This morning, investors seemed cautious after key inflation data released yesterday showed an 8.5% increase from the previous year in consumer prices for March, fueling concerns about a more stringent Fed.
No matter how inflated prices get, consumers will still need to purchase everyday essentials. Hence companies that provide essential items often come to mind for investors looking for a safe place. Today we’re featuring a company that provides necessities to major companies and everyday consumers, making it a name likely to hold up well against an intensifying economic backdrop.
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Leading provider of distilled branded spirits and specialty food ingredients MGP Ingredients Inc. (MGPI) recently logged a record-breaking 2021 and appears to be primed for building on that strength in 2022.
MPGI topped consensus estimates for the fourth quarter in a row and raised 2022 revenue guidance. The company reported quarterly earnings of $0.87 per share, blowing past expectations of $0.63 and beating revenue estimates averaging $152.69M, reporting Q4 revenue of $166.8M.
“Our record performance this year demonstrated the strength of our business model and the value each of our segments bring to our global customer base,” said David Colo, president, and CEO of MGP Ingredients.
Many know MGP as an opportunity to invest in branded spirits, but an often overlooked feature of the company is its involvement in the burgeoning plant-based protein movement, a market anticipated to grow at a CAGR of 11.2% from 2020 to 2027 to reach $27.05 billion by 2027. The company launched its line of non-GMO texturized proteins Proterra in 2020 and has been strategically building the name since.
The most recent developments are plans for a $16.7M extrusion plant expected to produce up to 10M pounds of ProTerra per year. “Achieving in-house production of our ProTerra line of products is a meaningful investment amid growing demand and increasing outsourcing costs,” said MGP’s CEO. The extrusions plant isn’t the only project MGP has in the wings. The company has expansionary projects totaling approximately $33 million over the next two years.
Lake Street analyst Ben Klieve recently initiated coverage of MGP with a Buy rating and a $100 price target. The analyst views the stock as a “compelling investment” for those looking for undervalued, branded spirit opportunities in a high multiple category and those seeking to capitalize on the plant-based protein movement without the risk of directly investing in specific brands.
The company raised its 2022 guidance. It now sees EPS of $3.95-$4.10 and revenue of $690M-$715M. “We are very pleased with the momentum we ended the fiscal year on and believe we are well-positioned to execute and deliver against our long-term growth strategy in fiscal 2022. We are committed to leveraging the strong foundation we’ve established over the years to position MGP for sustainable long-term growth,” concluded Colo.
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