Mike Arnold
Long only, small-cap, tech, growth at reasonable price

Maple Leaf Foods Continues Transformation

Since my last column on Maple Leaf Foods (OTCPK:MLFNF), the company has made several announcements that provide investors clarity on its strategy to become a pure play protein business.

The market has also rewarded shareholders handsomely (up at one point up 25% from the recommendation price), although a recent pull back in the share price could be providing risk-averse investors another chance to invest at a good price. In the previous column, I indicated that shares could see 40 to 50% appreciation by the end of 2015, on the back of margin expansion and a multiple re-rating to reward Maple Leaf on becoming a pure play in the meat business.

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The Business

As I indicated...

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