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National Beverage Corp FIZZ

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Morningstar’s Analysis

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Solid Start to National Beverage’s Fiscal Year Leaves Our Long-Term Outlook Intact

Zain Akbari, CFA Equity Analyst

Analyst Note

| Zain Akbari, CFA |

Our $49 per share valuation of narrow-moat National Beverage is likely to rise by a mid-single-digit percentage, reflecting a solid start to fiscal 2022 and the time value of money. The first-quarter performance does not affect our long-term expectations of the firm (mid-single-digit percentage top-line growth, low-20s adjusted operating margin over the next five years). We suggest prospective investors seek a more significant margin of safety before taking a position.

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Company Profile

Business Description

National Beverage is one of the top 10 non-alcoholic beverage companies in the U.S. Its portfolio skews toward functional drinks (that is those purporting to offer health benefits) and is anchored by the popular LaCroix sparkling water trademark. Other offerings include Rip It energy drinks, Everfresh juices, and soda brands like Shasta and Faygo. The firm controls most of its production and distribution apparatus, with very little outsourcing. In terms of go-to-market, it uses warehouse distribution for big-box retailers, direct-store-delivery for convenience stores and other small outlets, and food-service distributors for the food-service channel (schools, hospitals, restaurants). It is controlled by chairman and CEO Nick Caporella, who owns over 73% of the common stock.

8100 SW Tenth Street, Suite 4000
Fort Lauderdale, FL, 33324
T +1 954 581-0922
Sector Consumer Defensive
Industry Beverages - Non-Alcoholic
Most Recent Earnings Jul 31, 2021
Fiscal Year End May 2, 2021
Stock Type Classic Growth
Employees 1,550