Glyndon Park
Value, special situations, contrarian

Our Top Idea: John B. Sanfilippo & Son - Significantly Undervalued And Underfollowed With Catalysts

Executive Summary and Investment Thesis

  • Substantial 82% projected upside with a target valuation of $44 per share with limited estimated downside at $20.44 net asset value. John B. Filippo & Son's (NASDAQ:JBSS) real estate is undervalued by GAAP Measures and share price suffers from lack of sell side coverage
  • Heavily discounted valuation to peers on EV/EBITDA basis attributing little value to JBSS's moat at both ends of the nut production value chain and evidenced by terrific gross margins.
  • Significant free cash flow coupled with considerable debt reduction in recent years provides significant opportunity to return capital to shareholders and catalyst for stock price appreciation.


JBSS processes and distributes various nuts primarily in the United States. The company

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