Tuesday, June 20, 2023
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A Response. On Friday, Lifeway’s Board responded to the recent letter released by Kanen Wealth Management (KWM). As one would expect, the Board disagrees with the points laid out by KWM. From a governance standpoint, the Board noted its belief the executive team is successfully executing the Lifeway 2.0 strategy, has aligned interests with shareholders given insiders’ 18% ownership stake, and has consistently engaged with shareholders.
Operating Highlights. The Board goes on to point out a number of operating highlights, including: (i) 14 consecutive quarters of strong year-over-year net sales growth, (ii) growth into the 9th largest U.S. yogurt manufacturer, (iii) a growing customer base, (iv) positioned to capitalize on macro trends as customer demand for kefir grows, and (v) total shareholder return of 44% over the last year and 191% over the past three years, among other points.
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