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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (61774)	3/6/2019 6:20:09 PM
From: E_K_S	Read Replies (1) \| Respond to of 78954

Re: UNFI I went to their Web site and reviewed their presentation. Some large impairment charges from the SVU acqusition which was not unexpected. I was surprised that they already sold almost all of the retail stores except Cub Foods and one other. The plan is to still sell those remaining stores. I will have to look at the GN valuation calculation after these impairment charges (reduces BV) but still based on adjusted EPS, GN fair value probably still in the low $30's. A quick calculation of their PE based on what was reported comes in at 8. I was ready to make another add today but see my last Buy was at $13.26/share. KR is one I watch and based on their current valuation, UNFI is still quite cheap. EKS

To: Paul Senior who wrote (61774)	4/22/2019 3:00:08 PM
From: E_K_S	Read Replies (1) \| Respond to of 78954

Did a 15% add of UNFI at $12.17/share. Stock -5% on 0.95x ADV and no news. Earnings not out until 6/5 so probably not earnings related. Have some high priced shares at $14.50 & $17.00/share that I will let go first but still think this one has a fair value at/neat $30.00/share. There could be another Goodwill adjustment included in BV that would be written down. Barchart.com has BV at $29.19/share. Even if you write down 50% of stated BV to $14.50/share, GN value is around $25.00/share if 2019 they earn $2.00/share. 2020 earnings estimate is at $1.70/share (down from $2.00/share for 2019), that puts GN value at $23.50/share. Still think this is a good value hold at $12.17/share. EKS