(COP)
The Henry Fund Henry B. Tippie College of Business Nicholas Feldmann [nicholas-feldmann@uiowa.edu] TYSON FOODS, INC. (TSN) February 5, 2022 Stock Rating Consumer Staples – Packaged Foods and Meats Investment Thesis Target Price Henry Fund DCF Henry Fund DDM Relative Multiple Price Data Current Price 52wk Range Consensus 1yr Target Key Statistics Market Cap (M) Shares Outstanding (M) Institutional Ownership Beta Dividend Yield Est. 5yr Growth Price/Earnings (TTM) Price/Earnings (FY1) Price/Sales (TTM) Price/Sales (FY1) Profitability Operating Margin Profit Margin Return on Assets (TTM) Return on Equity (TTM) We have a BUY rating on Tyson Foods (TSN). TSN shares are currently trading at 94.00 per share, which is well below our target range of 105.00 to 110.00 with an upside of 14.36%. We understand that because of a multitude of uncertainties there is higher volatility and rising risk premiums across equity markets relative to normal economic conditions (i.e., before COVID-19). This has been no different for firms within the Packaged Foods and Meats Industry, as inefficiencies have stemmed from inflation, labor shortages, and supply chain disruptions. We do not see these issues being solved in the near future; it is a matter of how firms are able to operate within current institutional economic affairs. We have high hopes in TSN to continue to grow both today and in the long-term future. Drivers of Thesis In Tyson Food’s 2022 10Q, its cost of goods sold up 18%, relative to its 2021 10Q, yet TSN’s EPS was up 48% to 2.87. They were able to do this by passing on the marginal cost to the consumers, as their average sales price for this past quarter increased 19.6%.14 Over the forecasted period of 2021-2026, the Meat Packaging market is expected to grow at a CAGR of 4.37%. Which signifies an increasing demand for quality and attractive meat packaging.12 In 2019, it is estimated that 95 percent of Americans incorporated meat as a routine part of their diet. Displaying that meat is truly a staple of the American Diet.9 Risks to Thesis The plant-based meat market has developed consistently throughout the years as an ever-increasing number of individuals routinely consume meat substitutes.12 TSN 20 2019 5.67 2020 5.79 2021 8.57 32.89% 2.12% 48.01% 2022E 6.29 8.58 -26.55% 2023E 6.61 7.80 4.95% 12 Month Performance TSN 40% 2024E 6.80 7.67 2.95% 5 0 S&P 500 10% 0% M A M J J A S O N D 34,501 363.0 85.0% 0.95 2.0% 4.17% 11.87 9.2 0.7 0.6 10.0% 7.42% 9.52% 21.64% Sector 9.2 21.4 17.8 11.2 9.0 6.1 P/E ROE (%) 7.3 EV/EBITDA Company Description 20% F 17.4 10 30% -10% 94.00 68.26 – 100.72 101.91 Industry 21.7 15 Avian Influenza virus could is a major threat and could potentially shock the poultry supply across the United States. Year EPS HF est. Growth 105-110 116 94 103 25 Tyson Foods is currently dealing with an array of ligations due to allegedly fixing prices and wage fixing. Earnings Estimates BUY J Tyson Foods, Inc. operates mainly in the production of processed meats and poultry. Tyson Foods is headquartered in Springdale, Arkansas. Its’ business segments include Chicken, Beef, Pork, and Prepared Foods. Tyson Foods led meat and poultry processing companies in the United States based on FYE 2021 sales. In addition, Tyson Foods is a major player internationally, whose sales totaled 7 billion and sold to approximately 140 countries including Australia, Canada, Great Britain, China, etc.1 Important disclosures appear on the last page of this report.
COMPANY DESCRIPTION Tyson Foods, Inc. focuses on the production of protein products. Tyson Foods is the largest United States producer of processed beef and chicken. It is also a major player in the production of processed pork and protein products with major brands such as Jimmy Dean, Sara Lee, Ball Park, Hillshire Farm, and others. Its business segments operations are the following: Chicken, Beef, Pork, and Prepared Foods. Tyson Foods has a massive international reach selling products to approximately 140 countries in its fiscal year of 2021. Some of its major markets include Australia, Canada, China, the European Union, etc. TSN’s internal sales totaled to 7.9B which was roughly 15% of its total sales. 1 2021 Revenue Decomposition by Product Segment 2021 Revenue Decomposition by Geographic Segment 5% 95% United States Foreign Source: TSN 2021 10K Tyson Foods has 95% of their revenue stemming from the US, however Tyson Foods has operations in 10 countries and sales in 140 countries in FYE 2021. We expect in the future that their foreign revenue growth will take up a larger share; mostly through newly forming markets in Asia as consumers’ income rise. 1 4% 2021 Revenue Decomposition by Distribution Segment 13% 37% 10% 18% 14% 28% 47% 29% Beef Chicken Prepared Foods Pork Retail Foodservice International Industrial and Other Source: TSN 2021 10K International/Other Source: TSN 2021 10K Tyson Foods is unique in this industry because of how well rounded its portfolio is. Its business segments are Chicken (28%), Beef (37%), Pork (13%), Prepared Foods (18%), and International/Other (4%).1 We have an expected revenue CAGR of 4.10%.14 We expect Tyson Foods to continue its dominant presence within retail locations and foodservice alike. Walmart accounted for 18.3% of its consolidated sales in FYE 2021. No other one entity accounted for more 10% of consolidated sales in FYE 2021. Tyson Foods has considered an online business to consumer service. We do not think that will occur because Walmart already offers, Page 2
this ecommerce experience. We see TSN’s protein products as a dietary staples for American consumers. 14 Chicken Tyson Foods Chicken business segment utilizes various channels to sell fresh, frozen, and value-added chicken domestically and internationally. Tyson’s value-added chicken products mainly comprises of breaded chicken strips, nuggets, patties, tenders, wings and other ready-tofix or fully cooked chicken parts. 1 The segment includes sales from chicken breeder subsidiaries and sales of allied products. The segment also includes live chicken raised mostly by independent contractors. The most expensive portion of raising a live chicken is the feed (59% in FYE 2021). Tyson’s chickens are fed mostly corn and soybean meal. 14 In addition, this segment includes logistics operations to move product through the supply chain. The product of the segment is sold through various channels, such as retailers, distributors of food services, restaurant operators, and others. TSN does not directly raise cattle in its own facilities. TSN employs buyers, who are expertly trained in the selection of high-quality cattle. Tyson Foods does get into risksharing arrangements with farmers to ensure an adequate supply. 14 We used a similar momenteum based approach comparing the Q1 2022 growth to the Q1 2021. This growth rate was taken in half and projected out for the remainder of the forecast year. The remainder of the forecast keeps up with a conservative estimate of the economy. TSN produces nearly all of their inventory in chicken and live broilers. We are expecting large growth from this segment unless the avian influenza spread causes a supply shock within TSN. We used the 2022 Q1 to 2021 Q1 revenue growth to the half to conservativity come our 2022E growth rate. We than brought the growth rate to conservatively keep up with the growth rate of the economy to perpetuity. Beef 25000 20000 15000 10000 5000 0 Chicken Revenue 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% 20000 15000 10000 5000 0 Revenue 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% Growth Rate Source: Henry Fund Model & FactSet Pork Growth Rate Source: Henry Fund Model & FactSet Beef In the Beef segment, Tyson Foods operates live cattle for processing and manipulates beef carcasses into primal and sub-primal meat cuts and case-ready products. The company also sells hides, variety meats, and other allied products. 1 TSN’s Pork business segment operates live market hogs, which are processed into primal and sub-primal cuts and case-ready products. These products are offered to a variety of channels, such as food retailers, foodservice distributors, restaurant operators, and others. Pig processors purchase most of their live hog supply from independent producers, who also sell allied products. This segment Tyson food live swine group, relevant allied product processing activities, as well as logistics operations to move product through the supply chain. 1 TSN raises a minuet percentage of the volume of hogs processed. TSN does not feel the need to raise their own, as they saw a sufficient supply in FYE 2021. 14 There is certainly a possibility of this occurring in the future; we do Page 3
not foresee this happening in the near-term. As we did for the following segments, the pork segments growth rate for 2022E was determined with the YoY growth rate of Q1 2022 over Q1 2021. After 2023E, the pork segment revenue growth rate was to keep up with the economy to perpetuity. Prepared Foods 15000 6000 20.00% 0.00% -2.00% 2019 2020 2021 2022E2023E2024E2025E2026E Revenue -4.00% Growth Rate 15.00% 4000 10.00% 2000 0 2.00% 5000 0 25.00% 4.00% 10000 Pork 8000 6.00% Source: Henry Fund Model & FactSet 5.00% 2019 2020 2021 2022E2023E2024E2025E2026E Revenue International/Other 0.00% The International/Other segment contains mostly the production of foreign chicken operations within China and corporate management costs of Tyson New Ventures, LLC. Growth Rate Source: Henry Fund Model & FactSet International/Other Prepared Foods 3000 Within the prepared foods segment, firms make frozen and refrigerated food products such as pepperoni, bacon, beef, and pork pizza toppings, and other processed meats. Notable brands include Jimmy Dean, Hillshire Farm, Ball Park, and many more. 1 This segment also encapsulates the logistics operations to move product through the supply chain. A portion of the raw materials used in this segment come from the Beef, Pork, or Chicken segments. TSN does not produce nonanimal inputs, such as flour, vegetables, eggs, etc.; because TSN believes there is an adequate supply of these inputs. 14 We used a comparable momentum-based approach using half the YoY growth rate of TSN’s Q1 2022 over Q1 2021. Thereafter, this segment was grown out to perpetuity to keep up with the growth of the economy. 20.00% 15.00% 2000 10.00% 1000 0 5.00% 2019 2020 2021 2022E2023E2024E2025E2026E Revenue 0.00% Growth Rate Source: Henry Fund Model & FactSet We used the 2022 Q1 to 2021 Q1 revenue growth to the half to conservativity come our 2022E growth rate. We kept the growth rate above the rate of economy growth for five years as we believe this is a relatively high growth segment; due to its small size and potential in rising markets. In 2026E, we grew this segment the growth rate of the economy to perpetuity. Cost Structure Analysis Tyson Foods has two major operating expenses, Cost of Goods and Selling; general and administrative. Cost of Sales Page 4
Cost of Sales is largely determined by commodity markets for their respected products. We see inputs cost rising to keep up with fast moving inflation. We used the average Cost of Sales rate from last 10 fiscal years and added 75% of Henry Fund long-term Consensus inflation rate of 3.60%, to overstate the effects of current inflation for producers, as a rate time each fiscal year’s sale. Margin Forecast Comparison 19.00% 14.00% 9.00% 4.00% Cost of Sales 60000 Gross Margin 88.00% Operating Profit 86.00% 40000 84.00% 20000 Source: Henry Fund Model & FactSet 82.00% In the near-term, it is difficult to imagine the effects of COVID-19 going away. We have conservatively forecasted to anticipate additional costs, which results in much lower gross and operating margins than historically captured by TSN. It is more likely that TSN’s margins will be a few percentage points higher. We are trying to keep a pessimistic approach when figuring in total costs of operating. Over the long-term, we can anticipate gross margins to return to the near 15% position. 80.00% 0 Cost of Sales % of Sales Source: Henry Fund Model & FactSet Selling, General, and Administrative Selling, General and Administrative includes marketing expenses, professional fees, technology related costs, etc. We see project these costs to stay within historical averages with revenue for the foreseeable future. Selling, General, and Administrative 4000 6.00% 3000 4.00% 2000 2.00% 1000 0 2019 2020 2021 2022E 2023E 2024E 2025E 2026E 2019 2020 2021 2022E 2023E 2024E 2025E 2026E SG&A Source: Henry Fund Model & FactSet % of Sales 0.00% Debt Maturity Analysis Tyson Food’s has a S&P credit rating of BBB with a stable outlook. Using the Standard & Poor's credit rating scale bonds, who have a rating of BBB- or better are considered “investment grade”. This is ideal because having a better rating allows more asset managers’ charters to allow for trading on the market. 1 A large percentage of TSN’s total debt is due after 2032, approximately 41% of its debt outstanding. We believe that because of this large amount of debt due in a longer time horizon. TSN is less likely to run into liquidity issues and can focus its resources toward expanding its markets. Fiscal Year 2022 2023 2024 2025 2026 Thereafter Total Source: TSN 2021 10K Page 5 Payment ( mil) 1,069 440 1,279 15 813 4,665 8,281
ESG Analysis ESG stands for environmental (E), social (S), and corporate governance (G). The Risk Rating below was rated by Morningstar’s Sustainalytics. Source: Sustainalytics Sustainalytics calculates firms’ ESG Risk Ratings by measuring firms’ exposure and management risk, as well as its controversy rating. Tyson Foods had high exposure risk, average management risk, and four out of five controversy rating. We believe TSN had a high exposure risk do its business model of producing meat products from living animals. 26 Tyson Foods had an average management risk due to its practices and policies aligning with its subindustry. Tyson Foods had its highest controversy rating of four of five which was because of customer incidents, anticompetitive practices. Regarding ongoing allegations of price fixing by top meats producers in the United States. As shown by the chart below TSN has a higher score compared to its industry in large part due to its business model of producing almost exclusively meat products and its ongoing legal battles. RECENT DEVELOPMENTS Avian Influenza Tyson’s released a statement confirming the outbreak on February 15th, 2022: saying “We are actively working with state and federal officials to prevent the spread of the virus. Although the origin of the infection is not known, avian influenza has been found in migratory wild birds which play a significant role in spreading the disease.” Due to this outbreak China has blocked some imports from Kentucky. In its statement, Tyson said: “Tyson Foods is prepared for situations like this, and we have robust plans in place, which we are now executing. This includes heightening biosecurity measures at other farms in the region, placing additional restrictions on outside visitors and continuing our practice of testing all flocks for avian influenza before birds leave the farms. Russia Exposure Tyson Foods does not have operations within Russia nor Ukraine. The Russia-Ukraine conflict does not impact Tyson Foods in terms of sales; however, it will cause input costs (i.e., soybeans, corn, crude oil) for TSN products to rise. 14 Tyson Foods Q1 Earnings Tyson Foods (TSN) recorded a surprisingly good Q1 on February 7th, 2022. They recorded net income of 1.21 billion, which is up about 140% from last year’s Q1. The industry consensus estimates were adjusted earnings per share of 1.90, Tyson Foods recorded a whopping adjusted earnings per share of 2.87. TSN beats the consensus projections in revenue, they recorded 12.9 billion compared to the expectation of 12.18 billion. Most impressive of all is that Tyson Foods was able to destroy industry consensus estimates despite having its cost of goods hike up 18%. TSN was able to pull this off by raising the prices across its product rollout to make up for higher input expenses in the inflationary economic environment. 14 In early February 2022, roughly 240,000 Jimmy Dean and Hillshire Farm brands’ chickens in Kentucky tested positive for a highly pathogenic avian flu. The same that stain, H5N1, that 29,000 Turkeys had tested positive for the prior week in Indiana. At this time, it is thought of that wild ducks and other wild birds are spreading this disease.28 & 29 It is important to note, that inflected birds will be culled and not enter the food system. It does ultimately lead to waste from the poultry raisers point of view. COVID-19 COVID had a major impact on the meat industry, especially on livestock production. Due to high transmission rates in many meat processing plants across the world, livestock production was unexpectantly shut down. This caused many animals to not be processed. The United States’ pig and cattle slaughter was reduced by about 40% in April 2020 compared to April 2019. This caused a supply shock of meat products during a time of high demand due to the Page 6
shelter-in-place order. As shown by the chart below, beef prices have continued to rise, in large part to reach the supply-demand equilibrium. 4 These firms offer a subscription-based services multiple or single time purchases of meat delivered directly to your home. Sales spiked for these firms as aforementioned. INDUSTRY TRENDS Plant-Based “Meat” Demand for plant-based “meat” is expected to continue to grow. In 2019, the United States had a demand of 11.1 billion of demand, that number is expected to rise to 35.5 billion of demand by 2027. As depicted by the chart shown below: Source: Second Measure ButcherBox’s sales increased more than 50% month-overmonth in March 2020. Omaha Steaks’ sales increased more than 68% month-over-month in April 2020. The demand spiked, so quickly that ButcherBox had to implement a waitlist for new customers. The pandemic times demonstrated the inelastic demand for meat across the United Stated and shown why this industry is a staple.20 MARKETS AND COMPETITION Threat of New Entrants Source: Statista The fast development of plant-based proteins at retail and restaurants has many within food industries questioning whether it is a passing craze or a new reality. Most of the customer base for plant-based dairy and meat choices are Millennials and younger generations. This figures to shift plant-based food varieties as a new fixture product. However, plant-based proteins utility is not tied to the dismissal of “old-fashion” proteins as around 90% of plantbased customers are neither vegetarian nor vegan, it seems to be that buyers want choices.12 DTC Meat Companies Much like many resources during the beginning of the COVID-19 pandemic as the shelter-in-place order was given; there was a shortage of meat in the United States. Many American consumers turned to direct-to-consumer meat companies, such as ButcherBox or Omaha Steaks. The threat of new entrants is moderate. Brand loyalty has a perception of consumers using that brand for a lifetime. However, this concept was harder for consumers to follow amidst the COVID-19 pandemic, as most brand names had an issue keep its products on the shelf. Leading for consumers to try different products than the brand names they were “loyal” to. An observation found that around 75% of United States consumers switched brands and or stores during the course of the global pandemic. About 60% of these same consumers now plan on continuing these newer habits in post-COVID environment. This leads to a 45% shift of consumer “loyalty” over this period. Revealing that maybe it is easier than ever to get established with a new customer base.7 Threat of Substitutes The threat of substitutes is low. There is a growing demand for alternative “meat” products. However, this is not Page 7
thought to be a replacement for meat. It is merely an extra choice, as variety is the spice of life. As aforementioned around 90% of plant-based customers are neither vegetarian nor vegan. 20 Intensity of Competitor Rivalry The intensity of competitor is high, but not as competitive as the White House would like. Four major United States protein firms have been accused by the White House for price fixing control, these firms control between 55% to 85% of the hog, cattle, and chicken markets. To increase competition within this industry the Department of Agriculture (USDA) will spend 1 billion from American Rescue Plan funds according to Agriculture Secretary Tom Vilsack. USDA has plans to propose more rules additionally this year to strengthen enforcement of the Packers and Stockyards Act. Which is expected to bring more competition in to lower meat products for the public. Bargaining Powers of Customers The bargaining power of customers is high. The Packaged Foods and Meats Industry’s end markets are mostly grocery retailers, meat distributors, and chain restaurants. These end markets, suppliers have high bargaining power over the Packaged Foods and Meats Industry companies due to both domestic and international competing for these market shares. This gives the end markets, the leverage in this situation. Bargaining Powers of Suppliers The bargaining power of customers is low. These companies primarily rely on independent livestock farmers for preprocessed product. Most Packaged Foods and Meats Industry companies do not own the livestock and or property they reside on. They will offer livestock information and sometimes feed to increase the quality raised. The independent farmers have mostly had long standing partnerships with Packaged Foods and Meats Industry companies and do not have a much of a market to bring their livestock to other processing firms. Porter’s Five Forces Summary We have a positive economic outlook for this sub-industry over the near-term to long-term. This sub-industry is undoubtingly a staple for consumers. There are not “great” substitutes for this market and demand is inelastic. In the midst of rising input costs (i.e., transportation; feed; labor cost; etc.), this is sub-industry has been increasing prices to offset the change. TSN’s Q1 earning showed analysts that it is possible to achieve modest earning in these conditions by passing its costs down to its consumers. As broader supply changes strength and inflations slows down, margins will strengthen. PEER COMPARISONS The Packaged Foods and Meats Industry sells a diverse portfolio of both frozen and refrigerated food products. Most of its production includes proteins, such as beef, chicken, and pork. These products are sold to consumers within grocery retailers, meat distributors, chain restaurants, and others. The companies we compared are Hormel Foods Corp. (HRL), Pilgrim's Pride Corp (PPC), Campbell Soup Co. (CPB), Sanderson Farms (SAMF), Conagra Brands Inc. (CAG), General Mills Inc. (GIS), Kellogg Co. (K), and Kraft Heinz Co. (KHC). Packaged Foods and Meats Industry TCKR KHC GIS TSN HRL K CAG CPB PPC SAFM Market Cap (MM) 49,133 40,819 33,550 28,067 22,382 16,166 13,735 5,139 3,984 Source: FactSet Profit Margin ROE (TTM) Share Price 3.89 12.02 7.47 7.74 10.49 9.82 11.40 0.21 12.23 2.05 22.72 21.64 13.56 38.08 12.81 31.95 1.21 36.92 40.15 67.67 92.56 52.20 65.94 33.70 42.52 21.07 178.48 The chart above compares these competitors compare regarding their market capitalization, profit margin, ROE, and current share price. This data shows that Kraft Heinz Co. is the industry leader regarding market capitalization Page 8
out of firms selected and generates the second lowest ROE. General Mills Inc. has the second largest capitalization and the second largest profit margin. Pilgrim’s Pride had the lowest profit margin engaging in mostly the production, process, marketing, etc. of mostly fresh, frozen chicken products, which was most definably impacted by the recent macroeconomic events. Seaboard had the most expensive per share price and still managed create a fantastic ROE relative to its peers. Hormel Foods, which we believe is the most comparable company to TSN from a business model perspective had an expected barely better profit margin than TSN. Geographic Revenue Comparison 100% 80% 60% 40% Pilgrim's Pride (PPC) Pilgrim's Pride Corp. focuses on the processing, marketing, production, and distribution of fresh, frozen, and valueadded chicken products. Its business segments operations are the following: Fresh Chicken (67.9%), Prepared Chicken (12.1%), Fresh Pork (6%), Exports Chicken (4.4%), and Other (9.6%). This corporation was founded in 1946 and is headquartered at Greenly, Colorado. 1 Campbell Soup Co. (CPB) 20% 0% Hormel Foods Corp. focuses on the production meat and food products. Its business segments operations are the following: Grocery Products (24.7%), Refrigerated Foods (55.6%), Jennie-O Turkey Store (13.1%), and International and Other (6.6%). This company was founded in 1891 and is headquartered at Austin, Minnesota. 1 SAFM TSN CPB HRL CAG United States GIS KHC PPC Campbell Soup Co. focuses on the manufacturing and marketing of convenience food. Products like soup, simple meals and snacks It operates through the following segments: Meals and Beverages (53.5%) and Snacks (46.5%). This firm was founded in 1922, and is headquartered at Camden, New Jersey. 1 K International Source: FactSet As the United States’ market becomes more competitive it is reasonable to think these businesses will expand to less saturated markets, such as Asia. Due to rising household incomes, population growth, and socio-economic trends; Asia is expecting to more than double its protein consuming class from 69 million households to 125 million by 2025. As shown by the graph above Sanderson Farms and Tyson Foods were the least active companies by percentage of geographic revenues. We believe that TSN’s will continue to expand its’ geographic footprint due to its rapid increase in capital expenditures. Tyson Foods (TSN) Tyson Foods, Inc. focuses on the production protein products. Its business segments operations are the following: Chicken (28.1%), Beef (36.8%), Pork, (12.8%), and Prepared Foods (22.2%). This company was founded in 1935 and is headquartered at Springdale, Arkansas. 1 Hormel Foods (HRL) Sanderson Farms (SAFM) Pilgrim's Pride Corp. focuses on the processing, marketing, production, and distribution of processed, prepared, fresh, and frozen chicken products. Its business segments operations are the following: Fresh Chicken (89.1%), Frozen Chicken (6%), and Prepared Chicken (4.5%). This corporation was founded in 1947 and is headquartered at Laurel, Mississippi. 1 Conagra Brands Inc. (CAG) Conagra Brands Inc. is headquartered at Chicago, Illinois and was founded in 1919. GIS focuses on the creation and marketing of packaged foods. It operates through the following segments: Grocery and Snacks (41.5%), Refrigerated and Frozen (42.7%), International (8.4%), and Foodservice (7.5%).1 General Mills Inc. (GIS) General Mills, Inc. focuses in the creating and sales notable branded consumer food. Its end markets are mostly Page 9
located at retail locations. It operates through the following segments: North America Retail (60.7%), Europe & Australia (10.9%), Convenience Stores & Foodservice (9.6%), Pet (9.6%), and Asia & Latin America (9.2%). GIS is headquartered in Minneapolis, Minnesota and was founded in 1918. 1 Kellogg (K) Kellogg Co. focuses on the manufacturing and sales of cereal and other convenience foods. markets. It operates through the following business segments: Snacks (48.0%), Cereal (36.1%), Noodles & Other (8.1%), and Frozen (7.8%). This firm was founded in 1906 and is located in Battle Creek, Michigan. 1 Kraft Heinz Co. (KHC) Kraft Heinz Co. focuses on the creation and sales of convenience foods and beverage products. This company operates through the following business segments: Condiments & Sauces (28.0%), Cheese & Dairy (18.9%), Ambient Foods (11.1%), and Other (42.0%). The firm is located Pittsburgh, Pennsylvania and was founded in 2015. 1 KHC GIS TSN HRL K CAG CPB PPC SAFM LT EBITDA/Interest Debt/Assets Expense 23.1 2.9 31.1 9.2 23.8 13.8 26.6 31.5 37.2 9.4 38.1 6.1 44.2 7.4 38.8 6.9 0.7 318.7 Source: FactSet Packaged Foods and Meats Industry Margin Comparison TCKR KHC GIS TSN HRL K CAG CPB PPC SAFM Source: FactSet Packaged Foods and Meats Industry Debt Comparison TCKR Expense ratio, which is metric used to better figure how firms would pay down debt, and their debt of “A”. TSN is better than the industry standard with an EBITDA to Interest Expense ratio of 13.8 and a debt rating of “BBB ”. KHC is near the bottom of the pack with an EBITDA to Interest Expense ratio of 2.9 and a “BBB- “debt rating. KHC’s LT debt to assets is well amongst the average. If this firm could better their credit rating, they would be better suited along with their peers. 1 Gross Margin 33.0 34.8 14.6 17.2 31.7 30.4 32.0 9.0 18.9 Pretax Margin 6.6 15.8 8.6 9.9 13.9 12.6 15.8 0.6 12.4 Capex ( MM) 905 535 1,328 242 553 474 272 382 157 In the chart above we have benchmarked Packaged Foods and Meats Industry firms’ gross and pretax margins, as well as their Capex. We did this to figure out whether Capex is a major or determining factor in firms’ margins. GIS is a leader in this category with a pretax margin of 15.8 with mid-level Capex of 535 million. SAFM managed to have a pretax margin of 12.4 with only 157 million in Capex. TSN had a poor performance in this benchmarking as they had the largest Capex and mid-tier production in their pretax margin of 8.6. Debt Rating BBBBBB BBB A BBB BBBBBBBB - The chart above compares the Packaged Foods and Meats Industry firms’ debt and credit. We believe it is likely that interest rates rise significantly in the nea
merged together, creating ConocoPhillips (COP). On April 30, 2012, ConocoPhillips spun off their midstream and downstream assets into the company that is now Phillip 66 (PSX). Before the spin off, ConocoPhillips was the 5th largest integrated firm in the world. Each COP shareholder received 0.5 shares of PSX. Following the spin-off
208/230 208/230 208/230 208/230 208/230 12ACB COMPRESSOR SPECIFICATIONS 208/230 142104 18.0 129 23.7 12ACB36 42 38 38 57 50 MAN/MODEL COP/ZR22K3 PFV COP/ZR28K3 PFV COP/ZR34K3 PFV COP/ZR40K3 PFV COP/ZR46K3 PFV COP/ZR57K3 PFV The scroll compressor is quieter than a reciprocating
208/230 208/230 208/230 208/230 208/230 12ACB COMPRESSOR SPECIFICATIONS 208/230 142104 18.0 129 23.7 12ACB36 42 38 38 57 50 MAN/MODEL COP/ZR22K3 PFV COP/ZR28K3 PFV COP/ZR34K3 PFV COP/ZR40K3 PFV COP/ZR46K3 PFV COP/ZR57K3 PFV The scroll compressor is quieter than a reciprocatin
Heat Pump Review Heat Pump COP COPdependsuponthe.25 to .6 units input COP depends upon the application Dedicated Cooling DedicatedHeatPump 1.25 to 1.6 Dedicated Heat Pump Combination Cooling and Heat Pump Notice the COP is much lower than 41 F 110 Fto Cooling COP 1.00 / 0.35 2.86 ASHRAE minimum (5.86 COP) F to 140 F COP Useful Work
Anillos de compromiso y argollas de matrimonio Anillo de compromiso estilo solitario con una piedra superior y cinco piedras laterales. PRECIO DEL ANILLO SIN LAS PIEDRAS Anillo en plata 950: 160.000 COP Anillo en plata 950 rodinada: 170.000 COP Anillo en oro amarillo de 18k: Desde 855.000 COP Anillo en oro blanco de 18k: Desde 870.000 COP
2009 The Green Climate Fund is first proposed at COP 15 in Copenhagen, Denmark 2010 GCF gets established by the United Nations at COP 16 in Cancun, Mexico 2011 Governing Instrument is adopted at COP 17 in Durban, South Africa 2012 GCF Board meets for the first time, with equally balanced country representation 2013 Permanent headquarters for the GCF Secretariat established in Songdo, South Korea
Mar 29, 2021 · Course Syllabus 1. Course title/number, number of credit hours PYTHON PROGRAMMING/ COP 4045-001 CRN 15327 3 credit hours 2. Course prerequisites, corequisites, and where the course fits in the program of study Prerequisites: COP 3530 or COP 3410 3. Course logistics Term: Spring 2020 Lecture time and place
COP 4225 Advanced Unix Programming Operating System Review Chi Zhang czhang@cs.fiu.edu. 2 About the Course zPrerequisite: COP 4610 zConcepts and Principles zProgramming {System Calls zAdvanced Topics {Internals, Structur
With Madrid behind us and Glasgow on the horizon, it is a good time for Parties and others to consider the future of the annual COP. (By “COP,” I mean the climate conference writ large, rather than the “Conference of the Parties,” the narrower technical name for the Parties to the UN Framewor
