Mission Produce Inc T.AVO

Primary Symbol: AVO

Consumer Defensive Packaged Foods

Mission Produce, Inc. is engaged in the farming, packaging, marketing, and distribution of avocados to food retailers, distributors and produce wholesalers. It operates through three segments: Marketing and Distribution, International Farming, and Blueberries. Its Marketing and Distribution segment sources fruit from growers and then distributes the fruit through its global distribution network. Its International Farming segment owns and operates orchards from which all fruit produced is sold to its Marketing and Distribution segment. Its farming activities range from cultivating early-stage plantings to harvesting from mature trees. Its Blueberries segment is a farming operation that cultivates blueberry plants in Peru. It provides value-added services including ripening, bagging, custom packaging, logistical management, and quality assurance. The Company also provides its customers with merchandising and promotional support, insights on market trends and hands-on training.

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Mission Produce Inc > Retrospective

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Post by ErskineReidon Nov 03, 2015 10:48pm

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Post# 24256119

Retrospective

Looking back two years, the smaller company was trading over $30 a share and today's company could be purchased for $14 a share. The larger company has 5x the cash liquidity, 3x the assets, 2.5x the workforce and 2x the revenue or market share. Both share the same forward-looking reinvestment goals, neither is distributing dividends from its earnings and neither ever lost money. Which is the better investment?


(In thousands of Canadian dollars except per share amounts unless otherwise stated)	Q3 2015	Q3 2013
* Non-IFRS	(Sep 30, 2015)	(Sep 30, 2013)
Revenue	95,062	51,157
Gross Margin	54,048	27,151
Gross Margin percentage	57%	53%
Total Operating Expenses	42,820	16,190
Total Adjusted Operating Expenses*	37,703	26,613
Adjusted EBITDA*	18,887	12,441
Adjusted EBITDA Margin*	20%	23%
Net Income	9,179	8,622
Adjusted Earnings*	12,189	9,277
Basic Earnings Per Share	0.21	0.22
Diluted Earnings Per Share	0.20	0.21
Fully Diluted Adjusted Earnings Per Share*	0.27	0.23