Vital Farms (VITL), mcap=$345, price $8.61 vs $10.00

– Distributor of pasture-raised eggs – the ethical alternative to factory farms.
The thesis is based on continued growth from more consumers shifting to much more expensive ‘luxury’ eggs.
– Set to grow at 20%-30%.
– Sources from 300 farms and then distributes from a single facility to 21k retail locations.
– Commenter pushback – 1x sales distributor in a competitively challenged end market with a little line of sight to earning more than MSD margins.

Valuation: Trades under 1x sales with longer-term ambitions of double-digit EBITDA margins.

Exp. gain: Not specified.

Full VITL write-up (free guest account required):

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