Hormel Foods (HRL)

Era día de resultados. Ha fallado por un centavo en EPS (tragedia) y ha bajado en algunos segmentos. Ojalá caiga más y podamos cargar, la rpd sigue demasiado bajita ahora mismo.

6 Likes

También ha comprado una empresa de ahumado en Texas.

3 Likes

a ver si hay suerte y vuelve a visitar la zona de 33-34$

1 Like

Ojalá sea así. Cotiza a unos múltiplos exigentes y cuando el crecimiento no es el esperado es lógico que le den estos reveses.

Yo tengo una 1/4 de posición y espero que baje mucho más para ampliar. A ver si diese opción de entrada a un precio medio normal.

2 Likes

Second Quarter 2020 Results (21/05/2020)

  • Volume of 1.2 billion lbs., up 4%; organic volume1 up 7%
  • Record net sales of $2.4 billion, up 3%; organic net sales1 up 6%
  • Pretax earnings of $286 million, down 10%; down 5% to adjusted pretax earnings1 last year primarily due to lower investment income
  • Operating margin of 12.1%, compared to 13.3% last year
  • Effective tax rate of 20.6%, compared to 11.1% last year
  • Diluted earnings per share of $0.42, down 19%; down 9% to adjusted diluted earnings per share1 last year
  • Cash flow from operations of $360 million, up 102%
  • Operating free cash flow1 of $280 million, up 115%
3 Likes

A los que lleváis HRL desde lejos, ¿cómo veis la evolución del equipo gestor? ¿están siendo proactivos?

gracias por adelantado

Stewardship (M*)

We rate management’s capital allocation actions as Exemplary, owing to Hormel’s sound balance sheet, effective capital allocation, and disciplined acquisition strategy. The firm has posted consistently strong economic returns, with a five-year average return on invested capital including goodwill of 18% versus our 7% weighted average cost of capital assumption.

We believe Hormel has done an excellent job managing its portfolio of brands. It has a record of extracting value from acquisitions by increasing points of distribution, household penetration, and market share. Skippy, Applegate, and Wholly Guacamole are all examples of expanded distribution and revenue post-acquisition. In addition, the company has sold several nonstrategic businesses that have not met its hurdles for growth and/or profitability. Most recently, it sold a pork processing plant, a commodity business, to free up capital for value-added, higher-margin businesses. As a result, operating margins have increased from 9% to 12% in the past 10 years. One of the most recent acquisitions, Columbus, a provider of premium deli meats, was completed in November 2018 for $857 million, the largest acquisition in the company’s history. The deal positions Hormel as a total deli solutions provider and serves as a catalyst for uniting all deli businesses into one customer-facing organization. Hormel paid 2.9 times revenue, a price we believe is fair, as it is in line with other food deals completed in the second half of 2018.

We also applaud the firm’s capital allocation strategies. Hormel has one of the strongest balance sheets in the packaged food space, with the company generally holding more cash than debt. Hormel also has an impressive record of increasing dividends consecutively for 93 years and remains committed to maintaining this trend. After dividends, the firm’s largest use of cash is capital expenditures, which we expect to continue at 3%-4% of sales annually. Finally, we think it is appropraite that the firm participates in share repurchases opportunistically, when transactions represent a good return on investment.

7 Likes

muchas gracias por el posteo del comentario.

Revisando la excel del CQSS (36), la excel del DRIPinvesting, los insiders comprando a saco, por debajo de la media de 200 días, negocio aburrido, defensiva me cuadra para la rotación.

2 Likes

Buena empresa, aburrida, como dices, pero un yield muy bajo y no precisamente barata.

2 Likes

Se va de 46$ a 50$ por esto:

Revisando el EPS de Hormel

1 Like

La deuda,

2 Likes

No todo van a ser malas noticias :slight_smile: Hormel foods presenta resultados y me sube un 8%

5 Likes

La tenía fichada, pero desde luego hoy ha volado.

2 Likes

Mira que se paso estos ultimos dias por los 45, pero esta visto tambien que si te fijas en una empresa y la ves a unos precios aceptables, o entras o te olvidas

2 Likes

Esta acción me está tentando…

Me too, pero ya tengo demasiadas posiciones m***** que debería de engordar :pleading_face:

HRL en mínimos de 52 semanas pero todavía con un precio exorbitante a mí entender, a ver si poco a poco se acerca a PER 20

4 Likes

Yo tambien la estoy siguiendo, y pienso eso, que a pesar de toda la bajada que lleva, sigue estando cara.

Pero con CLX pensaba lo mismo y el mercado me dijo que no, y empezo a subir.

A ver que pasa con HRL

2 Likes