Martin Vlcek • Fri, Oct. 31
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- Seneca reported sales falling 7.3% Y/Y for Q3, mostly due to a timing issue. Sales fell 2.9% Y/Y for the past six-month period. Net loss reached 5 cents per share.
- The stock fell ~10% since my long thesis a year ago as sales continue to disappoint. I am having second thoughts about SENEA. Without catalysts, the stock could remain depressed.
- For now, I confirm my long thesis and keep my target price at $36, providing ~35% total upside within several years if the catalysts emerge.
Update: Seneca's Q2 Earnings - 3.4% Sales Growth But Negative EPS. New Share Buyback And AcquisitionMartin Vlcek • Mon, Aug. 11
- Sales grew 3.4% Y/Y but EPS disappointed, being negative $(0.01) per share. The stock still trades at 8.32x P/FCF, though and continues to be undervalued.
- I reiterate my long thesis and keep my target price at ~$36, offering ~25% total upside within two to three years. Recent buyback announcement should provide the needed catalyst.
- The stock traded relatively flat since my thesis but was very stable. With no dividends in a hunt-for-yield market, the stock lacked the catalyst for value realization.
Seneca Foods Corp: A Long-Term Holding Trading Below Book Value
- As a shareholder of SENEA, the compound effect of 8-9% earning growth per year will help investors to accumulate wealth.
- SENEA is an innovative company with experience in bolt-on acquisitions.
- SENEA initiated a repurchase program to buy back 1 million shares, which represent approximately 9% of outstanding shares.
Seneca Foods Is Undervalued, Trading Below Tangible Book Value
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Seneca Foods Corp is produces & distributes processed fruits & vegetables. Its products include canned, frozen & bottled produce and snack chips. Its products are sold under private label as well as national & regional brands.
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