Dean is a levered commodity processor sandwiched between fragmented but price-protected dairy producers and consolidated retailers, donating market share in a secularly declining market to undisciplined, subscale peers. Its stock trades for 16x management’s charitably adjusted EPS,[1] a full market multiple for a narrow-moat business. The environment in recent years beckons 2007-2010: 1) a period of rapidly […]
To access this post, you must purchase Annual subscription, Quarterly subscription or Monthly subscription.