tied to commodities, market conditions have led to strong performance for Tyson.

We do not plan a large change to our $70 per share valuation for no-moat Tyson after it posted strong fiscal 2017 earnings and reiterated fiscal 2018 guidance. Our long-term average forecasts (4% top-line growth, 8% adjusted operating margin through fiscal 2026) are intact.
Tyson saw $38 billion in fiscal 2017 sales against an 8.5% adjusted operating margin, meeting our expectations; its $5.31 adjusted diluted EPS beat our $5.23 target. Management reiterated its $41 billion sales (consistent wit...
Underlying
Tyson Foods Inc. Class A

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Zain Akbari, CFA

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