B&G Foods (BGS) is another great find in the niche foods market space. It's no secret that there are some great values in this category. And while some companies in the industry have been content with sitting on cash and chugging along as niche businesses, B&G has been putting its top notch balance sheet and cash flow to work, going on an acquisition spree of late.
While the market is well aware of this, we believe they aren't fully appreciating the company's cash flow generating capabilities. Where, on a relative value basis the stock is trading in line with peers. But on a free cash flow basis, the company is worth around twice what it's trading...
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