Premium Brands Holdings Corp T.PBH.DB.G

Primary Symbol: T.PBH Alternate Symbol(s): PRBZF | T.PBH.DB.H | T.PBH.DB.I

Consumer Defensive Packaged Foods

Premium Brands Holdings Corporation is a Canada-based company, which owns a range of specialty food manufacturing and differentiated food distribution businesses with operations across Canada and the United States. The Company operates through two segments: Specialty Foods and Premium Food Distribution. The Specialty Foods segment consists of its specialty food manufacturing businesses. The Premium Food Distribution segment consists of its differentiated distribution and wholesale businesses as well as certain seafood processing businesses. It provides servicing to approximately 22,000 customers. The logo and its family of brands and businesses includes Harvest Meats, Hempler's, Piller's, Grimm's Fine Foods, Freybe, Isernio's, Expresco and SJ Fine Foods. The Company operates in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia and in Arizona, Minnesota, Mississippi, Nevada, Ohio and Washington.

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Premium Brands Holdings Corp

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Post by retiredcfon May 06, 2022 10:43am

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Post# 34662043

RBC

Have a $126.00 target. GLTA

May 6, 2022

Premium Brands Holdings Corp. Q1 results largely in line with RBC/consensus

Sentiment: Neutral

First impression: Premium Brands Holdings Corp. (“PBH”) reported Q1 sales that were largely in line with RBC and consensus forecasts. Adjusted EBITDA of $95.8MM was also in line with RBC/consensus forecasts of $97.3MM/$94.6MM, while Adjusted EBITDA margin of 7.7% was in line with the consensus forecast of 7.7%. On a consolidated basis, SG&A as a % of sales and gross profit margin % were in line with our forecasts (while Investment Income of $14.8MM was modestly above our forecast of $13.0MM), driving Adjusted EBITDA largely in line with forecasts. See Exhibit 1 for results details vs. forecasts.

Q1 2022 results details:

• Consolidated Sales: $1,251.2MM (+23.9% YoY) vs. RBC/consensus forecast of $1,206.9MM/$1,232.6MM
Specialty Foods: $789.2MM (+20.3% YoY), above RBC forecast of

$765.3MM
Premium Food Distribution: $462.0MM (+30.5% YoY), above RBC

forecast of $441.6MM
• Consolidated Adjusted EBITDA: $95.8MM (+16.1% YoY) vs. RBC/

consensus forecasts of $97.3MM/$94.6MM
Investment Income: $14.8MM, above RBC forecast of $13.0MM