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[DF – Dean Foods] Levered Commodity Processor, Impending Challenges

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 [...]
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