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Hormel Foods Corp - Stock Quote HRL

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Morningstar's Hormel Foods Corp Stock Analysis

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Narrow-Moat Hormel Is Navigating a Challenging Environment Well, but Shares Priced for Perfection

Analyst Note

| Rebecca Scheuneman, CFA |

Despite the very challenging operating environment, we were confident that Hormel’s solid management team would navigate the choppy waters competently, and we were not disappointed. But Hormel’s consistent execution is already priced into the shares, which trade at a 35% premium to our valuation after the 4% pop on the report. As we don’t expect a material change to our $37 fair value estimate, we suggest investors remain on the sideline.

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Hormel Foods Corp's Company Profile

Business Description

Hormel Foods is a protein-focused branded food company. Its brands include its namesake Hormel, Spam, Jennie-O, Dinty Moore, Applegate, Wholly Guacamole, and Skippy. The vast majority of the company’s revenue is U.S.-based: 64% U.S. retail, 28% U.S. food service, and 8% international. By product type, in fiscal 2021, 23% of revenue was shelf-stable foods, 18% was poultry (branded and commodity), 55% was other perishable food, and 3% was other, primarily nutritional products. The company holds the number-one market position in shelf-stable meat, shelf-stable ready meals, pepperoni, natural/organic deli meat, and guacamole and the number-two position in turkey, bacon, chilled ready meals, and peanut butter.

1 Hormel Place
Austin, MN, 55912-3680
T +1 507 437-5611
Sector Consumer Defensive
Industry Packaged Foods
Most Recent Earnings Jan 31, 2022
Fiscal Year End Oct 25, 2021
Stock Type Slow Growth
Employees 20,000

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