Beyond Meat Analyst: Attractive Growth Story Takes Back Seat To Valuation Concerns
Beyond Meat Analyst: Attractive Growth Story Takes Back Seat To Valuation Concerns
Plant-based food maker Beyond Meat Inc (NASDAQ:BYND) offers investors an "attractive growth" story, but the valuation makes it difficult to justify buying the stock, according to Longbow Research.
The Beyond Meat Analyst: Alton Stump initiated coverage of Beyond Meat with a Neutral rating.
Beyond Meat分析師：Alton Stump以中性評級啟動了Beyond Meat的報道。
The Beyond Meat Thesis: Beyond Meat's retail exposure expanded from around 17,000 stores in May 2019 to 28,000 stores at the end of the third quarter of 2020, Stump said in an initiation note. The company is now well-positioned to expand its household presence, the analyst said.
超越肉食主題：Stump在一份啟動報告中表示，Beyond Meat的零售敞口從2019年5月的約17,000家門店擴大到2020年第三季度末的28,000家門店。這位分析師説，該公司現在處於有利地位，可以擴大其家庭業務。
Beyond Meat's decisions in 2020 to support sales by offering bulk packaging will impact margins, although the pressure will ease in the coming quarters as sales remain strong, he said.
他説，除了肉類在2020年通過提供散裝包裝來支持銷售的決定外，這將影響利潤率，儘管隨着銷售保持強勁，未來幾個季度的壓力將有所緩解。
Longbow is estimating that Beyond Meat's retail business will show 32% volume growth and 4% revenue per pound growth in 2021.
朗博預計，2021年Beyond Meat的零售業務將實現32%的銷量增長和4%的每磅收入增長。
In 2022, the company should see 30% volume growth and 2% revenue per pound growth, Stump said.
Stump表示，2022年，該公司的銷量將增長30%，每磅收入將增長2%。
Beyond Meat's exposure to the restaurant and food service sector will continue facing pressure amid the ongoing pandemic, the analyst said.
這位分析師表示，Beyond Meat在餐飲和餐飲服務領域的敞口將在持續的疫情中繼續面臨壓力。
Restaurant chains have delayed adding plant-based food options to their menu, but the pace of acceleration will notably accelerate in the coming months, he said.
他説，連鎖餐廳推遲了在菜單上增加植物性食物的選擇，但在接下來的幾個月裏，加速的步伐將明顯加快。
Related Link: Beyond Meat Promises 'Juiciest' And 'Meatiest' Burgers
Perhaps more notable, the research firm's firsthand checks with McDonald's Corp (NYSE:MCD) franchisees suggest that Beyond Meat's name will be associated with its new McPlant Burger, Stump said.
也許更值得注意的是，該研究公司的第一手資料與麥當勞公司紐約證券交易所代碼：MCD)加盟商表示，Beyond Meat的名字將與其新的McPlant漢堡聯繫在一起，Stump説。
Even if McDonald's surprises investors by saying it won't proceed with Beyond Meat at first, the analyst said the decision will be reversed, as customers are "far more likely" to trust a Beyond Meat-made patty versus one McDonald's makes internally.
這位分析師表示，即使麥當勞一開始表示不會推出Beyond Meat，這讓投資者感到意外，但這一決定將會逆轉，因為顧客“更有可能”信任Beyond Meat製造的肉餅，而不是麥當勞內部生產的肉餅。
Finally, Beyond Meat has a clear path to growth, but the stock is trading at around 75 times 2021 EV/EBITDA estimates versus the packaged food group's five-year average trading range of 12 times to 13 times, he said.
他表示，最後，Beyond Meat有一條明確的增長道路，但該股目前的市盈率約為2021年EV/EBITDA預期的75倍，而這家包裝食品集團的5年平均交易區間為12倍至13倍。
"We believe the current sharp premium carried by the shares accurately reflects BYND's growth profile, especially given uncertainty related to the pace and timing of a recovery in the company's retail and restaurant & foodservice businesses amidst the pandemic."
“我們認為，目前股價的大幅溢價準確地反映了比亞迪的增長狀況，特別是考慮到在大流行期間，該公司零售、餐飲和餐飲服務業務復甦的速度和時間存在不確定性。”
BYND Price Action: Shares of Beyond Meat were trading 1.91% higher at $137.18 at last check Friday.
Bynd價格操作：截止上週五，Beyond Meat的股價上漲1.91%，至137.18美元。
Photo courtesy of Beyond Meat.
照片由Beyond Meat提供。
譯文內容由第三人軟體翻譯。