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Strategies & Market Trends : Value Investing

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To: Grommit who wrote (39567)	10/5/2010 10:26:26 PM
From: Spekulatius	Read Replies (2) of 78686

SENEa - it appears to me that SENEA is a commodity producer in the food business. Even their own brands don't ring a bell with me and probably don't command much of a premium relative to store brands. I also notice a pretty capital and inventory intensive balance sheet. Their last earnings/share were down more than 50% YoY and I am not sure that this is an aberation rather than a trend. I have some bad experience with DF (milk) which appears to suffer from similar ailments than Senea (but has an even worse balance sheet). Amongst the stock I watch is a n European peer that is also in the canned food sector - Bonduelle (BON.PA) and has imo stronger brands - down 10% today at a 52 weeks low, based on a really bad sounding outlook. The food sector get's more and more bifurcated into have's (those with strong brands) and have not's (those without strong brands) where the latter get hammered by store brands.

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