• Seth Golden posted an update 2 weeks, 3 days ago

    Sanford Bernstein weighs in:

    “Following the increase of the public float of BYND to 65% after the lock-up expiry, we believe that the stock is more investable with a risk/reward profile that is skewed to the upside, especially as plant-based meat becomes more price competitive on the back of African Swine Fever. A key question going forward is whether McDonald’s will partner with Beyond Meat in the US which Alexia estimates could add $168m, roughly 60% of BYND’s FY19 sales guidance. Our channel checks with McDonald’s in Ontario that are testing the Beyond P.L.T. burger suggest that initial feedback has been positive, but it is unlikely that there will be an immediate nationwide rollout across the US and Canada. Alexia’s analysis suggests that the fair multiple for BYND is ~8-10x EV/Sales implying a fair value of $84-104 in our base case and $105-130 assuming the McDonald’s partnership materializes. BYND: OP, $106”

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