biggus

Treat Yourself to Tootsie Roll Industries

Only comment I have regards the timing of international investment: now is really not the best time to take those USD and convert them to foreign currency. TR may have boxed itself into a corner regarding overseas growth opportunities for the next 18 to 24 months. WACC of 8.5% seems low though: no real debt in capital structure, and given small size vs major competitors and the exposure to commodity price pressure I would expect a Rue in the double digits, if not mid-teens. What would a Rue of 13% do to your valuation?